Golden Elephant Glass Technology Closes $5 Million Equity Investment

Golden Elephant Glass Technology, Inc. (OTC Bulletin Board: GOEG) ("Golden Elephant" or the "Company"), a leading China-based float glass manufacturer, on July 25, 2008  announced that it successfully closed a private placement of its capital stock whereby it received approximately $5 million in gross offering proceeds, before payment of commissions and fees.

A total of approximately 3.3 million shares were placed in the private placement at a per share price of $1.52. The shares represent approximately 11.8% of the issued and outstanding capital stock of the Company on a fully-diluted basis.

The Company will use the net proceeds from the private placement for general working capital purposes and expansion of the current business.

For the year ended December 31, 2007, Golden Elephant reported consolidated net sales of approximately $48 million and consolidated net income of approximately $7 million.

Mr. Lihui Song, the Company's CEO stated, "We would like to thank our advisors, Roth Capital Partners, LLC and WLT Brothers Capital, Inc. for their assistance in this process. We appreciate the confidence of our investors in our business. With the newly raised capital, we hope to take advantage of significant growth opportunity in our business sector by leveraging our industry leading technology, with the ultimate goal of delivering value to our shareholders."

Roth Capital Partners, LLC and WLT Brothers Capital, Inc. acted as placement agents in the financing transaction.

The transaction includes "make good" provisions based on the achievement of certain adjusted net income targets for the Company's 2008 and 2009 fiscal years. Should the Company not achieve $10 million in fiscal year 2008 adjusted net income, purchasing shareholders in this transaction will receive 834,699 shares from Win-Win Global Investments Inc. Should the Company not achieve $14 million in fiscal year 2009 adjusted net income, purchasing shareholders in this transaction will receive 834,699 shares from Win-Win Global Investments Inc. The Company expects to achieve gross revenues of approximately $60 million and $73 million in fiscal years 2008 and 2009, respectively, to support achievement of these "make good" net

income targets.

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