TORONTO, April 30, 2018 (GLOBE NEWSWIRE) -- MillenMin Ventures Inc. (TSXV:MVM) (“MillenMin”) announced today
that the Board of Directors has established a Compensation Committee and a Nomination Committee. Each committee consists of the
following three directors: Shunyi Yao, Zhen Zhang Sullivan and Jenny So Ching Fung. In addition, three directors, Su-Jen Kuo, Zhen
Zhang Sullivan and Jenny So Ching Fung, have been appointed to MillenMin’s Audit Committee. Zhen Zhang Sullivan and Jenny So Ching
Fung are independent directors.
MillenMin is pleased to announce that Mr. Lee Cham Wan, a director and the former Chief Financial Officer of
MillenMin, has been appointed Chief Executive Officer of MillenMin and that Mr. Ching Fu Cheng has been appointed Chief Financial
Officer and Secretary, succeeding Mr. Wan. The appointment of Mr. Cheng as an officer of MillenMin is effective on obtaining
acceptance or no objection from the TSX Venture Exchange (“TSXV”).
MillenMin also announced today that Mr. Tianqi Sun has resigned as a director of MillenMin, effective
immediately. MillenMin wishes to thank Mr. Sun for his services as a director. Mr. Tianqi Sun will remain in his position of
Executive Vice-President of MillenMin. Mr. Ching Fu Cheng, has been appointed as a director in Mr. Sun’s place, subject to
obtaining acceptance or no objection from the TSXV.
Mr. Wan has previously held the positions of Chief Financial Officer and Secretary of MillenMin. Mr. Wan
graduated from the Hong Kong Baptist College in 1983 with the Honours Diploma in Accounting and received a Master degree in
Information Technology from the Coventry Polytechnic in United Kingdom in 1988. Mr. Wan is a fellow member of the Association of
Chartered Certified Accountants and an associate member of the Hong Kong Institute of Certified Public Accountants. Mr. Wan was
appointed the treasurer of Beijing Properties (Holdings) Limited in February 2014 and served as its Chief Financial Officer from
June 2016 to July 2017. Prior to his service with Beijing Properties (Holdings) Limited, Mr. Wan was the General Manager in Finance
and Administration of the China Digital satNet Limited and the Project Financial Controller of the C.P. Pokphand Co. Ltd. (a
company listed on the Stock Exchange of Hong Kong).
Mr. Ching Fu Cheng, aged 43, is the company secretary of the Beijing Properties (Holdings) Limited (“BPHL”)
since June 2016. Mr. Cheng is the director and chief financial officer of China Logistics Infrastructures (Holdings) Limited and
China Industrial Properties (Holdings) Limited, both are subsidiaries of BPHL. Mr. Cheng was appointed as the chief financial
officer of CAQ (CAQ Holdings Limited (“CAQ”), a company listed on the Australia Stock Exchange with Listing Corporation Code of
CAQ) since 2015. Mr. Cheng graduated from Curtin University, Perth, Western Australia with a Bachelor’s degree in Commerce,
majoring in Accounting and Finance. He then obtained a Master of Business Administration from the University of South Australia and
a Master of Corporate Governance from the Hong Kong Polytechnic University. He is a fellow member of the Hong Kong Institute of
Certified Public Accountants, a member of the CPA Australia, an associate member of The Hong Kong Institute of Chartered
Secretaries and an associate member of The Institute of Chartered Secretaries and Administrators. Mr. Cheng has extensive
experience in the field of accounting, financial management and company secretarial.
Trading of the MillenMin shares remains halted on the TSXV and it is expected that the trading halt will
continue until submissions to the TSXV for the previously announced vend-in transaction involving the Cuban golf resort development
project (the “Vend-in Transaction”) have been completed to the satisfaction of the TSXV or until it determines otherwise in its
discretion.
Additional Information
For further information, please contact Mr. Lee Cham Wan at +852.2511.6016. Additional information about
MillenMin is available on SEDAR at www.sedar.com.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY
WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Completion of the Vend-in Transaction is subject to a number of conditions, including but not limited to,
contractual conditions, TSXV acceptance and applicable disinterested shareholder approvals. The Vend-in Transaction cannot close
until the required shareholder approvals and applicable regulatory approvals are obtained and contractual conditions are met or
waived. There can be no assurance that the Vend-in Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement
to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be
accurate or complete and should not be relied upon. Trading in the securities of MillenMin should be considered highly
speculative.
The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor
disapproved the contents of this news release.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements and information that are based on the beliefs of
management and reflect MillenMin’s current expectations. When used in this news release, the words “estimate”, “project”, “belief”,
“anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon
or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and
information in this news release includes information relating to the effective date of the appointments of Mr. Cheng as a director
and officer of MillenMin, the continuation of the trading halt and the submissions for and completion of the Vend-in Transaction.
The forward-looking information is based on certain assumptions, which could change materially in the future. Such statements and
information reflect the current view of MillenMin with respect to risks and uncertainties that may cause actual results to differ
materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause MillenMin’s actual results, performance or
achievements, or other future events, to be materially different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, among others, the risk that the candidacy of Mr. Cheng as a
director, Chief Financial Officer and Secretary is not accepted by regulators, the necessary directors, shareholders and regulatory
approvals are not obtained or the Vend-in Transaction may be terminated prior to completion. When relying on MillenMin’s
forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors
and other uncertainties and potential events. MillenMin has assumed a certain progression, which may not be realized. It has also
assumed that the material factors referred to above will not cause such forward-looking statements and information to differ
materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there
can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF MILLENMIN AS OF
THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE MILLENMIN MAY ELECT TO, IT DOES
NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
LAWS.
