Vision Tech International Holdings Limited Enters into MOU for Cooperation with the Fu Shou Yuan Group

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• USA - English

HONG KONG, March 2 /PRNewswire-Asia/ -- Vision Tech International Holdings Limited (HKEx: 922, the "Company" or "Vision Tech") is pleased to announce that Sino Peace Enterprise Management & Services (Shanghai) Limited, a wholly- owned subsidiary of the Company, has entered into a memorandum of understanding with China Zhongfu Enterprise Corporation Limited ("Zhongfu"), a member of the Fu Shou Yuan Group, for a proposed cooperation to explore the opportunity to develop funeral services in the PRC under the brand name Fu Shou Yuan.

Fu Shou Yuan, one of the best known names in the funeral services in the PRC, is owned by the Fu Shou Yuan Group. The Group currently has 5 cemeteries and 3 funeral services in the PRC, with headquarter located in Shanghai. Shanghai Fu Shou Yuan was honoured the "Model Unit of Shanghai", "Shanghai First-Class Cemetery", "Garden Unit" and youth education base of Shanghai, and was the first cemetery in the PRC to pass ISO9001:2008 and ISO14001:2004 quality environment system certificate. In 2004, Shanghai Fu Shou Yuan was named by the Ministry of Civil Affairs as the Human Memorial Park; in 2006, it was approved by the Shanghai Red Tourism Coordination Group as the Red Tourism Base; and in 2008, it was awarded the "Most Influential Charity Project" by the China Charity Award.

Mr. Earnest Leung, Chief Executive Officer of Vision Tech, commenting on the MOU, said "If the proposed cooperation is a successful one, the Company will have a well-known brand name like Fu Shou Yuan under our belt. It will enhance our market position in the cemetery industry in the PRC and lay a solid foundation for our expansion in the industry."

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SOURCE Vision Tech International Holdings Limited