China Growth Equity Investment Ltd. to Merge with China Dredging Group Co., Ltd. and Acquire Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd.

China Growth Equity Investment Ltd. to Merge with China Dredging Group Co., Ltd. and Acquire Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd. PR Newswire NEW YORK, Oct. 25, 2012 - Business Combination Valued at Approximately $783 Million NEW YORK, Oct. 25, 2012 /PRNewswire/ -- China Growth Equity Investment Ltd. (Nasdaq: CGEI; CGEIU; CGEIW) ("CGEI"), a special purpose acquisition company ("SPAC"), China Dredging Group Co., Ltd. ("CDGC") and Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd. ("Pingtan Fishing") today announced that CGEI and CDGC have entered into a definitive merger agreement for CGEI to merge with CDGC and that CGEI and Pingtan Fishing have entered into a definitive agreement for CGEI to acquire Pingtan Fishing. The parties expect the transactions to provide CDGC and Pingtan Fishing with necessary financial resources for the companies' next stage of growth. CDGC, a British Virgin Islands holding company, is one of the leading independent (not state-owned) providers of dredging services in the PRC through its PRC subsidiary Fujian Xing Gang Port Service Co., Ltd., or Fujian Service. Pingtan Fishing is a rapidly growing fishing company and provider of quality seafood in the PRC. The combined entity, which will be renamed "Pingtan Marine Enterprise Ltd.," intends to apply to be listed on NASDAQ under the ticker symbol "PME".