EXHIBIT 1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the American Depositary Shares of Corgi International Limited, a Hong Kong corporation and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filings.

The undersigned further agree that each party hereto is responsible for the timely filing of such Statement on Schedule 13G and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that such information is inaccurate.

This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of January 26, 2009.


ROYAL CAPITAL VALUE FUND (QP), L.P.
By:	Royal Capital Partners, LLC, its general partner

By:	/s/ Yale M. Fergang
	Name:	Yale M. Fergang
	Title:	Managing Member

ROYALCAP VALUE MASTER FUND, L.P.
By:	RoyalCap Partners, LLC, its general partner

By:	/s/ Yale M. Fergang
	Name:	Yale M. Fergang
	Title:	Managing Member

ROYAL CAPITAL MANAGEMENT, L.L.C.
By:	/s/ Yale M. Fergang
	Name:	Yale M. Fergang
	Title:	Managing Member

/s/ Robert W. Medway
ROBERT W. MEDWAY

/s/ Yale M. Fergang
YALE M. FERGANG

CORGI INTERNATIONAL LTD SC 13G/A