On February 21, 2007, MVS Capital Corp. announced that it had completed its Qualifying Transaction with CY Oriental Holdings Ltd. ("CY"). Among the Exchange's conditions for completion of the Qualifying Transaction was a requirement that CY complete a financing.

CY completed its financing February 21, raising gross proceeds of $17.5 million through the sale of 4,778,157 Units (each consisting of one common share and one-half of one share purchase warrant). Research Capital Corporation and CIBC World Markets Inc. acted as Agents in connection with the financing.

Under the Qualifying Transaction, MVS undertook a three-corner amalgamation with CY and a wholly-owned subsidiary of MVS. CY and the subsidiary amalgamated to form CY Oriental Garments Inc., which is a wholly-owned subsidiary of MVS. In the amalgamation, each issued share and warrant of CY was exchanged for 2.93 common shares and warrants, respectively, of MVS. In addition MVS changed its name to CY Oriental Holdings Ltd.

Fasken Martineau advised the Agents in this financing with a team comprised of Rubin Rapuch in Toronto and Edmond Luke, Georald Ingborg, Benjamin Lee and KC Miu in Vancouver.