Amax Enters into Agreement to Sell LCD Business

HONG KONG--(Business Wire)--
Amax Entertainment Holdings Limited (HKSE: 0959) ("Amax" or "the
Company") announced today that it has entered into a Sale and Purchase
Agreement (the "Disposal") pursuant to which the Company has agreed to
sell to an independent third party (the "Purchaser") 100% of its
equity interest in Profit Goal, which is principally engaged in the
sales of LCD and LCD modules through a subsidiary. Profit Goal
recorded a net liabilities of approximately HK$30.8 million as at 31
March 2008 and the Purchaser has agreed to acquire Profit Goal for a
nominal consideration of HK$1.00, subject to shareholders approval and
additional customary closing requirements. As a result of the planned
Disposal, Amax expects to record a gain of approximately HK$30.8
million for the year ending 31 March 2009 and an increase in the
Company's net assets of approximately HK$30.8 million.

Mr. Ted Chan, Chief Executive Officer of Amax, commented, "The
sale of our LCD business represents the final step in Amax's
transition to a company solely focused on the gaming and entertainment
business through our junket aggregation business in Macau and our
promotion and management of the Greek Mythology Casino in Taipa,
Macau. Following the disposal of this non-core asset, our operating
results and capital structure will more accurately reflect the
significant leverage inherent in our gaming intermediary business
model.

"Since establishing our unique junket aggregation business model
in December of 2007, Amax has consistently generated market-leading
monthly VIP rolling chip volume. We remain confident in our ability to
deliver promising results following the expected implementation of a
commission cap of 1.25% of rolling chip volume. Going forward, Amax's
resources will be fully devoted to its gaming and entertainment
business model and we look forward to working with our strategic
partner to extend and expand upon our success in providing the risk
free liquidity that brings industry-leading VIP rolling chip volumes
to their top-tier VIP gaming facilities."

Late in 2007 Amax entered the gaming promotion business in Macau
through AMA, whose business model differs from that of other junket
operators in Macau. Instead of working directly with junkets and/or
gaming customers, AMA aggregates the business of junket operators to
whom commissions of 0.9% to 1.21% of rolling chip volume are payable.

Definition of Rolling Chip Volume

VIP Rolling Chip Turnover is used by casinos to measure the volume
of VIP business transacted and represents the aggregate amount of bets
players make. Bets are wagered with "non-negotiable chips" and winning
bets are paid out by casinos in so-called "cash" chips.
"Non-negotiable chips" are specifically designed for VIP players to
allow casinos to calculate the commission payable to junket operators.
Junket commissions are paid based on the total amount of
"non-negotiable chips" purchased by each player. Junkets therefore
require the players to "roll," from time to time, their "cash chips"
into "non-negotiable" chips for further betting so that they may
receive their commissions (hence the term "Rolling Chip Turnover").

Through the junket operators, "non-negotiable chips" can be
converted back into cash at any time. Betting using rolling chips, as
opposed to using cash chips, is also used by the DICJ (Macau Gaming
Control Board) to distinguish between VIP table revenue and mass
market table revenue.

About Amax Entertainment Holdings Limited (HKSE: 0959)

Listed on the Main Board of the Hong Kong Stock Exchange, Amax
Entertainment Holdings Limited ("Amax") is principally engaged in
gaming and entertainment business in Macau. Amax conducts its casino
operation in Macau via its 49.9%-owned Greek Methodology Macau
Entertainment Group Corporation Limited and late in 2007 entered into
gaming promotion business in Macau via AMA International Limited
("AMA") in which it has an indirect 80% interest. The gaming promotion
operation is expected to emerge as the Company's primary source of
earnings.

Investor and Media Enquiries:
Amax Entertainment Holdings Limited
Angela Wong, 853-8299-3933
Vice President, Investor Relations
angelawong@amaxhldg.com
or
In the U.S.
Jaffoni & Collins Incorporated
Richard Land, Dave Jacoby, 1-212-835-8500
amax@jcir.com
or
In Asia
Strategic Financial Relations Limited
Mandy Go, 852-2864-4812
mandy.go@sprg.com.hk
or
Angela Ng, 852-2864-4855
angela.ng@sprg.com.hk
or
Katrina Leung, 852-2864-4857
katrina.leung@sprg.com.hk
Fax: 852-2804-2789

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