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Friday April 23, 8:51 am Eastern Time
Company Press Release
China Peregrine and Lance, Inc. Sign Definitive, Exclusive, Private Label Agreement to Supply Snack Foods to China
N. PALM BEACH, Fla.--(BUSINESS WIRE)--April 23, 1999--China Peregrine Food Corp. (OTC BB:CHPF - news) and Lance, Inc. (Nasdaq:LNCE - news) Friday announced a definitive, exclusive, private label agreement to export snack foods to China.
Per the terms of the agreement, Lance will become China Peregrine's exclusive supplier of cookies, cakes, crackers, meat snacks, nuts and chips for the Chinese market. China Peregrine will import these snack items to China and will distribute them through the Company's food and beverage distribution channels used daily to distribute dairy and non-carbonated beverage drinks to Chinese grocery stores and markets.
Roy Warren, President of China Peregrine Food Corp., said: ''This agreement marks the first time that we will utilize our Chinese relationships, marketing expertise, and direct store distribution system in China to provide superior quality food products made in the USA to the rapidly expanding Chinese consumer market. We know, from years of experience and recent market research, that Chinese consumers are demanding the highest quality food products, especially for children. Snack foods represent the largest category that we've identified where we can deliver a clearly superior and preferred product vis-a-vis the Chinese domestic brands. We are very pleased to work with Lance as our first supplier in this new venture.''
According to a recent poll conducted by The Gallup Organization in China, 78% of homes in the three largest cities in China now routinely have snack foods in the home. There is a continued emphasis in China to make available higher quality food products, including snacks. Based on the survey, the companies anticipate that Lance's products will be well-received by the Chinese.
According to Paul Stroup III, Chairman, President and CEO, of Lance, Inc.: ''This provides an attractive opportunity to introduce our private label products to a high potential market. China Peregrine has established a successful distribution system in China and we are looking forward to working with them.''
China Peregrine owns 70% of an existing fifty-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 approved in China. China Peregrine currently controls and operates dairy facilities in Shanghai and Hangzhou, China. The Company has announced the execution of Letters of Intent for additional dairy acquisitions in 1999. Additionally, China Peregrine will be introducing branded, Looney Tunes(tm) dairy and non-carbonated beverages to the Chinese market.
Lance, Inc. manufactures snack foods and bakery products which are sold and distributed to convenience stores, supermarkets, discount stores, restaurants and through company vending machines, mostly distributed under the Lance name. The Company also produces private-label crackers and cookies through its Vista Bakery subsidiary, as well as breadbasket goods-crackers, breadsticks and melba toast. Lance, established in 1913, had net sales and other operating revenues in 1998 of $486.4 million.
Safe Harbor 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.
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Contact:
The Catalyst Group, Clearwater, Fla.
Lisa Salinas, 727/441-8809 |
