China Premium Food Corp. (OTCBB:CHPF) announced today that it has been awarded an expanded license by Warner Bros. Consumer Products to market and sell Looney Tunes(tm) branded milks and juices throughout the People’s Republic of China.
China Premium currently markets and sells Looney Tunes(tm) branded milk and juice in Shanghai and Hangzhou, China. With this expanded license in place, China Premium will continue to pursue other production agreements with Chinese-based dairies throughout China to produce Looney Tunes(tm) branded milks and juices.
Chinese demand for premium products continues to increase and the company can best accommodate this demand through engaging additional efficient dairy and juice facilities in the major metropolitan areas in China to accommodate these innovative Looney Tunes(tm) milks that the Chinese find so appealing. China Premium sought the territorial expansion of the license to provide the opportunity for enhanced distribution of its products.
Mr. Roy Warren, CEO of China Premium said, “Our goal is to bring the fun-filled flavor of these Looney Tunes(tm) products to the consumers of China. The Looney Tunes(tm) branded milks have been well-received in this important marketplace and this expanded license will offer us more latitude and opportunities.”
“With this expanded agreement with Warner Bros. Consumer Products, we now have the opportunity to broaden our scope in China as dictated by our business plan,” commented Mr. John McCormack, President of China Premium. “The sales growth we have experienced since the launch of the Looney Tunes(tm) branded milk products clearly demonstrates the Chinese demand for these products. We look forward to our continued relationship with Warner Bros. Consumer Products and establishing working relationships with quality dairies throughout mainland China.”
The company first introduced Looney Tunes(tm) flavored milks in Shanghai and Hangzhou, China. Jie Qiang, the largest food distributor in China, which has 1,674 affiliated stores, has begun offering the Looney Tunes(tm) milk and the product is also available through ego365.com, a Shanghai home delivery service that offers over 3,000 items.
The company has 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. China Premium also is importing into China private-labeled snack crackers manufactured by Lance, Inc. (NASDAQ:LNCE), which are branded with the Looney Tunes(tm) brand and characters.
China Premium’s U.S.-based subsidiary, Bravo! Foods, Inc., continues 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.
For more information, visit www.chinapremiumfood.com. Looney Tunes, characters, names and all related indicia are trademarks of Warner Bros.,(c)2001.
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.