China Premium Lifestyle Asks for Correction on Recently Published Web Report.

HONG KONG -- China Premium Lifestyle Enterprise, Inc. (OTCBB:CPMM) today asked that "Better Mousetrap Files" issue a correction regarding a recent report and press release published on the Internet on January 31.

The report incorrectly states that China Premium Lifestyle is currently the exclusive distributor of Alpha Romeo and Ferretti Yachts in Hong Kong and Macau and that it is the intention of the Group to introduce the Alfa Romeo brand to China. "Although our parent company, Wo Kee Hong, does have relationships with these entities, China Premium Lifestyle Enterprise, at this point in time does not," said Richard Lee, Chairman and CEO of China Premium Lifestyle. Mr Lee continued, "As indicated during our recent roadshow in the United States, it is our intention that the Ferretti and Alfa Romeo distributorships presently held by Wo Kee Hong be acquired by China Premium Lifestyle in the future, however, there is currently no agreement in place with respect to the introduction of Alfa Romeo to China." Mr Lee concluded, "We are very careful that information conveyed to our shareholders is factual. While we recognize that we cannot control everything that may be written about the company by third parties, when inaccuracies are called to our attention we have an obligation to set the record straight so that those who choose to invest in our company do so with factual information. We have asked that the "Better Mousetrap Files" amend their report accordingly."

China Premium Lifestyle Enterprise, through its 49%-owned entity, has established itself as a leading Ferrari and Maserati distributor and dealer in Hong Kong and China, respectively, having been affiliated with Ferrari and Maserati since 1992 and 1994 respectively. The company is expanding its offerings to include other luxury goods from around the world, which it markets to its already established base of wealthy Chinese individuals.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this release that are not purely historical are forward-looking statements, beliefs, plans, expectations or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. Investors should independently investigate and fully understand all risks before making investment decisions.