China Premium Food Corporation Corrects and Replaces Previous Name and Stock Symbol Announcement, BW1663 issued on Wednesday, Feb. 23, 2000, FL-CHINA-PREMIUM-FOOD

Business Wire, Feb 24, 2000

Business Editors

NOTE: The following news release corrects and replaces the

previous China Premium Food Corporation news release, which ran

on Wednesday, Feb. 23, 2000, BW1663, (FL-CHINA-PREMIUM-FOOD)

China Premium Named Change and Stock Symbol Approved By NASD

NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Feb. 24, 2000

China Premium Food Corporation (OTCBB:CHPF) announced today that the NASD has formally approved the company's name change from China Peregrine Food Corporation to China Premium Food Corporation. The stock trading symbol, per the NASD approval, will remain the same.

China Premium also has announced the launch of its new Web site, www.chinapremiumfood.com, with updated company information, relevant news events and information about key management personnel. In addition, the Web site contains the latest art work created by China Premium for use in its well conceived and executed packaging scheme for the marketing of Looney Tunes(TM) flavored milks in China.

China Premium has a 52% interest in Hangzhou Meilijian Dairy, the largest and dominant dairy in Hangzhou, China, a city of 6 million people. In addition, China Premium recently has announced an agreement in principle to acquire a controlling interest in Mandarin Fine Foods Co. of Beijing. Mandarin distributes food and beverage products to 30 of the largest geographical markets in China, as well as to most of the four and five-star hotels in that country, including Hilton, Sheraton and Marriott.

China Premium has an exclusive supply contract with US based Lance, Inc. (Nasdaq:LNCE) for the export of crackers and snack foods to China. The Company plans to leverage this opportunity through its wholly owned food distribution subsidiary in Shanghai, located in the Wai Gao Qiao Free Trade Zone. In addition, China Premium is pursuing other production and distribution agreements in China for its Wai Gao Qiao company, as well as for its Looney Tunes(TM) dairy beverages.

For more info, visit www.Chinapremiumfood.com

Looney Tunes is a registered trademark of Warner Bros., c 1999, 2000.

Safe Harbor Under the Private Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company*s filings with the Securities and Exchange Commission.