24^th March 2010

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

Asset Sale Announcement

Further to prior announcements on its default status, the Company announces that it has been unable to renegotiate revised repayment terms with the Martin Currie Taiwan Opportunities Fund and, as such, the Company is unable to cure its default with respect to its 12.9% Convertible Secured Loan Stock 2011 ("Loan Stock").  The Company also announces that it has been unable to raise sufficient capital to enable it to meet its redemption obligations in respect of its Loan Stock and to raise sufficient working capital to continue operations.

As a result the Company and the Loan Stock receiver appointed by the Loan Stock trustee have instructed CB Richard Ellis (Taipei Branch) to initiate a solicitation for bids process which is expected to result in a sale of all or substantially all of the Company's assets, or the capital stock in one of its wholly-owned direct or indirect subsidiary entities controlling the Company's property holdings on Penghu. Bids are expected to be due on 23 April 2010.

The Company will continue to seek new sources of funding, which will allow the Company to suspend this process, meet its obligations and continue to operate.

Interested parties in either the bidding or funding process may contact the Loan Stock receiver direct for further details at paul@shimminwilson.com

Further announcements will be made as and when appropriate.

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