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

Subscribe to Just Drinks

Join over 80,000 beverage industry professionals by unlocking full access for just $1 (plus VAT if applicable)

Already a Member? LOGIN HERE

Just Drinks membership gives you:

  • Unlimited access to Just Drinks content including in-depth analysis, exclusive blogs, industry executive interviews and management briefings
  • Unbeatable market coverage from wine and beer, to soft drinks
  • Unrivalled apparel industry comment from Olly Wehring, Andy Morton and leading industry analysts
Want multi-user access? Explore our multi-user & corporate memberships

70% of the beverage companies in the Forbes Global 2000 use Just Drinks