Progress Watch filed charges against former Board Members and Directors

We hereby inform all interested parties that in January 2012 detailed and documented charges for embezzlement and securities fraud have been filed against the former board management and directors Peter T. Gschwind, Moritz Züllig and Lars H. Saethre of the Progress Watch Company with the relevant authority in Switzerland, the Justice Department in Biel/Bienne.   The charges refer to the period between 1998 -2008 inclusive.

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Progress Watch Corporation, together with its Swiss subsidiary Calibrum AG, is dedicated to independently providing high end, innovative, reliable, stable, flexible and unique Swiss made mechanical watch movements to the elite of the Swiss watch industry.

This press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance growth, conditions, or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.