Intercorp Excelle Inc. (NASDAQ: RENE), manufacturer of Canada's No. 1 refrigerated salad dressing, Renee's Gourmet(TM), announced today that it has signed a Project Management Agreement to break ground on a building extension which will more than double the Company's refrigerated on-site cooler space.

The project, which is expected to cost CDN$1.0 million, will be completed within four to five months.

Fred Burke, Chief Operating Officer of Intercorp Excelle, said, "We have now run out of cooler space on-site, and this investment is necessary in order to meet increased demands for Renee's Gourmet(TM) brand products in new markets within Canada and other major regions in the U.S. marketplace."

The Company recently announced the launch of its products into the United States.

He continued, "This new 13,000 square foot expansion eliminates the need for significantly more expensive third party storage, and should have an immediate impact on manufacturing efficiencies, providing an opportunity for the Company to schedule longer production runs. The financial return for this project is immediate."

Arnold Unger, Intercorp's CEO continued, "We expect to generate a significant amount of new incremental Renee's Gourmet(TM) business in the USA this year, and early signs from the new launches are extremely positive. We need the new cooler space to warehouse inventories required to service this new business today and into the next fiscal year. Since our refrigerated Renee's Gourmet(TM) product turns over approximately 15 times a year (which will guarantee that customers receive the freshest product possible), it is critical that we maintain control of these inventories on-site."

About Intercorp Excelle Inc.:

Intercorp Excelle Foods Inc. is the market leader in developing, manufacturing, marketing and distributing retail branded, private label and food service salad dressings, sauces, marinades, dips and mayonnaise Canada and is now striving for similar positioning in the U.S. The primary aspect of all products is the undisputed quality and enormous taste appeal. The company's primary brand name, Renee's Gourmet(TM), uses no additives, no preservatives, no MSG, and is suitable for those who are lactose intolerant, diabetic and weight conscious. Renee's Gourmet(TM) is the number one selling line of refrigerated salad dressings in Canada (AC Neilsen, 2000).

For more information, please refer to Intercorp Excelle Inc.'s web site, www.renees.com.

The information contained in this news release, other than historical information, consists of forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such statements regarding the timing of acquiring and developing new products, of bringing them on line and of deriving revenues and profits from them, as well as the effects of those revenues and profits on the Company's margins and financial position, is uncertain because many of the factors affecting the timing of those items are beyond the company's control.

This release and prior releases are available on the KCSA Public Relations Worldwide web site at www.kcsa.com.