28th September 2009

AMZ Holdings plc ('AMZ' or the 'Company')

 Penghu, Taiwan referendum fails to pass

AMZ Holdings PLC announces that the local referendum on 26 September 2009 which sought to establish Penghu, Taiwan as the approved location for gaming resorts was unsuccessful. As a consequence, the Company now anticipates that the capital raising which is required to enable it to meet its redemption obligations in respect of its 2011 loan stock in an amount of £1.6 million due on 24 October 2009 and secure its working capital requirements beyond December 2009 will be significantly more difficult.  

Whilst the result of the referendum is disappointing, the Company's property, the largest private site on Penghu, Taiwan has recently been valued at USD$46.2 million with no value attributed to gaming, and has an international resort permit. The Directors intend to pursue all options available to it in respect of its property to maximise shareholder value. 

The Board also announces the resignation of Tiffany Chang as a non-executive director with immediate effect. Tiffany Chang was the representative of the Martin Currie Taiwan Opportunities Fund which has recently requested the redemption of a portion of its 2011 loan stock.

Michael Treanor, CEO, said: 

'We are disappointed with the referendum result. However, the Company remains the largest landowner on the island, and holds valuable development permits. Penghu has emerged as one of the top three Taiwan destinations for mainland Chinese and is expected to benefit from the dramatic increase in cross-straits and regional tourism. 

I would like to thank Tiffany for her invaluable support and assistance, and am pleased that despite her resignation, she has agreed to continue to be a valuable resource for the Company in the region.'

- Ends -

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Website: www.amzholdings.com