Rim Holdings announces signing of Definitive Agreement

Rim Holdings announced today that it has signed a definitive agreement with Starway Management and Eurofaith Holdings to acquire 100% interest in Starway, which holds 100% of Shenzhen Dicken Technology (SZDK). SZDK runs energy-saving projects in over 10 provinces in the People's Republic of China.

(PRWEB) April 16 2004--Rim Holdings (OTCBB - RIMI) announced today that it has signed a Definitive Agreement with Starway Management Ltd ("Starway") and Eurofaith Holdings, Inc. ("Eurofaith") which together hold 100% of Shenzhen Dicken Technology Development Limited (SZDK)on April 3, 2004. SZDK runs electrical energy-saving projects in over 10 provinces in the People's Republic of China.

According to the Definitive Agreement, RIMI will acquire 100% interest in Starway which holds a 100% interest in SZDK.

SZDKs audit for the year ending December 31, 2002 shows US$7,914,658 of gross revenue and US$1,787,881 net profit after provision for taxes. SZDKs audit for year ending December 31, 2003 shows US$31,057,877 of gross revenue and US$8,907,865 of net profit after provision for taxes.

As was reported in the 8K filed by RIM on March 24, 2004, RIM will issue approximately 27,500,000 restricted common stock shares after it has been recapitalized by means of a 20-for-1 reverse stock split.

Rimmer Computer, Rims current subsidiary, will be spun off to Rims current management in exchange for 1,000,000 pre-split shares.

The due diligence is still in progress, and there is no assurance that the transaction will be completed.

Investor Relations contact: Michael K. Hair, P. C., 480-443-9657