First Growth Holdings Ltd.
TSX VENTURE : FGH

First Growth Holdings Ltd.

September 10, 2015 18:19 ET

First Growth Announces Unsecured Loan, Craft Beer Market Progress and Director and Officer Changes

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 10, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

First Growth Holdings Ltd. (TSX VENTURE:FGH) ("First Growth" or the "Company") announces that, subject to regulatory approval, it intends to borrow $200,000 (the "Loan") from one or more of its directors. It is expected that the Loan will be unsecured, bear an annual interest of 6.70% (being prime plus 4%) and be for a term of 6 months.

Further to the Company's news release of March 17, 2015, the Company also announces that it is committed to moving forward with its joint venture with CRAFT Beer Market. The Company has entered into a lease agreement for a proposed CRAFT Beer Market restaurant in Shanghai located at SOHO Fushing Plaza, one of the most affluent parts of Shanghai, China.

The Company also announces that its Board of Directors elected Mr. Cainian TAN as a new independent Director of the Company. Mr. TAN is currently also the Deputy General Manager and CFO of Anzheng Fashion Group in China, a position he has held since 2011. Anzheng Fashion Group is an apparel and garment manufacturing and retail company with retail revenues of over RMB 3 Billion in 2014. Han Liang Pan, Chairman of the Board of Directors of the Company, stated, "We are pleased to welcome Mr. TAN as our newest director. Mr. TAN's extensive business background makes him a valuable addition to our board. He is a talented executive and we look forward to his future contributions as a director of the Company."

The Company also announces that its Board of Directors appointed Gong (Michael) Chen as Chief Executive Officer of the Company. Mr. Pan stated, "We are pleased to welcome Mr. Chen as our Chief Executive Officer. Mr. Chen is an experienced business executive with in depth understanding of both Chinese and North American business cultures and regulatory regimes. His financial acumen also makes him a valuable addition to the senior management of the Company."

In connection with the foregoing election and appointment, Bill Larkin, Paul Guedes and Charles Creighton will no longer be serving in their respective capacities as Chief Financial Officer, President and Vice President of Corporate Development. Mr. Ron Cox also resigned as a director of the Company. The Board of Directors wish to thank each of Messrs. Larkins, Guedes, Creighton and Cox on behalf of the Company.

First Growth is a Canadian-based company that identifies and develops strong brands in the Canadian and international markets. Strong brands have a global reach in today's modern world with the rapid adoption of social media and advancements in technology. First Growth recognizes the potential for certain brands to penetrate international markets and will be focused on developing each one of its brands to its fullest potential.

ON BEHALF OF FIRST GROWTH HOLDINGS LTD.:

Han Liang Pan

Chairman of the Board of Directors

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements in this press release related to the proposed Loan and appointments are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Company's ability to complete the Financing and the use of proceeds thereof. Such forward-looking statements should therefore be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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