China Premium Food Corp. (OTCBB:CHPF) announced today that the first shipment of its proprietary Looney Tunes(TM) snack crackers have been delivered to supermarkets and grocery stores in Shanghai, China. These snack crackers, manufactured by Lance, Inc. (Nasdaq:LNCE) and private-labeled with the Looney Tunes(TM) brand and characters through a licensing agreement with Warner Bros. and China Premium, are experiencing brisk sales in the stores in which the crackers have debuted.
The crackers are being sold in single serve, or sleeve, packages. Three varieties of the crackers are available, and each kind is labeled with a different Looney Tunes(TM) character. The sleeves are selling for 2.95RMB, which is the equivalent of thirty-five cents. The Chinese retail price is on par with the price for the crackers in the United States. Retail distribution of the Looney Tunes(TM) crackers in China is scheduled for rapid expansion. The company has scheduled its Looney Tunes(TM) crackers to be available in about 300 retail stores throughout Shanghai by the end of the month.
According to Mr. Roy Warren, President and CEO of China Premium, “Through market surveys, we knew that the Chinese consumers really liked the taste of the crackers and responded very favorably to the Looney Tunes(TM) characters that appear on the packaging. There is a void in the Chinese market of high-quality, Western-style snacks and our new crackers address this void.”
According to Mr. Steve Langley, COO-China of China Premium, “It has been quite exciting for me to be on the ground in China during the introduction of this new brand of snack crackers in Shanghai. Initial Chinese consumer purchasing and demand of this new product has exceeded our expectations and projections. We are seeing first-hand the great response from the Chinese to high-quality, Western products.”
China Premium recently introduced a B2B portal in China that serves the hotel and restaurant industry. Through the portal, food manufacturers can register to sell their products into China, Chinese institutions can procure directly from the site, and through China Premium’s established infrastructure in China, including its subsidiary, a trading company in the Wai Gao Free Trade Zone in Shanghai, China Premium offers a full service food platform. China Premium has been active in the food industry in China since 1993. The company holds a 52% interest in the Hangzhou Meilijian Dairy in Hangzhou, China, the largest dairy in this urban area of 6 million people. Additionally, the company has a U.S. subsidiary, Bravo! Foods, that was formed to promote and distribute key branded products in the U.S. and to form strategic relationships with local U.S. food producers and manufacturers.
For more information, visit www.chinapremiumfood.com.
Looney Tunes, characters, names and all related indicia are trademarks of Warner Bros., (c)2000.
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.