HONG KONG, May 15 /CNW/ - PACRIM INTERNATIONAL CAPITAL INC. (PCN: TSX) ("Pacrim" or the "Company"), is pleased to report the Company's results for the third quarter ended March 31, 2008.

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    - FINANCIAL HIGHLIGHTS

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                        3 months ended March 31     9 months ended March 31
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                            2008          2007          2008          2007
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    Revenue               $580,507      $579,200    $1,776,720    $3,182,858
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    Income (loss)
     from properties      $364,928      ($79,726)   $1,089,485      $539,237
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    Net income (loss)      $92,265     ($507,373)     $330,951    $4,432,289
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    Funds from (used
     in) operations       $193,534     ($549,571)     $636,960   ($1,042,374)
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    Total Assets       $50,886,867   $53,636,868   $50,886,867   $53,636,868
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    Income properties  $15,397,649   $16,448,591   $15,397,649   $16,448,591
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    Mortgages           $6,648,544    $5,568,765    $6,648,544    $5,568,765
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    Per Common Share
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    Net income (loss)        0.001        (0.008)        0.005         0.070
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REVENUE:

Revenue for the third quarter increased by $1,307 to $580,507 when compared to the same period last year. The increase in revenue is primarily attributed by the accrued interest income on related party loans.

Hospitality:

Revenue from the three hotels decreased by $1,312,874 to nil from $1,312,874 in the same period last year. The decrease was due to the disposition of three hotels in fiscal 2007.

Revenue from the restaurants decreased by $148,139 to nil from $148,139. The decrease in revenue from the restaurant was due to the disposition of the last East Side Mario restaurant in fiscal 2007.

Rental Revenue:

The third quarter of the fiscal year income from rental properties was $89,432, increased by $15,109 compared to the same period last year. The increase of rental income is mainly due to the high occupancy of the rental properties in Beijing, PRC during the third quarter.

Condominium Sales and Other:

For the third quarter ended March 31, 2008 revenue from condominium sales was nil. The last condominium was sold in fiscal 2007. The other revenue for the third quarter ended March 31, 2008 was $491,075 mainly from interest income.

NET INCOME:

Net income for the nine months of the year decreased by $4,101,338 to $330,951 when compared to the same period last year. The decrease was mainly due to the sale of the three hotels portfolio and one restaurant in fiscal 2007. As a result, the Company has less income producing properties in its asset base.

Outlook

The Company has chosen to change its strategic direction from being a firm focused on Canadian real estate to one that is focused on one of the fastest growing economies in the world - China.

Using the same formula as in the past, management believes the company will successfully transition into the Chinese marketplace and continue to grow through a well-defined internal growth and external acquisition program. Management intends to seek out and take advantage of opportunities in the Asian market and will not restrict itself to the real estate or hospitality industries.

The full financial statements for the year end and the third quarter and the related Management's Discussion & Analysis are available on the System for Electronic Document Analysis and Retrieval (SEDAR) and can be accessed electronically at www.sedar.com.

Caution concerning forward-looking statements

Statements made in this news release, other than those concerning historical financial information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are based on management's beliefs and assumptions regarding the information currently available. The Company's actual results or developments could differ materially from those expressed in the forward-looking statements. Factors that could cause results or developments to differ include, among other things, those expressed in the Company's filings or developments with Canadian securities regulatory authorities. All information presented herein should be read in conjunction with such filings.

Guy Lam
 Chief Executive Officer
 Pacrim International Capital Inc.
 Tel. 852.2526.1554