China Food and Beverage Celebrates 'Annie' Beer
NEW YORK, Nov. 23 /PRNewswire/ -- China Food and Beverage Company (OTC Bulletin Board: CHIF) announced today that its newest product "Annie" Beer is an overwhelming success. "Annie" Beer was launched in July 1999 and was targeted to female consumes age 18-35. With a lower alcohol content and natural apple flavors, "Annie" Beer is believed to be the first flavored beer in China to be in vogue with the new female elite. The product is expected to increase the company's profits by 1.5%.
In related news, CHIF yesterday announced plans to launch an E-Commerce Web site by the end of 1999. The Internet site will feature Chinese food and beverage products from Mainland China, Hong Kong, Taiwan and the United States. The Company plans to conduct a worldwide search for qualified merchants that market Chinese food and beverage products in order to create a one-stop shop on line.
As previously reported the Company's results of operations for the three months ending September 30, 1999 were: Net Sales $7,446,755, Income Before Other Expenses were $1,483,961, and Net Income After Taxes for the Period was $232,763. Net Sales, Income Before Other Expenses and Net After Tax Income all increased for the three month period ending June 30, 1999, as follows:
Net Sales increased by $3,551,270
Income Before Other Expenses increased by $178,041
Net Income After Taxes increased by $178,041
For the period reported, Income Per Share was $.04
James Tilton, President of CHIF, stated, "I am personally proud to represent a company that values women as consumers, investors, employees and especially wives and mothers. I would like all of our shareholders to join me in saying this one's for you Mom."
For further information contact investor relations at 800-324-3464 or visit chif.com
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including without limitation, the ability of China Food and Beverage Co. to accomplish its stated plan of business. Although China Food and Beverage Co. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein; the inclusion of such information should not be regarded as a representation by China Food and Beverage Co., or any other person that the objectives and plans of China Food and Beverage will be achieved.
SOURCE China Food and Beverage Company
CO: China Food and Beverage Company
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