News
Golden Elephant Glass Technology closes $5 million equity investment

Aug. 6, 2008 – Golden Elephant Glass Technology, Inc., a leading China-based float glass manufacturer, on July 25, 2008 announced that it successfully closed a  private placement of its capital stock whereby it received
approximately $5 million in gross offering proceeds.

Aug. 6, 2008 – Golden Elephant
Glass Technology, Inc., a leading China-based float glass
manufacturer, on July 25, 2008 announced that it successfully closed a 
private placement of its capital stock whereby it received
approximately $5 million in gross offering proceeds, before payment of
commissions and fees. A total of approximately 3.3 million shares were
placed in the private placement at a per share price of $1.52. The
shares represent approximately 11.8% of the issued and outstanding
capital stock of the Company on a fully-diluted basis.

The Company will use the net proceeds from the private placement for
general working capital purposes and expansion of the current business.

For the year ended December 31, 2007, Golden Elephant reported
consolidated net sales of approximately $48 million and consolidated
net income of approximately $7 million.

Mr. Lihui Song, the Company's CEO stated, "We would like to thank our
advisors, Roth Capital Partners, LLC and WLT Brothers Capital, Inc. for
their assistance in this process. We appreciate the confidence of our
investors in our business. With the newly raised capital, we hope to
take advantage of significant growth opportunity in our business sector
by leveraging our industry leading technology, with the ultimate goal
of delivering value to our shareholders."

Roth Capital Partners, LLC and WLT Brothers Capital, Inc. acted as placement agents in the financing transaction.

The transaction includes "make good" provisions based on the
achievement of certain adjusted net income targets for the Company's
2008 and 2009 fiscal years. Should the Company not achieve $10 million
in fiscal year 2008 adjusted net income, purchasing shareholders in
this transaction will receive 834,699 shares from Win-Win Global
Investments Inc. Should the Company not achieve $14 million in fiscal
year 2009 adjusted net income, purchasing shareholders in this
transaction will receive 834,699 shares from Win-Win Global Investments
Inc. The Company expects to achieve gross revenues of approximately $60
million and $73 million in fiscal years 2008 and 2009, respectively, to
support achievement of these "make good" net
income targets.