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Symax Lift (Holdings) Co. Ltd. Announces Incorporation of New Subsidiary and Termination of Investor Relations Agreement with EWC Corporation

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/31/12 -- Symax Lift (Holdings) Co. Ltd. (TSX VENTURE:SYL) ("Symax" or the "Company"), is pleased to announce that it has incorporated a new subsidiary, Symax Stairlift Co., Ltd., under the British Columbia Business Corporations Act. This new subsidiary has been incorporated for the purpose of: (i) designing and manufacturing, directly or indirectly through Symax affiliates, chairlift technology and related products for installation on stairs to assist individuals with mobility limitations to move between floors (the "Chairlift Technology"), and other elevator products or components as desired by the Company; (ii) worldwide marketing and selling, directly or through Symax affiliates, of Chairlift Technology products ("Chairlift Technology Related Products") and other elevator products or components as desired by the Company, and; (iii) providing after-sales services to global markets, directly or through Symax affiliates, with respect to the Chairlift Technology Related Products and any other elevator products or components as desired by the Company.

In addition, the Company announces that it has terminated its consulting agreement with EWC Corporation ("EWC"), which agreement was previously announced on March 8, 2012, in connection with the delivery of marketing, investor relations and corporate finance services.

About Symax Lift Holdings

Symax is in the business of the development, manufacturing, and sale of elevators, as well as the provision of after-sales services in China and worldwide. Symax's products and services are classified into two separate offerings; a main line of standardized products which include passenger elevators, goods/freight elevators, villa elevators, panorama elevators, hospital elevators, residential and commercial escalators and moving walkways; and customized elevator products.

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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