Pacrim International Capital Inc. announces third quarter results for March
31, 2010 and provides update with respect to Wah Sang

HONG KONG, May 12 /CNW/ - PACRIM INTERNATIONAL CAPITAL INC. (PCN: TSX) ("Pacrim" or the "Company"), is pleased to report the Company's results for the third quarter ended March 31, 2010 and to provide an update with respect to Wah Sang Paper Products (Shenzhen) Co. Ltd. ("Wah Sang").

    
    FOR THE THIRD QUARTER ENDED MARCH 31, 2010:
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    FINANCIAL HIGHLIGHTS
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                                3 months ended            9 months ended
                                    March 31                  March 31
                               2010         2009         2010         2009
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    Revenue                 $10,541     $171,404      $60,535   $1,024,953
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    Income (loss)
     from properties      ($132,267)     ($2,194)   ($254,760)    $506,681
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    Equity income
     from PICH             $124,000      $83,924   $1,034,000     $434,395*
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    Net income (loss)     ($110,456)   ($616,392)  $3,540,292    ($778,488)
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    Funds from (used
     in) operations     ($1,160,528)   ($527,708) ($2,093,365)   ($584,851)
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    Total Assets        $51,312,303  $52,146,072  $51,312,303  $52,146,072
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    Income properties   $13,380,127  $15,038,309  $13,380,127  $15,038,309
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    Mortgages            $5,472,599   $6,818,250   $5,472,599   $6,818,250
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    * since acquisition from November 14, 2008 to March 31, 2009

    Per Common Share

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    Net income (loss)        (0.002)      (0.010)       0.055       (0.012)
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REVENUE:

Revenue for the third quarter decreased by $160,863 to $10,541 when compared to the same period last year.

Rental Revenue:

The third quarter of the fiscal year income from rental properties was $10,534, decreased by $27,696 compared to the same period last year. The decrease was mainly due to expiration of most of the rental leases with no renewal and the sale of the rental properties.

Interest:

Interest income for third quarter ending March 31, 2010 decreased by $133,167 to $7 when compared to the same period last year. The decrease was due to the retirement of all interest bearing related party loans.

Equity Income from PICH:

The equity income from PICH is $124,000 for the third quarter of fiscal 2010. The equity investment in PICH is based on the fair values of the assets and liabilities of PICH at the date of acquisition, November 14, 2008.

NET INCOME:

Net income for the nine months of the year increased by $4,318,780 from a loss of $778,488 to an income of $3,540,292 when compared to the same period last year. The increase was mainly due to the sale of the long-lived assets held for sale and real estate facilities for $7,895,000 during the first and the third quarter. The net proceeds to us were approximately $7,500,000. The long-lived assets held for sale were 17 apartments of Greenland Garden in Beijing, PRC. Two of the real estates facilities sold were the apartments at Robinson Road in Hong Kong. As a result, the Company recognized a gain on sale of $3,154,566.

    
    UPDATE WITH RESPECT TO WAH SANG
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Pacrim holds 46% of the outstanding common shares of Pacrim International Capital Holdings Inc., a holding company with business interests in the People's Republic of China consisting of an indirect 75.07% interest in Wah Sang, a corrugated packaging company.

Pacrim reports that Wah Sang, led by Chairman Mr. Guy Lam, was able to take a series of measures and innovative actions to deal with the global financial crisis which commenced in September 2008. Wah Sang had steady business growth, with no staff layoffs, during the crisis and obtained 12 patents and two computer software copyrights between September 2008 and May, 2010. In 2009, Wah Sang was awarded the "China Top 100 Printing Enterprise", "China Top 20 Packaging Enterprise" and "Model Integrity Enterprise in Guangdong Province" awards. Mr. Lam was himself awarded "Enterprises Innovation Persons in China 2009".

The United Nations Climate Change Conference 2009 held in Copenhagen brought issues of global warming and the low carbon economy to the world's attention. To respond to the situation, Wah Sang has taken a series of actions in terms of energy-saving, emission reduction, environmental protection and the low carbon economy. First, Wah Sang introduced the FSC (Forest Stewardship Council) system and completed FSC/COC training in April 2010, with the goal of obtaining a FSC-COC green management certificate. Second, Wah Sang entered into a cooperation agreement with the Wuhan Institute of Technology in December 2009, set up a Low-carbon Engineering Center in April 2010 and completed a training course for low-carbon that month. Wah Sang is to become the first company with a low-carbon certificate in the Chinese domestic packaging industry after the approval process is over. Third, Wah Sang participated in the Shenzhen Waste Reduction Actions program. Fourth, Wah Sang participated in the Hong Kong-Guangdong Cleaner Production Partner program promoted by the Hong Kong Productivity Council.

Outlook

The Company has chosen to change its strategic direction from being a firm focused on Canadian real estate to one that is focused on one of the fastest growing economies in the world - China.

Using the same formula as in the past, management believes the company will successfully transit into the Chinese marketplace and continue to grow through a well-defined internal growth and external acquisition program. Management intends to seek out and take advantage of opportunities in the Asian market.

The full financial statements for the year end and the third quarter and the related Management's Discussion & Analysis are available on the System for Electronic Document Analysis and Retrieval (SEDAR) and can be accessed electronically at www.sedar.com.

About Pacrim International Capital Inc.

Pacrim International Capital Inc. ("Pacrim") is an investment holding company with its investments focused mostly in southern China. Pacrim's business strategy is to concentrate on the corrugated paper products and packaging industry in the Pearl River Delta area of southern China, the heart of the "World's Factory". Pacrim's head office is in Hong Kong with offices in Shenzhen, Guangzhou and Beijing. An intended strategy of Pacrim is to acquire selected small or medium size enterprises in China and to merge them for better operational efficiency. Like many industries in a developing economy, China's corrugation sector is comprised of mostly SMEs, some of which are weakened by the recent international financial crises, and may therefore be available to be taken over.

Caution concerning forward-looking statements

Statements made in this news release, other than those concerning historical financial information, should be considered forward-looking and subject to various risks and uncertainties. Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend" or "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on such statements, as actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include, but are not limited to: risks associated with China including state ownership, government sector intervention, foreign investment, repatriation of profit and currency conversion, tax, the developing legal system, protection of intellectual property rights, shareholder rights and enforcement of judgments, permits and business licenses, appropriation, political stability considerations, the central planned economy, fluctuations in foreign exchange rates and Chinese accounting and auditing standards; risks in business and operations including risks associated with expansion, future capital requirements, dependence on key personnel, environmental regulation, competition, risk in purchasing abroad, risk of change in the price of raw materials, product price volatility, insurance and operating plant risk; customer risk including risk of a single market and risk depending on major customers; technical risk including risk in the advance of technology and 3 risk of relying on technology abroad; financial risk including foreign exchange risk, credit risk, liquidity risk, cash flow and fair value interest rate risk; investment strategy risk; and short term management transition risk.

We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements, investors and others should refer to the "Risk Factors" section of Pacrim's Annual Information Form, the "Risks and Uncertainties" and other sections of our Management's Discussion and Analysis, the "Risk Factors" section of Schedule "A" to our Business Acquisition Report of January 28, 2009 and our other periodic filings with Canadian securities regulatory authorities. All forward-looking statements presented herein should be considered in conjunction with such filings. Except as required by Canadian securities law, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time-to-time by us or on our behalf; such statements speak only as of the date made.

%SEDAR: 00003175E

For further information: Guy Lam, Chief Executive Officer, Pacrim International Capital Inc., Tel. [phone]