Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Asia Tele-Net and Technology Corporation Limited

(Incorporated in Bermuda with limited liability)

(Stock Code: 679)

VERY SUBSTANTIAL DISPOSAL AND

RESUMPTION OF TRADING

The Board announces that on 7 August 2011, PASL, a wholly-owned subsidiary of the Company, entered into the Agreement under which PASL has agreed to vacate from the Land and demolish the Buildings, and Shenzhen Warmsun has agreed to re-develop the Land and compensate PASL by paying the Consideration, which comprises (i) a relocation compensation of RMB50 million (equivalent to approximately HK$61 million); and (ii) the title to the Relevant Property which is estimated to represent a monetary value ranging from RMB615 million to RMB820 million (equivalent to approximately HK$750 million to HK$1,000 million). The Consideration was determined after arm’s length negotiation with reference to (i) the net book value of the Property as at

31 December 2010; (ii) the tightened polices and regulations over the property development sector in the PRC; and (iii) the prevailing market prices of residential properties in Bao An District, Shenzhen,

the PRC. The Agreement was based on normal commercial terms.

As the applicable percentage ratios calculated in accordance with Rule 14.07 of the Listing Rules in respect of the Arrangement exceeds 75%, the Arrangement constitutes a very substantial disposal on the part of the Company under Chapter 14 of the Listing Rules. The Relevant Shareholders, holding approximately 59.56% interest in the Company as at the date of this announcement, have indicated to the Company that they will vote for the Agreement and the transactions contemplated thereunder at the EGM. To the best of the Directors’ knowledge, information and belief, having made reasonable enquiries, no Shareholder has a material interest in the Agreement and the transactions contemplated thereunder and is required to abstain from voting at the EGM. A circular containing, amongst others, details of the Agreement and the transactions contemplated thereunder will be despatched to the Shareholders in accordance with the requirements of the Listing Rules on or before 6 September 2011.

At the request of the Company, trading in the Shares on the Stock Exchange was suspended with effect from 9:00 a.m. on Monday, 8 August 2011 pending the release of this announcement. An application has been made by the Company to the Stock Exchange for the resumption of trading in the Shares with effect from 9:00 a.m. on Tuesday, 23 August 2011.

The Board announces that on 7 August 2011, PASL, a wholly-owned subsidiary of the Company, entered into the Agreement under which PASL has agreed to vacate from the Land and demolish the Buildings, and Shenzhen Warmsun has agreed to re-develop the Land and compensate PASL by paying the Consideration, which comprises (i) a relocation compensation of RMB50 million (equivalent to approximately HK$61 million); and (ii) the title to the Relevant Property which is

HK1 1298880v.4

estimated to represent a monetary value ranging from RMB615 million to RMB820 million (equivalent to approximately HK$750 million to HK$1,000 million). The Consideration was determined after arm’s length negotiation with reference to (i) the net book value of the Property as at

31 December 2010; (ii) the tightened policies and regulations over the property development sector in the PRC; and (iii) the prevailing market prices of residential properties in Bao An District, Shenzhen,

the PRC. The Agreement was based on normal commercial terms.

THE AGREEMENT

Date: 7 August 2011

Parties: (a) PASL

(b) Shenzhen Warmsun

The Company and Shenzhen Warmsun have not entered into any transaction of a similar nature in the past 12 months that would need to be aggregated in accordance with Rule 14.22 of the Listing Rules.

The Arrangement:

Pursuant to the Agreement, PASL has agreed to vacate from the Land, demolish the Buildings and deliver the Land to Shenzhenn Warmsun for Re-development and PASL will be responsible for all costs in relation to such demolition and relocation. The demolition and relocation costs, including transportation as well as renovation costs and expenses associated with the new production base of the Group, are estimated to be around RMB10 million (equivalently to approximately HK$12 million). In consideration of the Arrangement, Shenzhen Warmsun and/or the Project Company shall (i) pay a relocation compensation of RMB50 million (equivalent to approximately HK$61 million) to PASL; and (ii) transfer the title of the Relevant Property to PASL.

Shenzhen Warmsun will be responsible for the Re-development and the Project Company will be established by Shenzhen Warmsun within 30 days upon signing of the Agreement for the purpose of Re-development. The Project Company will further enter into the Re-development Contract and Relocation Compensation Agreement with PASL within 30 days of the establishment of the Project Company.

In addition, PASL and Shenzhen Warmsun have agreed to the following timeline in relation to the Re- development:-

(a) by the earlier of (i) two years after the signing of the Re-development Contract; or (ii) 26 months of the date of the Agreement, the Project Company shall have completed the application for town re-development and the Re-development shall have been listed as a

“Town re-development formulated plan of the State” (