Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of contents of this announcement.
VOLUNTARY ANNOUNCEMENT UPDATE OF THE LATEST PROGRESS OF LOTTERY BUSINESS
The board of directors (the "Board") of China Vanguard Group Limited (the "Company," together with its subsidiaries, the "Group") is pleased to update the shareholders on the latest progress of the Group's lottery business on a voluntary basis.
One of the Company's indirect, non-wholly owned subsidiaries has entered into a cooperative agreement ("Cooperative Agreement") with Shaanxi Province Sports Lottery Administration Centre ("Shaanxi Sports Lottery Administration Centre"). Pursuant to the Cooperative Agreement, the Shaanxi Sports Lottery Administration Centre has authorized the Group to roll out interactive self-service lottery solutions in Shaanxi Province. The Group will be responsible for, among others, (i) the joint planning of marketing, advertising and training related to the interactive self-service lottery solutions; (ii) the development, provision and maintenance of the interactive self-service lottery solutions; and (iii) the implementation of the interactive self- service lottery solutions in Shaanxi Province within self-operated and franchise store and by revamping of existing stores. Shaanxi Sports Lottery Administration Centre will pay the Group a proportion of total sales generated on a percentage basis.
As an authorized solutions and related services provider for both Welfare and Sports Lottery in China, the Group has recently seen significant increase in geographical coverage in the lottery business since the successful signing on new cooperative agreements with various provinces including Shaanxi. The Cooperative Agreement includes the provision of lottery solutions, sales
distribution and related services to the Shaanxi Sports Lottery Administration Centre.
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To date, the Group's lottery-related business has expanded into 20 provinces and regions in China and the Board is encouraged by the latest progress in its lottery business. The Board believes the interactive self-service lottery business has huge market potential and is in line with the Group's latest development direction. The Board will strive to capture more of such opportunities in the future.
By Order of the Board
眾彩科技股份有限公司*
Chan TingExecutive Director and Chief Executive Officer
Hong Kong, 4 January 2015
As at the date of this announcement, the board of directors of the Company comprises Madam Cheung Kwai Lan, Mr. Chan Ting as Executive Directors, Mr. Chan Tung Mei as Non-executive Director and Mr. Zhang Xiu Fu, Mr. Yang Qing Cai and Mr. To Yan Ming Edmond as Independent Non-executive Directors.
This announcement, for which the directors of the Company collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited for the purpose of giving information with regard to the Company. The directors of the Company, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive and there are no other matters the omission of which would make any statement herein or this announcement misleading.
This announcement will remain on the "Latest Company Announcements" page of the GEM website at www.hkgem.com for a minimum period of 7 days from the date of its posting and on the website of the Company at www.cvg.com.hk.
* For identification purposes only
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