North Asia Investment (NYSE AMEX:NHR)

On April 28, 2010 North Asia Investment Corporation ("NAIC") (NYSE Amex: NHR) and Pacific City Financial Corporation ("Pacific City") (OTC Bulletin Board: PFCF) announced today that the previously announced Agreement and Plan of Reorganization ("Merger Agreement") by and among NAIC and Pacific City has been terminated by the parties. The parties determined to terminate the Merger Agreement due to the fact that holders of a significant percentage of NAIC's public shares indicated an intention to vote against the merger and seek conversion of their shares, and as a result it did not appear that NAIC would have received the necessary vote to approve the merger.

NAIC is now seeking a new target business with which to complete a business combination. If NAIC is unable to complete another business combination by July 29, 2010 (or July 29, 2011 if NAIC's shareholders approve an extension), its amended and restated memorandum and articles of association provides that it must automatically liquidate and dissolve.