The board of Auto Italia Holdings Limited announced that Mr. Benny Tin Lung CHONG, the vice-chairman of the company, has been re-designated as the executive chairman of the company and the chairman of each of the nomination committee, the executive directors' committee and the financial control committee of the board and has been appointed as the chief executive officer and an authorized representative of the company with effect from October 24, 2013. The company announced that Dr. Lee has tendered his resignation as an executive Director, the Executive Chairman and the Chief Executive Officer of the company with effect from October 24, 2013, due to his intention to focus on the business of the Target Group. In addition, Dr. LEE has also tendered his resignation as the chairman of each of the Nomination Committee, the Executive Directors' Committee and the Financial Control Committee of the Board and an Authorised Representative of the company with effect from October 24, 2013.