updated 3/1/2011 7:16:15 AM ET 2011-03-01T12:16:15

JINJIANG, China, March 1, 2011 (GLOBE NEWSWIRE) -- 8888 Acquisition Corporation (OTCQB:EGHA) ("Chengchang Shoes" or the "Company"), in the business of designing, producing and selling high quality soles to manufacturers of athletic and leisure shoes in China, today announced that the Company appointed Mr. Peter Chen as Chengchang Shoes' new Vice President of Finance.

Mr. Chen possesses broad financial experience with expertise in investment research, project management and accounting. Prior to Chengchang Shoes, he worked as research analyst in Falkiner Global Investors Limited, an Australian boutique hedge fund and as a tax accountant at Cabot Square Pty Ltd. He also has managed various research requests for global bulge bracket investment banks and private equity clients, among other projects, while at Evalueserve Business Consulting

Mr. Chen received a master of accounting degree, with distinction, from Macquarie University and a bachelor of engineering degree from Civil Aviation University of China. He is a Certified Public Accountant in Australia and has passed all three levels of the CFA program and currently waiting for his CFA Charterholder designation. Mr. Chen is familiar with both International Accounting Standards ("IAS") and US GAAP and is capable of preparing financial statements under both accounting standards. He is also a FRM Charterholder and experienced with internal risk control.

In his new role at Chengchang Shoes, Mr. Chen will be responsible for the Company's financial reporting and internal control as well as investor relations in the US capital market.

"I am very pleased to join Chengchang shoes at this exciting stage in its corporate history and look forward to helping the Company solidify its position as one of China's leading manufactures of innovative, high-quality shoe soles and related products," commented Mr. Chen, Cheng Chang Shoes' newly appointed Vice President of Finance.

"We welcome Mr. Chen to join in our team with his valuable knowledge in the financial industry," said Mr. Guoqing Zhuang, the Chairman and CEO of Chengchang Shoes, "with his extensive experience and expertise, we looking forward to continuing to strengthen our financing team, promoting Chengchang Shoes and building the value for shareholders."

About 8888 Acquisition Corporation

The Company, through its wholly owned subsidiary, Jinjiang Chengchang Shoes Co., Ltd, is a leading designer and producer of high quality soles marketed to manufacturers of athletic and leisure shoes in China. From its strategically located manufacturing facilities in Jinjiang, Fujian Province, the Company distributes soles to its customers, which include many of China's well recognized sportswear companies and an OEM supplier of Adidas® in Asia. The Company categorize its sole products into three primary product lines: (i) EVA, or ethylene vinyl acetate, sole products; (ii) RB, or synthetic rubber, sole products; and (iii) EVO, or EVO outsole, products which are an outgrowth of its EVA product line that is designed to be more abrasive resistance and lighter and softer than EVA product line. The Company also offers EVO compound pellet products. For more information, please visit: http://www.chandracn.com .

Safe Harbor Statement

This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning market demand for our products, our future operating and financial results, our expectations regarding sales of our EVO soles and EVO compound pellet products, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Forward-looking statements can be identified by the use of forward-looking terminology such as "will," "believes," "expects" or similar expressions. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and based upon premises with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on October 25, 2010, as amended on December 3, 2010, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system at http://www.sec.gov.

CONTACT: Company Contact:
         Mr. Peter Chen, VP of Finance
         8888 Acquisition Corporation
         Tel: +86 595 82889862 (China)
         Email: tuyan_chen@yahoo.com.cn
         Website: www.chandracn.com
         
         
         Investor Relations Contact:
         Mr. Kalle Ahl, CFA, Account Manager
         CCG Investor Relations
         Email: kalle.ahl@ccgir.com
         Website: www.ccgirasia.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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