CFP Holdings Inc. (the “company”) announced that Eric W. Ek has been promoted to president and chief executive officer.

Ek was previously executive vice president and chief operating officer. The company has also announced the resignations of Roberto Buaron and James Long from the board of directors and the resignation of Ronald Gallo as the company’s chief financial officer.

This news release follows the company’s announcement on Jan. 16, 2001, that it would not make the interest payment due on that day on its 11-5/8 percent senior guaranteed notes due 2004, and that it has a 30-day grace period to make such payment.

The company also announced that it has engaged the services of Trimingham Americas Inc. of New York to support the efforts of the company in its discussions with its senior lenders and its vendors, as well as evaluate the impact of the business risks that it faces, including those related to its current liquidity position.

CFP Holdings is a leading developer, manufacturer and marketer of value-added meat and poultry products sold to the food-service industry and manufacturers of packaged foods.

This news release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the company’s expectations (“cautionary statements”) are disclosed in the company’s annual report on Form 10-K and other reports filed with the Securities and Exchange Commission and in this statement. All subsequent written and oral forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements.