Mountain China Resorts (Holding) Limited

Mountain China Resorts (Holding) Limited

April 27, 2011 05:08 ET

Mountain China Resorts (Holding) Limited Announces the Appointment of New Auditor

BEIJING, CHINA--(Marketwire - April 27, 2011) -


Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the "Company") is pleased to announce the appointment of DNTW Chartered Accountants LLP, ("DNTW") as auditor of the Company.

Change of Auditor

Deloitte Touché Tohmatsu ("Deloitte") has tendered its resignation at its own initiative as auditor of the Company effective February 14, 2011. As informed by Deloitte, it has considered many factors, including the level of audit fees and its available internal resources in the light of current work flows. There were no reservations in the reports of Deloitte for the Company's two most recently completed fiscal years. There were also no reportable events between the Company and Deloitte.

The Board has approved the appointment of DNTW as the successor auditor of the Company, with such appointment being effective as of April 8, 2011. The appointment of DNTW is subject to the approval of the Company's shareholders at the next annual general meeting.

DNTW Chartered Accountants, LLP is Canadian firm of Chartered Accountants with local offices in seven major Canadian cities, namely, Calgary, Edmonton, Markham, Montreal, Ottawa, Saskatoon and Toronto. The firm's partners and principals are forward minded individuals, who strive for professionalism, advancement of knowledge, and the provision of cost effective and value added service. Its clientele operate in a wide spectrum of industries. The website of DNTW is

A Notice of Change of Auditor together with letters from Deloitte and DNTW will be filed on SEDAR.

About MCR

MCR is the premier developer of four season destination ski resorts in China. MCR is transforming existing China ski properties into world-class, four seasons luxury mountain resorts with excellent real estate investment opportunities for discerning buyers. In February 2009, the Company's Sun Mountain Yabuli Resort was awarded Best Resort Makeover in Asia by TIME Magazine. Yabuli is also the permanent home of the China Entrepreneur's Forum the leading and most influential community of China's most distinguished and successful entrepreneurs and business leaders with over 5,000 members from across a variety of key industries.


Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, and actual results may vary from the forward-looking information. Implicit in this information are assumptions regarding future operations, plans, expectations, anticipations, estimates and intentions. These assumptions, although considered reasonable by MCR at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operating results and economic performance of MCR are subject to a number of risks and uncertainties, including general economic, market and business conditions, uncertainty relating to land use rights, adverse industry events for the ski and real estate industries, MCR's ability to make and integrate acquisitions, the requirements of recent Chinese regulations relating to cross-border mergers and acquisitions, the inability to obtain required approvals or approvals may be subject to conditions that are unacceptable to the parties, changing industry and government regulation, as well as MCR's ability to implement its business strategies, dispose of assets or raise sufficient capital, seasonality, weather conditions, competition, currency fluctuations and other risks, and could differ materially from what is currently expected as set out above.

Forward-looking information contained in this press release is based on current estimates, expectations and projections, which MCR believes are reasonable as of the date of this press release. MCR uses forward-looking statements because it believes such statements provide useful information with respect to the operation and financial performance of MCR, and cautions readers that the information may not be appropriate for other purposes. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While MCR may elect to, it does not undertake to update this information at any particular time.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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