New Paradigm Productions, Inc. Changes Name to China Marine Food Group Limited

FUJIAN PROVINCE, China, Jan. 22 /PRNewswire-FirstCall/ -- New Paradigm
Productions, Inc., a Nevada corporation ("New Paradigm"), has effectuated a
name and symbol change. New Paradigm has officially changed its name to
"China Marine Food Group Limited" (the "Company") and its trading symbol is
now "CMFO." The name and symbol change were unanimously approved by the
Company's Board of Directors, subject to stockholder approval.
The Company's name and symbol change are made in connection with a share
exchange transaction with the shareholders of Nice Enterprise Trading H.K.
Co., Ltd., a Hong Kong company ("Nice Enterprise") and a related private
placement financing transaction. Both transactions closed on November 17,
2007.
Under the terms of the share exchange transaction, the shareholders of
Nice Enterprise were issued 15,624,034 shares of the Company's common stock in
exchange for 100% of the issued and outstanding shares of Nice Enterprise. As
a result, the Nice Enterprise shareholders became 68.01% owners of the
Company's issued and outstanding stock, after the consummation of the
transactions contemplated by the share exchange agreement and after the effect
of the private placement transaction that resulted in gross proceeds of
approximately $19,925,000.
In the private placement financing transaction, the Company sold 6,199,441
units to certain accredited investors, consisting of an aggregate of 6,199,441
shares of common stock and warrants to purchase up to an aggregate of
1,239,888 shares of common stock for $3.2140 per unit. Each warrant has a
term of three years and is exercisable at any time for a price equal to
$4.1782 in cash or on a cashless exercise basis. A warrant for the purchase
of up to 557,950 shares of common stock were also issued to Sterne, Agee &
Leech, Inc. and its designees, and a warrant for the purchase of up to 371,966
shares of common stock were issued for consulting services. Each warrant also
has a term of three years and is exercisable at any time for a price equal to
$4.1782 in cash or on a cashless exercise basis. Following the consummation
of the share exchange transaction and the private placement, and assuming the
exercise of all warrants issued, the number of issued and outstanding shares
of common stock is 25,142,105 on a fully diluted basis.
In connection with the private placement transaction, the Company's
principal stockholder, Mr. Pengfei Liu, entered into a Make Good Agreement
with the private placement investors based on the achievement of certain net
income targets for the Company's 2008 and 2009 fiscal years. Per the Make
Good agreement, Mr. Liu agreed, to place into an escrow account, 6,199,441
shares of the Company's common stock which he beneficially owns. Should the
Company, on a consolidated basis, fail to achieve $10.549 million in net
income for the fiscal year ending December 31, 2008, the private placement
investors will receive up to 3,099,721 shares of Common stock on a pro rata
basis from Mr. Liu. Should the Company, on a consolidated basis, fail to
achieve $14.268 million in net income for the fiscal year ending December 31,
2009, the private placement investors will receive up to 3,099,720 shares of
Common stock on a pro rata basis from Mr. Liu. In the event that the net
income for 2008 and 2009 meet the minimum net income thresholds for those
respective years, then no transfer of the escrowed shares will be made to the
private placement investors and the shares will then be returned to Mr. Liu.
Nice Enterprise is a Hong Kong holding company that only operates through
its subsidiaries, which are based in the People's Republic of China. As a
result of this exchange transaction, Pengfei Liu, Nice Enterprise's principal
executive officer was appointed as the CEO and Director of the Company, and
the senior officers of Nice Enterprise were also elected as executive officers
and directors of the Company. The companies will operate on a consolidated
basis, executing upon the current business plan of Nice Enterprise, under Mr.
Liu's leadership.
Nice Enterprise is engaged in the business of processing, distributing and
selling processed seafood products and the sales of marine catch, mostly under
its registered "Mingxiang" brand. Formed in 1994, Nice Enterprise produces
several varieties of seafood products that can be divided into two main
categories: (1) processed seafood products; and (2) marine catch. Their dried
processed seafood products include roasted squid, roasted file fish, roasted
prawns, shredded roasted squid and smoked eel. Their frozen processed seafood
products include Japanese butter fish, octopus and squid rings. Their marine
catch includes cuttlefish, butterfish and squid. Nice Enterprise,
headquartered in Dabao Industrial Zone, Shishi City, Fujian Province, owns and
operates business premises which are located close to Xiangzhi (Shishi) Port,
the largest fishing port in Fujian Province and one of the state-level fishing
port centres. In addition to serving the growing food market in China, Nice
Enterprise sells its products in various overseas markets, including Japan,
Russia, Ukraine, South Korea and Taiwan.
Nice Enterprise currently employs over 600 people, and sells its products
through a distribution network consisting of 59 distributors and over 1,200
retail points located in various provinces throughout the PRC. For the twelve
months ended December 31, 2006, Nice Enterprise reported consolidated net
sales of approximately $27.4 million and consolidated net income of
approximately $7.0 million.
Nice Enterprise is going to use the net proceeds from the private
placement to expand its production capacity by constructing new storage
facilities, erecting additional processing plants, upgrading processing
equipment for dried processed seafood products, and constructing sterile
sealed production units for its dried and frozen food products.
Additional information regarding the Company's name change as well as a
copy of the Company's Amended Articles of Incorporation, can be found in the
Company's Definitive Information Statement on Schedule 14C and its Current
Report on Form 8-K.
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the
business of the Company and its subsidiary companies, which can be identified
by the use of forward-looking terminology such as "believes, expects" or
similar expressions. Such forward looking statements involve known and
unknown risks and uncertainties, including all business uncertainties relating
to product development, marketing, concentration in a single customer, raw
material costs, market acceptance, future capital requirements, competition in
general and other factors that may cause actual results to be materially
different from those described herein as anticipated, believed, estimated or
expected. Certain of these risks and uncertainties are or will be described
in greater detail in our filings with the Securities and Exchange Commission.
The Company is under no obligation to (and expressly disclaims any such
obligation to) update or alter its forward-looking statements whether as a
result of new information, future events or otherwise.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
SOURCE New Paradigm Productions, Inc.

F. Robbe International Attorneys at Law, +1-949-270-7405, for New Paradigm
Productions, Inc.