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Microcap & Penny Stocks : CHCL: China Continental, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Patricia Meaney who wrote (17)	2/7/2000 4:23:00 PM
From: OFW	Respond to of 64

News shortly before close - looking very strong for A.M. gap . . . HONG KONG, Feb 7, 2000 /PRNewswire via COMTEX/ -- China Continental, Inc. (OTC Bulletin Board: CHCL) announced today that its subsidiary, Dong Wu Bio Tech Farm Limited, has signed an agreement with Australia's Castella Research Pte Ltd., to jointly research and develop livestock embryo transfer techniques and technology. Both companies will cooperate to produce and transfer embryos for the propagation of superior livestock for sales in China, one of the world's largest markets. "We are delighted to work with Castella's highly qualified team specializing in embryo research and development," commented Mr. Harry H.H. Ho, Chairman of China Continental Inc. "We believe that under the supervision of some of the top experts in the field of embryo production and transfer, this joint venture will ensure that we obtain the largest number and highest quality of embryos in China for the propagation of superior livestock." Under the agreement, Castella will initially supply 12,000 superior embryos ("Grade A standard"), including Boer goat, Dorper and other types of sheep embryos, to Dong Wu over the next two years. To date, management believes that this is the single largest transaction regarding the supply of livestock embryos in Asia. To facilitate the production of the livestock embryos, Dong Wu will send two specialists to Castella's production laboratories in Melbourne to supervise the embryo production and transfer process. In addition, when the embryos are imported to Dong Wu, specialists will be assigned to ensure the quality of the embryos. About Dong Wu Bio Tech Farm Dong Wu Bio Tech Farm is located in the Mongolia Province of China. Covering an area of 406 square kilometers, it is the largest agricultural genetic farm in China. Dong Wu is primarily engaged in the development and sales of superior livestock and products. Currently the Farm contains 30,000 goats and head of cattle. About China Continental Inc., China Continental Inc., traded on the Nasdaq market since 1995, is a holding company with over 10 years of experience in developing turnkey businesses. Core activities include supplying manufacturing technology on a turnkey basis, high technology manufacturing techniques in primary industries and in developing and providing technologies in agricultural genetics and farming. To date, China Continental Inc. has completed over 70 turnkey projects, varying in size for different industrial processing sectors in China. The manufacturing arm of China Continental Inc., Asia Continental Limited, is engaged in applying state-of-the-art technology to manufacturing and distribution of chemical fiber related products and steel drums in China. In October 1999, Asia Continental Limited announced its intention to list on the Stock Exchange of Singapore. The Company's agricultural genetics and farming activities are centralized in the Inner Mongolia Province of China, covering an area of 406 square kilometers to commercialize its genetic techniques in breeding as well as propagating superior livestock and products in its own Research and Development Institute. Safe Harbor Statement Except for the historical statements made herein, the statements made in this release are forward-looking statements including "the largest single deal ever signed in Asia." Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include the Company's ability to fulfill the goals of the joint venture with Castella Research, raising the necessary capital, receiving government and legal approvals, general business conditions, and political and other business risks. Although the Company believes that the forward-looking statements contained herein are reasonable, it can give no assurance that the Company's expectations are correct. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. SOURCE China Continental, Inc. (C) 2000 PR Newswire. All rights reserved. prnewswire.com -0- CONTACT: Harvey A. Goralnick, Investor Relations, of FOCUS Partners, 212-752-9445, chcl@focuspartners.com, for China Continental (CHCL)