ChinaGrowth South Acquisition Corporation Shareholders Approve, and ChinaGrowth South Completes Acquisition of Olympia Media Holdings Limited.

BEIJING -- ChinaGrowth South Acquisition Corporation ("CGSAC"; OTC Bulletin Board: CGSXF.OB) today announced that on January 27, 2009 CGSAC's shareholders approved its previously announced proposed acquisition of Olympia Media Holdings Limited, the leading privately owned aggregator and operator of print media businesses in China.

Shortly following the shareholder vote, the two companies completed the acquisition. In conjunction with the acquisition, ChinaGrowth South Acquisition Corporation changed its name to China TopReach Inc.

CGSAC expects that its shares, warrants and units will continue to trade under the symbols CGSXF.OB, CGSQF.OB and CGSUF.OB, respectively.

Speaking of the shareholder approval, Zhi Chen, Chief Executive Officer of Olympia Media Holdings said, "We are very excited our shareholders have approved the acquisition. We believe Olympia Media Holdings is led by a strong management team and is well positioned to take advantage of industry trends in China that are propelling the growth of the newspaper market in China."

Michael W. Zhang, Chief Executive Officer of ChinaGrowth South Acquisition Corporation said, "We are very pleased CGSAC shareholders have approved the acquisition in such a difficult market as this provides Olympia Media Holdings Limited with an enhanced ability to continue its strong growth. We are also thankful to the many people who supported us in this effort."

Morgan Joseph & Co. Inc., served as the advisor to ChinaGrowth South Acquisition Corporation in connection with the acquisition.

ABOUT CHINAGROWTH SOUTH ACQUISITION CORPORATION

ChinaGrowth South Acquisition Corporation is a Cayman Islands company that completed its initial public offering on January 29, 2007. CGSAC was formed for the purpose of acquiring, through a stock exchange, asset acquisition or other similar business combination, or control, through contractual arrangements, an operating business having its primary operations in the People's Republic of China in any city or province south of the Yangtze River.

ABOUT OLYMPIA MEDIA HOLDINGS LIMITED

Olympia Media Holdings ("OMH") is the leading privately owned aggregator and operator of print media businesses in China. OMH has established a print media network consisting of 13 newspapers with a circulation of approximately 3 million across China, reaching 17 cities with an aggregate population of 76 million. OMH usually enters into exclusive contracts for full or partial co-operations with newspapers. Under a fully cooperative contract, OMH manages advertising operation and printing of the newspapers, and provides select contents and distribution consultative service to the newspapers. Under a partially cooperative contract, OMH manages part of advertising operations of the newspapers. OMH is well positioned to take advantage of the growth in China's print media sector due primarily to the continued growth of Chinese economy and rapid speed of urbanization.

Safe Harbor

This press release may contain certain forward-looking statements including statements with regard to the future performance of ChinaGrowth South Acquisition Corporation ("CGSAC"), now known as China TopReach Inc. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties that are detailed in CGSAC's Annual Report on Form 20-F and Current Reports on Form 6-K and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.