CHIF Issues Corrective Press Release
July 19, 1999 04:11 PM
NEW YORK, July 19 /PRNewswire/ -- China Food and Beverage Company CHIF announced today that its Board of Directors voted today to discontinue negotiations with regard to:
(i) a $4,000,000 acquisition opportunity as announced in the Company's May 10, 1999 press release;
(ii) a $60,000,000 financing offer from an East Coast investment banking firm as announced in the Company's May 17, 1999 press release;
(iii) joining forces with Asian investors to establish company expansion plans and an equity stock offering as announced in the Company's May 25, 1999 press release.
On May 12, 1999, the Company announced that it retained World Wide Web Works, Inc. to index its websites. Since the Company has been unable to confirm this indexing, the Company is rescinding this day its agreement with World Wide Web Works.
The Company has taken the actions above described since it has been unable to verify any of the information and/or substance of the offers and arrangements which were offered to the Company through The Globus Group, Inc. and its President, Anthony DiMarco. The Company has learned that according to the Securities and Exchange Commission, Mr. DiMarco is actually named Bruce Gorcyca and is a convicted felon.
On June 2, 1999, the Company announced that it intended to file an application to trade on the Nasdaq SmallCap Market. The Company believed that it qualified as at the time of the announcement for trading based on its gross assets, shareholder equity, number of shareholders, market price and number of market makers which are the Nasdaq SmallCap requirements. The Company anticipates filing an application when appropriate.
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 800-641-5844 or visit the company's web site, chif.net.
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
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