CHIF NEWS....GREAT EARNINGS!!
The earnings for CHIF 55% share in Brewery is equal to .09 a share after taxes and expenses. Looks like the reverse split back a couple months ago will pay-off afterall.
China Food and Beverage Company Finalizes $21 Million Acquisition of Victoria Beverage Company
NEW YORK, May 3 /PRNewswire/ -- China Food and Beverage Company (OTC Bulletin Board: CHIF) announced today that it has finalized its $21 million acquisition of Victoria Beverage Company Ltd. Victoria's chief asset is its subsidiary Anhui Haodun Beverage Company, Ltd. of the People's Republic of China.
Anhui reported gross sales of $15.9 million in 1998 and pre-tax profit of $2.9 million. CHIF also reported results from Anhui of $14.6 million in gross sales for 1997 and pre-tax profit of $2.7 million.
James Tilton, president of CHIF commented, "We are extremely pleased with the profit margins displayed by the results for Anhui in 1997 and 1998. The outlook for the future also appears bright. In a December 14, 1998 Forbes Magazine article, Hong Kong based beer industry consultants are quoted as stating that 'China's growing thirst for beer has been remarkable. Since 1982 consumption has multiplied tenfold and China's share of world consumption has surged from 6% in 1990 to 14% in 1998.' According to Forbes the Chinese market has already surpassed Germany in volume terms and should overtake the United States within five years. Given this outlook, CHIF continues to review a number of potential acquisition candidates which could further increase its presence in China."
China Food and Beverage Co. is as 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, with out 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 assumption 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; Victoria Beverage Company Ltd.
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