Yangtze Telecom Corp.

Yangtze Telecom Corp.

November 23, 2007 21:11 ET

Yangtze Telecom Closes $1 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2007) - Yangtze Telecom Corp. (TSX VENTURE:SMS) is pleased to announce that it has now closed a non-brokered private placement of 5.89 million shares as previously announced on November 7, 2007 at a price of 17 cents per share, for proceeds of $1,001,300. The shares are subject to a hold period and may not be traded in British Columbia until March 24, 2008, except as permitted by the Securities Act (British Columbia), and the TSX Venture Exchange. Proceeds of the private placement will be used for working capital of the Company.

About Yangtze Telecom Corp.

Yangtze Telecom Corp. is a provider of telecom value-added services and wireless digital TV services for consumers and businesses in China and Mongolia. The Company is focused on business applications utilizing a combination of satellite platforms, the internet, and wireless data communication technologies. Key applications to date are the Credit Management System, Wireless digital broadcasting and Distance Learning. For further information on Yangtze Telecom Corp., please visit the Company's web site at www.yangtzetelecom.com.

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of, the contents of this press release.

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