IVG Enterprises Ltd.

August 23, 2006 09:00 ET

IVG Announces New Management Team and Board of Directors

HONG KONG, CHINA and CALGARY, ALBERTA --(CCNMatthews - Aug. 23, 2006) - IVG Enterprises Ltd. ("IVG" or the "Corporation") (TSX VENTURE:IVE) announces that, further to its reverse take-over transaction with Well Elite announced on August 17, 2006, it now has a new management team. Its current officers are as follows: President, Chairman & Chief Executive Officer, Lo Wing Hong; Chief Financial Officer, Lau Chak Wong; Vice President, Huang Wei Chen; and Secretary, Alan P. Chan.

In addition, the new board of directors comprises of the following directors: Lo Wing Hong, Huang Wei Chen, Lo Wai Fun, Francis Leong, Cameron McIntosh, Gregory H. Smith and Alan P. Chan.

About IVG Enterprises Ltd.

IVG Enterprises Ltd. operates principally through its wholly owned subsidiary, Well Elite Limited. Well Elite was established in 2001 and is in the business of trading various types of forestry products, such as woodchips and wood products, primarily in Japan, Taiwan and China.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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