China Premium Food Corp. (OTCBB:CHPF) announced today that its branded, flavored Looney Tunes(TM) milk has been available in select stores in Shanghai since September 29th. China Premium has an exclusive distribution agreement with the largest food distributor in China, Shanghai Jie Qiang Tobacco, Sugar and Wine Co., Ltd., for this product. Jie Qiang and the Company have begun distributing the Looney Tunes(TM) milk in twenty of their company-owned stores and eight regional Metro hypermarkets. Jie Qiang will continue the product roll out through the end of the year, when the Looney Tunes(TM) flavored milk should be available in most of Jie Qiang’s 1,674 affiliated Shanghai area stores.

Just in time for China’s National Day, these milks are now on the shelf for this seven-day, Fourth of July-type holiday. The flavors include chocolate, strawberry, banana, orange and vanilla. Bugs Bunny, Sylvester, Tweety, Taz and Lola are the ambassadors of these innovative flavors, which were developed based on extensive Chinese consumer taste tests. The milk has a consumer-friendly, extended, thirty-day shelf life.

Mr. Roy Warren, President and CEO of China Premium, commented, “We are right on schedule for the roll out in Shanghai. We couldn’t ask for a better company to get the Looney Tunes(TM) milk quickly and broadly distributed. We feel that we have a product that the Chinese consumer wants. Living standards in China are improving, and along with that, dairy consumption. Our distribution agreement with Jie Qiang will make these great tasting, flavored milks widely available to the Chinese consumer and will greatly augment the brand building.”

According to Mr. Mike Edwards, Senior VP-Sales for China Premium, “Being in Shanghai during this launch has been eye-opening. The store managers and dairy clerks are excited about the new Looney Tunes(TM) milk. You can tell that the Chinese children absolutely love the characters–and were eager for their parents to see the new product. In one store, Metro Ming Hang, after an in-store promotion for one and a half hours, over 100 total 250 ml packs were sold.”

China Premium recently formed Bravo! Foods, Inc., a U.S.-based subsidiary, 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. The company has also 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. 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, and is importing into China private-labeled snack crackers manufactured by Lance, Inc. (Nasdaq:LNCE – news), which are branded with the Looney Tunes(TM) brand and characters. The company first introduced Looney Tunes(TM) flavored milks in Shanghai and Hangzhou, China through a Master License for China with Warner Bros.

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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.