ChinaGrowth North Acquisition Corporation Files Updated Investor Presentation On...

ChinaGrowth North Acquisition Corporation Files Updated Investor Presentation
On Form 6-K

BEIJING, July 31 /Xinhua-PRNewswire-FirstCall/ -- ChinaGrowth North
Acquisition Corporation (''CGNAC''; OTC Bulletin Board: CGNYF) announced that
it has filed an updated investor presentation on Form 6-K with the SEC with
regard to its proposed acquisition of UIB Group Limited (''UIB'' or the
''Company''). The updated information can be found by visiting the SEC website
at http://www.sec.gov .
ABOUT CHINAGROWTH NORTH ACQUISITION CORPORATION
ChinaGrowth North Acquisition Corporation is a Cayman Islands company that
completed its initial public offering on January 23, 2007. CGNAC was formed
for the purpose of acquiring, through a stock exchange, asset acquisition or
other similar business combination, or control, through contractual
arrangements, an operating business having its primary operations in the
People's Republic of China in any city or province north of the Yangtze River.
However, in the event ChinaGrowth South Acquisition Corporation, an entity
formed by our principals simultaneously with our incorporation, executes a
definitive acquisition agreement, then CGNAC may pursue acquisition
opportunities south of Yangtze River. CGNAC is a foreign private issuer, whose
preliminary proxy materials are not subject to review by the Securities and
Exchange Commission.
ABOUT UIB
The Company began its insurance intermediary business in 2001. UIB is one
of the leading insurance brokerage companies in China, which has built a solid
reputation as a provider of risk management services in the Chinese education
sector. The Company was ranked the third largest insurance brokerage company
in terms of insurance commission in 2006 and 2007, according to The Insurance
Intermediary Market Development Report published by Chinese Insurance
Regulatory Commission (''CIRC''). UIB is well positioned to take advantage of
the increasing demand for insurance due primarily to the continued
accumulation of wealth resulting from China's rapid economic growth.
RISKS AND UNCERTAINTIES; FORWARD LOOKING STATEMENTS
The transaction described herein is subject to a number of risks and
uncertainties, including, but not limited to, the satisfaction of certain
conditions to the closing of the proposed acquisition, including the risk that
stockholder approval might not be obtained in a timely manner or at all.
This document contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, statements related to the benefits
of the transaction, the future financial performance of the surviving entity,
the growth of the market for insurance in China, pending and future
acquisitions by the surviving entity.
These forward-looking statements are based on information available to
ChinaGrowth North and UIB as of the date of this release and current
expectations, forecasts and assumptions and involve a number of risks and
uncertainties. Accordingly, forward-looking statements should not be relied
upon as representing ChinaGrowth North's or UIB's views as of any subsequent
date and neither undertake any obligation to update forward-looking statements
to reflect events or circumstances after the date they were made.
Risks that could cause actual results to differ materially from those
anticipated by the forward-looking statements contained herein include
difficulties encountered in integrating the merged businesses and management
teams, difficulty in completing targeted acquisitions or integrating them
effectively, identifying and completing additional acquisitions needed to
achieve growth targets, the adverse impact of competitive product
announcements, revenues and operating performance, changes in overall economic
conditions, competitors' actions, pricing and gross margin pressures, loss of
key customers, policy cancellations or reduced sales, control of costs and
expenses, significant litigation, risks associated with international
operations, the threat or occurrence of international armed conflict and
terrorist activities both in the United States and internationally, risks and
costs associated with increased and new regulation of corporate governance and
disclosure standards (including pursuant to Section 404 of the Sarbanes-Oxley
Act of 2002), and risks involving environmental or other governmental
regulation.
Information concerning additional factors that could cause results to
differ materially from those projected in the forward-looking statements is
contained in ChinaGrowth North's Annual Report on Form 20-F as filed with the
Securities and Exchange Commission (the ''SEC'') on May 9, 2008 (the ''Annual
Report''), Current Reports on Form 6-K, and other of ChinaGrowth North's SEC
filings.
SOURCE ChinaGrowth North Acquisition Corporation

At CGNAC in Beijing: Michael W. Zhang, Chief Financial Officer and Director at
mzhang@chum.com.cn; At ICR, Inc. in the US: Brian Prenoveau, CFA or Bill Zima
at +1-203-682-8200