Intercorp Excelle Inc. announced today results for fiscal first quarter ended April 30, 2000.

For the quarter, the Company reported sales of US$4.2 million (CDN$6.2 million), a 30.1 percent increase over prior year third quarter sales of US$3.3 million. The Company reported net income for the quarter of US$65,743, or $0.02 per share, compared to a break-even result, reported for the quarter ended April 30, 1999. It should be noted that net income for the quarter ended April 30, 2000 included a gain on foreign exchange of US$20,388, compared with a loss on foreign exchange of US$74,669 included in net income reported April 30, 1999.

Commenting on the results, Fred Burke, Chief Operating Officer of Intercorp Excelle, said, “We are obviously very pleased with first quarter incremental sales results, which are in line with aggressive operating plan objectives. Although this growth has been generated from all business segments, we are especially delighted to see retail branded Renee’s Gourmet™ and a resurgence of A1™ steak sauce business lead the way.”

Mr. Burke added, “The Company has set new monthly sales records for both April and May, and the best is still forthcoming this fiscal year! We are continuing to focus on sales growth through development and investment in new products, new customers, and distribution channels across Canada, and especially in the U.S., where the potential for our Renee’s Gourmet™ branded products are huge.”

About Intercorp Excelle Inc.

Intercorp Excelle Inc. is the market leader in developing, manufacturing, marketing and distributing retail branded, private label and food service salad dressings, sauces, (including A1(TM) steak sauces in Canada), marinades, dips and mayonnaise in both Canada and 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™, uses no additives, no preservatives, no MSG, and is suitable for those who are lactose intolerant, diabetic and weight conscious. Renee’s Gourmet™ 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,

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

                        Intercorp Excelle Inc.
Financial Highlights
(In U.S. Dollars)

Quarter Ended
April 30,
2000 1999
—- —-

Sales $4,239,923 $3,257,955

Operating Income
(Before Taxes) $ 65,823 $ 70,860

Net Income $ 65,743 $ -3,809

Net Income Per Share $ 0.02 $ 0.00

Average Number of Shares
Outstanding 3,978,202 4,085,633