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Non-Tech : CHIF - China Food and Beverage, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Wayne J. who wrote (68)	1/21/1999 10:54:00 AM
From: Lance	Read Replies (2) \| Respond to of 127

CHIFD NEWS !!! China Food and Beverage Company Finalizes $21 Million Acquisition Of Victoria Beverage Company SAN FRANCISCO, Jan. 21 /PRNewswire/ -- China Food and Beverage Company (OTC Bulletin Board: CHIFD) 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 $16.1 million in 1998 and pre-tax profit of $1.8 million. CHIFD also reported audited results from Anhui of $15.2 million in gross sales for 1997 and pre-tax profit of $1.6 million. CHIFD announced that by early next week the full 1997 and 1998 financial results will be available for review at its web site, www.chif.net. James Tilton, president of CHIFD, 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, CHIFD continues to review a number of potential acquisition candidates which could further increase its presence in China." For further information on China Food and Beverage Co., contact James Tilton at 212-398-7833 or visit the web site www.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 CO: China Food and Beverage Company; Victoria Beverage Company Ltd.; Anhui Haodun Beverage Company, Ltd. ST: California, China IN: FIN FOD REA SU: TNM