USA: CHIF in Dispute Over China Brewery
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 http://www.freeedgar.com.
James Tilton, president of CHIF stated, "The Company believes that the claims made by the sellers are without merit. However, as the assets of the brewery are in the Peoples' Republic of China and the Company has no effective control over the business or the financial concerns of the brewery, the Company has fully reserved against all of its assets located in China."
China Food and Beverage Co. is a U.S. holding company whose strategy is the acquisition of regional Chinese breweries that compliment its existing business, distribution and product lines.
For further information, contact Investor Relations at 800-324-3464 or visit the website http://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.
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