APX Apex Resources Inc

Asia Packaging Group Inc. (TSX VENTURE:APX) ("Asia Packaging" or the "Company")
announced the financial results of its wholly owned subsidiary, Mei Tak (HK)
Group Inc. ("Mei Tak") for the twelve-month period ending March 31, 2011.


Interim Financial Results

Highlights



--  On April 26, 2011 Asia Packaging completed a Qualifying Transaction with
    HT Capital (formally TSX VENTURE:HKT.P) a capital pool company. 

--  After completion of the Qualifying Transaction, and after the issuance
    of Milestone Shares (see "Qualifying Transaction" below), Asia Packaging
    will have total shares outstanding of 127.8 million basic and 133.4
    million fully diluted. 

--  Asia Packaging is in the business of manufacturing and sales of
    packaging materials thru its 100% ownership of Mei Tak and Mei Tak's
    wholly owned subsidiary, Qingfeng (Jiangxi) Packing Material Technology
    Co., Ltd. 

--  During the 12 month period ending March 31, 2011, Mei Tak achieved
    revenues of $38.7 million representing 24% growth over the previous
    fiscal year. 

--  Gross margin for Mei Tak was 25% during the year ended March 31, 2011
    and earnings before tax was $9.1 million representing 36% growth over
    fiscal 2010. 

--  Net Income for the year ended March 31, 2011 was $8.0 million which,
    based on the current basic shares outstanding, would be $0.06 earnings
    per share. 



The financial statements and Management Discussion and Analysis for the HT
Capital (the capital pool company) as well as the audited financial statements
for Mei Tak are available on SEDAR.


Background

Asia Packaging changed its name on July 13, 2011 after completion of the
acquisition of Mei Tak by a capital pool company, HT Capital, on April 26, 2011
("Qualifying Transaction"). The Company commenced trading on May 2, 2010 as a
Tier 2 Technology/Industrial issuer on the TSXV, and graduated from being a
Capital Pool Company listed on the TSXV. (See "Qualifying Transaction" below)


As a Tier 2 Technology issuer, Asia Packing Group Inc. holds all of the issued
and outstanding shares of Mei Tak , which is a Hong Kong company incorporated
under the Companies Ordinance of Hong Kong. Mei Tak is a holding company that
holds all of the issued and outstanding shares of Qingfeng (Jiangxi) Packing
Material Technology Co., Ltd. ("Qingfeng"), which is a wholly foreign owned
enterprise, incorporated under the business laws of the PRC and is based in the
County of Fengxin, City of Nanchang, PRC. 


Mei Tak operates in the packaging industry through Qingfeng and provides
packaging products and services to Chinese companies in the drug and
pharmaceutical as well as food sectors. Qingfeng's current products include cast
polypropylene films, polypropylene bags and containers, and it also offers
multi-colour printing and related packaging services. Qingfeng currently
supplies packaging products and services to over 200 Chinese customers in China.
Selected audited annual financial information for Mei Tak is as follows:




Years Ended March 31                        2008     2009     2010     2011
---------------------------------------------------------------------------
Total revenues                            $10.50   $15.40   $31.30   $38.66
Gross margin                                9.40%   15.20%   23.20%   25.16%
Earnings before tax                       $ 0.60   $ 2.00   $ 6.70   $ 9.11
Earnings after tax                        $ 0.60   $ 2.00   $ 6.40   $ 7.96
Cash                                      $ 0.10   $ 1.20   $ 2.00   $ 3.23
Net working capital                       $ 2.40   $ 3.30   $ 6.50   $ 8.81



Qualifying Transaction

On October 10, 2010, the Company entered into a letter agreement (the "Letter
Agreement") amended on December 8, 2010 and January 29, 2011 for the arm's
length acquisition of 100% of the common shares of Mei Tak. This transaction was
intended to be the Company's Qualifying Transaction under Exchange Policy 2.4.
Pursuant to the Letter Agreement, the Company acquired all of the issued and
outstanding shares of Mei Tak in consideration for 80,000,000 common shares in
the capital of the Company (the "Payment Shares"). This resulted in Mei Tak's
shareholders holding approximately 75% of the outstanding shares of the Company
immediately after the closing (the "Closing") of the Qualifying Transaction. 


As additional consideration, in the event that Qingfeng achieves a minimum
consolidated net profit of RMB 50 million (approx. $7.7 million) for the fiscal
year ended on March 31, 2011, as evidenced by the Company's consolidated audited
financial statements for the fiscal year ended on March 31, 2011 (the "2011
Audited Financial Statements"), the Company will issue to the shareholders of
Mei Tak an additional 20,000,000 common shares (the "Milestone Shares") within
10 business days from the date the 2011 Audited Financial Statements are
published. 


The Payment Shares and the Milestone Shares will be subject to the standard
escrow requirements imposed by Exchange policies. In addition, the Company will
be required to maintain a Public Float (as such term is defined under the
Exchange's policies) of no less than 20% of the Company's total issued common
shares. Accordingly, any Payment Shares or Milestone Shares that, through their
issuance would result in a contravention of the 20% Public Float requirements,
will also be escrowed in a manner acceptable to the Exchange, with such shares
only being released from this additional escrow when to do so would not
contravene the 20% Public Float requirement. 


On April 26, 2011, the Company closed the proposed Qualifying Transaction.
Concurrent with the Qualifying Transaction, the Company completed a non-brokered
private placement of 20,288,800 units (the "Units") at $0.40 per Unit. Each Unit
is comprised of one common share in the capital of the Company (each, a "Common
Share") and one-half of one Common Share purchase warrant (each, a "Warrant").
Each full warrant is exercisable into one Common Share for a period of two years
following the closing of the Qualifying Transaction, at 0.60 in the first year
and $1.00 in the second year.


This news release contains certain statements that may be deemed "forward
looking statements". Forward looking statements are statements that are not
historical facts and are generally, but not always, identified by the words
"expects,", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although the Company believes
the expectations expressed in such forward looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance
and actual results may differ materially from those in forward looking
statements. Forward looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are made. The
Company undertakes no obligation to update these forward looking statements,
except as required by law, in the event that management's beliefs, estimates or
opinions, or other factors, should change.

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