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CY Oriental updates its delay in filing financial

15
May '08
CY Oriental Holdings Ltd announced that pursuant to the terms of the management cease trade order issued by the British Columbia Securities Commission, as principal regulator, barring the Company's insiders from trading CY Oriental shares until the Company's audited financial statements for the fiscal year ended December 31, 2007 are filed, the Company announces that the filing delay continues to be necessary to provide additional time to gather and review documentation relating to the Company's purchase and sales transactions.

The Company currently expects that such review will be completed in June 2008 and expects that the audited year end financial statements will be filed by June 30, 2008.

Should the Company fail to file the audited year end financial statements by June 30, 2008, the Canadian Securities Regulators may impose a cease trade order on all trading of the Company's shares until the financial statements are filed.

Also, the Company's interim financial statements for the first quarter period ended March 31, 2008 are expected to be filed after the audited year end financial statement are filed and therefore, such interim financial statements will not be filed by May 30, 2008.

Further, as a consequence of the delay in filing the Company's audited financial statements, the Company has obtained from its trade finance lender, Maple Trade Finance Inc, consent to extend the filing of the Company's audited financial statements untilMay 30, 2008 and the Company is also in the process of obtaining a similar consent from its bank lender, HSBC, pursuant to the terms of the Company's lending facilities with these two lenders.

If necessary, the Company will request additional consents from these lenders to further extend the filing of the Company's audited financial statements to June 2008.

CY Oriental Holdings Ltd


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