Termination of Consultancy Agreement (4839H)

TIDMJSM

RNS Number : 4839H

JSM Indochina Ltd

27 May 2011

For immediate release 27 May 2011

JSM Indochina Ltd.

Termination of consultancy agreement

The Board of JSM Indochina Ltd. ("JSM" or the "Company")(AIM: JSM.L), announces that the Company has today served notice terminating the Company's consultancy agreement (the "Consultancy Agreement") with JSM Capital Indochina Limited (the "Consultant)" with immediate effect. The Consultancy Agreement has been terminated in accordance with its terms.

Following the termination of the Consultancy Agreement, the monthly payments of $222,222.22 (the last of which would have been payable on 1 September 2011) will no longer be paid. In addition, the Company will no longer reimburse the Consultant for continuing salaries and office and operational expenses, except such expenses as are incurred to ensure an orderly handover of the administration of the Company.

The Company has engaged the services of the TMF Group in Vietnam ("TMF") to provide outsourced book-keeping support as well as administrative support in relation to payment of expenses. The engagement with TMF can be terminated upon 60 days written notice.

Scott Verges, Chairman of JSM Indochina Ltd. commented:

"The Board is focussed on reducing the Company's costs in preparation for completion of the asset disposals which have been announced. It was appropriate to terminate the Consultancy Agreement which has been terminated in accordance with its terms."

For further information:

 
 JSM Indochina Ltd.              +1 415 400 2461 
 Scott Verges, Chairman 
 
 Panmure Gordon (UK) Limited     +44 20 7459 3600 
 Edward Farmer / Andrew Potts 
 
 Buchanan Communications         +44 20 7466 5000 
 Lisa Baderoon

This information is provided by RNS

The company news service from the London Stock Exchange

END

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