CHIF - China Food and Beverage, Inc. Message Board

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Non-Tech : CHIF - China Food and Beverage, Inc.

CHIF 0.0200

+12.4%

May 14 11:19 AM EST

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To: Santa Barbara who wrote (33)	6/5/1998 5:23:00 PM
From: rharris	Read Replies (1) of 127

(COMTEX) China Food and Beverage Company Completes Acquisition of Vic China Food and Beverage Company Completes Acquisition of Victoria Beverage Company Limited NEW YORK (June 5) BUSINESS WIRE -June 5, 1998--China Food and Beverage Company (OTC BB:CHIF), has acquired 100% of Victoria Beverage Company Limited. Victoria owns a 55% interest in the Anhui Haoduo Brewery Company, located in Szechuan Province, Peoples' Republic of China. Anhui Haoduo Brewery Company has assets of USD $14.2 million with USD $8.7 million in liabilities and equity of $5.5 million, approximately. The Company's 1997 revenues and income were USD $15.5 million and USD $1.75 million respectively. China Food and Beverage Company acquired Victoria for USD $21 million by issuing a cumulative debenture carrying a five (5) year term bearing interest at the rate of 8% per annum. Principal will be due and payable at the expiration of the five (5) year term with the interest payable on a semi-annual basis. The debenture is convertible into China Food and Beverage Company common shares at $5.00 per share. China Food and Beverage Company is a public company, which invests in and or controls food and beverage companies in the People's Republic of China and the Far East. The Company currently owns a majority interest in the Nantong Aitesi Beer Co., Ltd., Peoples' Republic of China. For further information on China Food and Beverage Company, contact James Tilton at 212/398-7833. CONTACT: China Food and Beverage Company James Tilton, 212/398-7833 INDUSTRY KEYWORD: FOODS/BEVERAGES MERGERS/ACQ Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com

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