Intercorp Excelle Inc. (NASDAQ: RENE, Renew), manufacturer of Canada’s no. 1 refrigerated salad dressing, Renee’s Gourmet(TM), announced today that its Board of Directors approved an adjustment of its warrant exercise price to US$2.50 from US$6.00 previously, effective October 10, 2000.

Fred Burke, Chief Operating Officer of Intercorp Excelle Inc., stated that, “This move is justified primarily because of our undervalued common stock price. Many of our current investors hold warrants which will expire in one year from now, and this decision is made in their best interest. As well, we feel that the timing is right in order to attract new investors to the Company.”

He continued, “We strongly believe the Company’s fundamentals are solid, and our results indicate that the potential for future explosive growth and earning are exceptionally good.”

Arnold Unger, Chief Executive Officer, added that, “Our current strategy is focused on securing additional listings for Renee’s Gourmet(TM) in the United States, and we are fully prepared to invest heavily in this market, which will continue to drive up sales revenues and margins. We also continue to focus on synergistic mergers and acquisitions within North America. Ongoing good news and results should definitely support what we believe to be a significantly undervalued stock price, however until that happens, we will continue to repurchase stock at these depressed levels, under our existing stock repurchase program.”

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). P. 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.renees.com.