USA: CHIF in Dispute Over China Brewery
China Food and Beverage Company (OTC Bulletin Board: CHIF) announced today that Anhui Liu An Beer Company, Ltd., ("the sellers"), from whom the Company purchased its majority interest in its Chinese brewery in December 1998 for 4.2 unregistered shares of common stock, claimed that the Company was in default of its obligations to repurchase or cause to be repurchased from the sellers, a significant majority of the shares of the aforementioned common stock or, to provide additional capital to the brewery. As a result of the alleged default, the sellers refused to provide the Company with any financial information concerning the operations of the brewery during the first quarter of 2000 and assumed control of the brewery. It is possible that, in addition to taking control of the assets, the sellers may commence an action against the Company alleging, among other claims, breach of contract. Conversely, the Company is exploring its options, including but not limited to, initiating legal action of its own to recover what it believes to be a wrongful conversion of its assets by the sellers.In other news, information regarding the brewery disputes and the Company's first quarter financial statement can be found on the Company's most recently filed 10Q and 8K. The Company's 1999 financial statements can be found on the Company's most recently filed 10K. These aforementioned documents can be viewed at
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-drinks gives you the widest beverage market coverage.
Paid just-drinks members have unlimited access to all our exclusive content - including 15 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Olly Wehring, editor of just-drinks
- Is Diageo on the Brink of a Brain Drain?
- SABMiller edges Diageo as beer trumps spirits
- Will Keurig Kold come to Coca-Cola Co's Rescue?
- Focus - SABMiller's FY Sales Performance by Region
- Focus - Indonesia: Prohibition in Paradise?
- Rémy Cointreau eyes recovery after Q4 bounceback
- Carlsberg exec joins Diageo as Africa chief steps
- Diageo YTD sales come in flat
- Bacardi hands global advertising to single agency
- Heineken "concerned" as Indonesia enacts beer ban
- Global rum insights - market forecasts, product innovation and consumer trends research
- Global Tequila insights - market forecasts, product innovation and consumer trends research
- Bacardi Limited - Strategy and SWOT Report
- ALDI 2015: Radically transforming Anglo Saxon grocery markets
- Diageo plc (DGE) - Financial and Strategic SWOT Analysis Review