China Food and Beverage Company Completes Acquisition of Victoria Beverage Company Limited

Business Wire,  June 5, 1998  

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NEW YORK--(BUSINESS WIRE)--June 5, 1998--China Food and Beverage Company (OTC BB:CHIF), has acquired 100% of Victoria Beverage Company Limited.

Victoria owns a 55% interest in the Anhui Haoduo Brewery Company, located in Szechuan Province, Peoples' Republic of China.

Anhui Haoduo Brewery Company has assets of USD $14.2 million with USD $8.7 million in liabilities and equity of $5.5 million, approximately. The Company's 1997 revenues and income were USD $15.5 million and USD $1.75 million respectively.

China Food and Beverage Company acquired Victoria for USD $21 million by issuing a cumulative debenture carrying a five (5) year term bearing interest at the rate of 8% per annum. Principal will be due and payable at the expiration of the five (5) year term with the interest payable on a semi-annual basis. The debenture is convertible into China Food and Beverage Company common shares at $5.00 per share.

China Food and Beverage Company is a public company, which invests in and or controls food and beverage companies in the People's Republic of China and the Far East. The Company currently owns a majority interest in the Nantong Aitesi Beer Co., Ltd., Peoples' Republic of China.

For further information on China Food and Beverage Company, contact James Tilton at 212/398-7833.

CONTACT: China Food and Beverage Company

James Tilton, 212/398-7833

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