CHIF NEWS STRONG EARNINGS!!
China Food and Beverage Announces 325% Increase In Net Income Over Second Quarter
NEW YORK, Nov. 18 /PRNewswire/ -- China Food and Beverage Company (OTC Bulletin Board: CHIF) announced today results of Operations for the three months ended September 30, 1999. Net Sales for the three month period were $7,446,775, Income Before Other Expenses was $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 September 30, 1999 compared to the prior three month period ending June 30, 1999, as follows:
* Net Sales increased by $3,551,270
* Income Before Other Expenses increased by $324,092
* Net Income After Taxes increased by $178,041
* For the period reported, Income Per Share was $.04
The Revenues and After Tax Income described are generated from the 55% ownership CHIF has in Anhui Hao Dun Brewery Company, Ltd.
James Tilton, President of CHIF stated, "When the Company first entered China in 1997, we anticipated a bright future. However, these sales and earnings results have surpassed even our own expectations. Clearly, China is the focus of the international commerce and investment communities and CHIF will be there well into the new millennium."
China Food and Beverage Co. is a U.S. holding company whose strategy is the acquisition of regional Chinese breweries that complement its existing business, distribution and product lines.
For further information on China Food and Beverage Co., contact Investor Relations at 800-324-3464.
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 Co. will be achieved.
SOURCE China Food and Beverage Company
CO: China Food and Beverage Company
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