FOR IMMEDIATE RELEASE:

Phoenix Commercial Ventures Ltd Formal Launch

Pyongyang/London, June 1st 2005

Phoenix Commercial Ventures Ltd is pleased to announce its formal launch.

Full details about the company and its board can be found on the corporate website, located at www.pcvltd.com

Phoenix Commercial Ventures Ltd offers investors business and investment opportunities in the Democratic People's Republic of Korea (DPRK), enabling them to take advantage of the economic reforms that are taking place there.

Phoenix Commercial Ventures Ltd is owned and run by four experienced professionals from; the UK, France and the DPRK. They are based in London, Paris and the DPRK.

The Board has between them many years of international business experience, and an invaluable network of well placed contacts.

Phoenix Commercial Ventures Ltd offers a unique service, by being able to offer direct access to the DPRK.

Phoenix Commercial Ventures Ltd specialises in project finance in the Democratic People?s Republic of Korea (DPRK). As is well known, the business environment is difficult, and the company targets very specific investment projects; these are small enough to manage and have the capacity to generate foreign currency, either through export or import substitution.

Phoenix Commercial Ventures Ltd maintains an office in Pyongyang, almost the only European company to do so.

One of the directors of Phoenix Commercial Ventures is also General Manager of the Daedong Credit Bank, the first western-invested foreign bank in the DPRK (originally established in 1995). Phoenix Commercial Ventures is unique in having this connection with a reliable, locally-based financial institution.

For additional information, contact Phoenix Commercial Ventures Ltd.

About Phoenix Commercial Ventures Ltd

Phoenix Commercial Ventures Ltd offers investors business and investment opportunities in the Democratic People's Republic of Korea (DPRK), enabling them to take advantage of the economic reforms that are taking place there.

CONTACT INFORMATION:

Phoenix Commercial Ventures Ltd office address in Pyongyang is:

Phoenix Commercial Ventures Limited
No. 901, International House of Culture
Ryonhwa-dong
Central District
Pyongyang
Democratic Peoples Republic of Korea

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