USA: China Premium appoints new chairman and two additional directors
Hirschman, newly appointed chairman and director of China Premium, is president of CPointe Associates, Inc., an executive management and consulting firm specializing in solutions for emerging companies with technology-based products. He is a director of ObjectSoft Corp. (Nasdaq:OSFT), RetailHighway.com and former chairman of the board of Mustang.com (Nasdaq:MSTG), which was recently acquired by Quintus Corp. (Nasdaq:QNTS). During his tenure as chairman at Mustang.com, Hirschman undertook a hands-on role in the planning and execution of a program to increase the company's value. That effort resulted in the acquisition of Mustang.com and an increase in its market capitalization from $19.5 million to $290 million. Hirschman's CPointe client list has included Xybernaut Corp., SBC Wireless, Northern Telecom (Nortel), Mindspring Enterprises, CandyAmerica.com and Retail Highway. Prior to establishing CPointe Associates, Hirschman was vice president of Operations of Software, Etc., Inc., a retail software chain with 396 stores, from 1989 until 1996. Hirschman has also held senior management positions with retailers T.J. Maxx, Gap Stores and Banana Republic.
Regarding his new appointment, Hirschman commented, "I believe China Premium has established the credibility needed for US food producers to launch their products in the relatively unexplored marketplace called China. This is a company that understands the power of worldwide branding, as proven by their Looney Tunes(TM) milk agreements, in the US and in China, and Lance Cracker sales in China. I look forward to the new business climate with China as a member of the world community and the relationships already established by China Premium."
The other newly appointed board member, Robert L. Holz, is a venture capitalist, fund manager and derivatives expert. Holz is the Managing Director of Explorer Fund Management, L.L.C., which he founded in 1994. He manages a portfolio of private equity investments in start-ups and small public and private companies in the technology, consumer products, bio drugs and drug delivery systems industries. Holz works closely with management at several companies and advises them regarding acquisitions, new hires, new products, corporate redirection, management transitions, analyst coverage and investment banking. From 1980 to 1993, Holz held progressively more senior positions as officer, shareholder (partner), and senior vice president at Nomura Securities International, Kidder, Peabody & Co. and National Investment Services of America. Holz played a key role identifying new business opportunities and building business to capture those opportunities for each organization.
"China Premium Food Corporation has positioned itself as a brand management business in healthy dairy consumable items targeted to growing demographic segments in key geographic centers," said Holz. "I look forward to being part of its growth into a world class consumer brand business."
China Premium recently formed Bravo! Foods, Inc., a U.S.-based subsidiary, to promote and distribute key branded products in the U.S. and to form strategic relationships with local U.S. producers and manufacturers. Bravo! Foods has introduced Looney Tunes(TM) branded, flavored milk into several U.S. markets and expects the brand to be available nationally by the end of 2001. The company has also recently unveiled a B2B portal in China serving the hotel and restaurant industry through which China Premium will offer a full service food platform. China Premium's established infrastructure in China includes its subsidiary, a trading company in the Wai Gao Qiao Free Trade Zone in Shanghai. The company holds a 52% interest in the Hangzhou Meilijian Dairy in Hangzhou, China, the largest dairy in this urban area of 6 million people, and is importing into China private-labeled snack crackers manufactured by Lance, Inc. (Nasdaq:LNCE - news), which are branded with the Looney Tunes(TM) brand and characters. The company first introduced Looney Tunes(TM) flavored milks in Shanghai and Hangzhou, China through a Master License for China with Warner Bros.
For more information, visit www.chinapremiumfood.com.
Looney Tunes, characters, names and all related indicia are trademarks of Warner Bros.,(c)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.
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