Churchill Ventures Ltd. Provides Details Concerning Dissolution and Plan of Liquidation.

NEW YORK -- Churchill Ventures Ltd. (formerly traded as NYSE ALTERNEXT: CHV, CHV.U, CHV.WS) ("the Company") provided today the following information in connection with the dissolution of the Company and its plan of liquidation.

On Friday, December 19, 2008, the Company's shareholders approved the dissolution of the Company, the Company was dissolved effective that same day pursuant to filings in Delaware, and its securities were deregistered under the Securities Exchange Act of 1934, as amended. The Company also notified the trustee of its trust account, JPMorgan Chase Bank, NA, of its dissolution on December 19.

On Monday, December 22, 2008, the trustee paid the trust interest earned through that date, with the result that the trust account balance then stood at $109,864,911.38, or $8.154814 per publicly held common share.

The Investment Management Trust Agreement between the Company and the trustee, which was filed publicly as an exhibit to the Company's IPO documents, provides that the trustee is to retain 40% of the interest earned on the trust account until such time as "all income tax obligations related to the income of the Property have been satisfied," and will thereafter disburse the remaining funds.

Accordingly, on December 24, 2008, the trustee remitted $108,921,718.03 to the transfer agent for distribution to shareholders, representing $8.084804 per publicly held common share.

Following that distribution, the trust account retains a balance of $943,193.95, or $0.070009 per publicly held common share. That account will not bear interest after December 22, 2008. Assuming that there are no unsatisfied income tax obligations (and the Company is not presently aware of any although its accountants have not yet prepared its 2008 tax returns), the Company expects that remaining balance to be distributed to shareholders, and the Company intends to recommend such a distribution to the trustee once it has filed its 2008 tax returns, which are due in March 2009. There can be no assurance, however, that the Company will not become aware of the potential of an unsatisfied tax obligation which will cause it to alter its recommendation.

The Company is providing the foregoing information and issuing this press release as a courtesy, but expressly disclaims any obligation to update or supplement the foregoing information.

Forward Looking Statements:

This press release contains includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's SEC reports, including the Form 10-K for the year ended December 31, 2007 and definitive proxy statement on Schedule 14A filed with the SEC on December 2, 2008.