Sunwah International Limited Controlling Shareholder Updates Shareholding Information

TORONTO, Sept. 23, 2014 /CNW/ - Dr. Jonathan Koon Shum Choi ("Dr. Choi") of Hong Kong, China announces that the terms of the debenture of Sunwah International Limited (the "Corporation") for a principal amount of CAD4,500,000 (the "Debenture") beneficially owned or controlled by Dr. Choi was amended on September 19, 2014 to extend its maturity date to September 19, 2015 and to remove all conversion and redemption features.  As of September 19, 2014, the Debenture beneficially owned or controlled by Dr. Choi, and the debenture beneficially owned or controlled by his joint actor, Mr. Michael Koon Ming Choi, are not convertible, directly or indirectly, into equity or voting securities of the Corporation or a subsidiary entity of the Corporation, or otherwise participating in nature.  Dr. Choi remains the largest controlling shareholder of the Corporation and there has been no material effect on the control of the Corporation.

As at September 19, 2014, Dr. Choi beneficially owns or controls, directly and indirectly, an aggregate of 61,697,310 common shares of the Corporation, representing approximately 66.2% of the total issued and outstanding common shares of the Corporation. The total issued and outstanding common shares of the Corporation is based on 93,139,927 ("Total Issued Shares").  Of the 61,697,310 common shares beneficially owned or controlled, directly and indirectly, by Dr. Choi, in which, 36,966,159 common shares are held in the name of Sun Wah Capital Limited and 14,078,055 common shares are held in the name of Scarlet Red Limited.  Dr. Choi controls both Sun Wah Capital Limited and Scarlet Red Limited.  The remaining 10,653,096 common shares are owned directly by Dr. Choi.

Mr. Michael Koon Ming Choi may be considered a joint actor of Dr. Choi.  Mr. Michael Koon Ming Choi is related to Dr. Choi and is a director of the Corporation.  As at September 19, 2014, Mr. Michael Koon Ming Choi beneficially owns or controls, directly or indirectly, 118,937 common shares of the Corporation, representing approximately 0.13% of the Total Issued Shares of the Corporation.  As at September 19, 2014, Dr. Choi and Mr. Michael Koon Ming Choi beneficially own or control, directly and indirectly, an aggregate of 61,816,247 common shares of the Corporation, representing approximately 66.4% of the Total Issued Shares of the Corporation.

Dr. Choi beneficially owns or controls the common shares in the Corporation for investment purposes.  In pursuing such purposes, Dr. Choi takes a long-term view of the investment.  Dr. Choi reserves the right to formulate other plans or make other proposals, and take such actions with respect to the investment in the Corporation.  Dr. Choi may at any time reconsider and change his plans or proposals relating to the foregoing. He reserves the right to develop plans or proposals to acquire ownership of, or control over, additional shares in the Corporation in the near or long term.

This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also require a report to be filed with regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters (the "Early Warning Report").  A copy of the Early Warning Report will appear with the Corporation's documents on the SEDAR website, at www.sedar.com.  A copy of the Early Warning Report may also be obtained by contacting Joey Koh at [phone].

SOURCE: Sun Wah Capital Limited

Kristen Humphrey, Sunwah International Group, [phone], [email protected]