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Non-Tech : China Peregrine Food Corporation (CHPF) -- Ignore unavailable to you. Want to Upgrade?

To: Dave Sullivan who wrote (5)	4/15/1999 3:12:00 PM
From: Dave Sullivan	Read Replies (1) \| Respond to of 22

News Sounds good read the second paragraph a couple of times. Q1 rate indicates 8mil yearly and they expect looney tunes to increase even more. Think it's going to be a winner added more today. Thursday April 15, 12:35 pm Eastern Time Company Press Release China Peregrine Audited Financials Issued, Announces Acquisition and Key Executive Appointment NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--April 15, 1999--China Peregrine Food Corp. (OTC BB:CHPF - news) today announced the issuance of the audited financial report for the year ending December 31, 1998, by its independent auditors. This is the first year end audit performed with respect to the Company since becoming a fully reporting company in January this year. The report indicates sales growth from US$ 730,000 in 1997 to US$ 2.8 million in 1998. This growth reflects a 50% increase in the company's Shanghai operation and the consolidation of the Hangzhou Melijian acquisition completed in August 1998. Management notes that sales in Q1 1999 place the company on an annual run rate of over US$ 8million and anticipates significant sales increases throughout the rest of 1999 resulting from the new product launch of both Happy Family(tm) and Looney Tunes(tm) Brands in Shanghai and Hangzhou. The company also announced today the final Chinese Government approval for the equity assignment to China Peregrine Food Corp. pursuant to the acquisition of 52% of Hangzhou Melijian Dairy Company. Further, today China Peregrine Food Corp. is announcing the definitive agreement to merge Hangzhou Dairy Company into the Melijian Dairy effective January 1, 1999. This merger adds over US$ 1.5 million in sales, new products and packaging equipment and 150 additional schools to Melijian's customer base and increases Melijian's market share in Hangzhou to over 80%. This brings the total number of schools serviced by Melijian to over 400, virtually all the schools in this city of approximately 5.5 million people. China Peregrine Food Corp. is contributing US $300,000 in cash while the Chinese partner in Melijian JV is contributing the assets of the new dairy. The completion of this transaction and other financial contributions made to Melijian this year by both partners will increase the registered capital in Melijian by US $900,000. China Peregrine Food Corp. is also very pleased to announce the appointment of another experienced marketing professional to its China operations. Mr. Benjamin Tang has been appointed Executive VP/China operations headquartered in Shanghai, China. Mr. Tang will be responsible for overall management of all China joint ventures for the company and will focus extensively in 1999 on the new product and marketing campaign in Shanghai and Hangzhou. Mr. Tang joins the Company from Seagram Ltd. where he had various marketing and management responsibilities as General Manager of a joint venture in Shanghai. He has also held senior level marketing positions with companies such as Procter and Gamble and SC Johnson in China. Mr. Charles Beech, Chairman and CEO of CHPF said: ''Ben brings exceptional professional experience that blends a background of China business management, and some of the best marketing credentials possible. The appointment of Ben Tang is an important step in our strategic plan of developing premium brands like Looney Tunes(tm) and Happy Family(tm) in China.'' Ben Tang commented: ''I am pleased to be part of the corporate management team of China Peregrine Food Corp. I am impressed with how the company has prepared itself for the major opportunities it now has to grow its business through great brands, and further acquisitions. I look forward to being part of this major business opportunity in China.'' China Peregrine owns 70% of an existing 50 year National Joint Venture with China National Green Food Corporation, a wholly owned subsidiary of the Ministry of Agriculture of the People's Republic of China, one of the first ever such ventures approved. In addition, China Peregrine owns 52% of a joint venture located in Hangzhou, which is the dominant supplier of milk and juice products in that city. China Peregrine is now positioned to rapidly expand through additional acquisitions and innovative marketing strategies to meet one of China's highest priorities - better nutrition for its 1.2 billion children and adults. Safe Harbor Statement under the Private Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission. -------------------------------------------------------------------------------- Contact: The Catalyst Group, Clearwater, Fla. Lisa Salinas, 727/441-8809 --------------------------------------------------------------------------------