HONG KONG, Nov. 6, 2006 (PRIMEZONE) -- NT Holding Corp. (OTCBB:NTHH) today entered into a Rescission Agreement, rescinding the Substitution Agreement with Grand Canal Entertainment, Inc. (Pink Sheets:GCNL) that was entered into on June 17, 2006. According to the Rescission Agreement executed by the parties, NTHH will not be responsible for providing any projects to Grand Canal, and all ownership of Grand Canal will revert to its shareholders prior to June 17, 2006.
About NT Holding Corp.
NTHH, through its subsidiaries, invests in and operates companies in China that engage in energy and natural resources businesses. NTHH is based in Hong Kong and operates subsidiaries in China and Indonesia on energy and natural resources projects. NT Holdings Corp is positioning itself to support China and Asia's growing need for power, energy and natural resources.
Disclaimer Regarding "Forward-Looking Statements"
This news release contains "forward-looking statements" as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) adverse changes in general economic or market conditions; (ii) delays in or refusals of governmental approvals; (iii) risks associated with acquisitions and investments, including the challenges and costs of integration and coordination; and (iv) other important factors as disclosed previously and from time to time in NT Holding's filings with the U.S. Securities and Exchange Commission. NT Holding disclaims any obligation to update any such forward-looking statements after the date of this news release.