News

USA: CHIF in Dispute Over China Brewery

Most popular

The just-drinks Analyst returns

just-drinks speaks to Distill Ventures' CEO

"Too many tuxedos, too much bling" - BrewDog

just-drinks speaks to Diageo CEO Ivan Menezes

The just-drinks Analyst returns

MORE

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


Related Content

Why Australia will be the wine to watch in China in 2019 - Analysis

Why Australia will be the wine to watch in China in 2019 - Analysis...

C&C Group readies Heverlee brewery in Belgium

C&C Group readies Heverlee brewery in Belgium...

Asahi asset tidy continues with Tsingtao Brewery Co stake poised for offload

Asahi asset tidy continues with Tsingtao Brewery Co stake poised for offload...

New Belgium Brewing Co leads consortium in Magnolia Brewing takeover

New Belgium Brewing Co leads consortium in Magnolia Brewing takeover...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?