Rica Foods, Inc. (Amex: RCF) announced yesterday that it has reached a joint decision with Sigurd Jensen & Co. (“SJ&Co.”) to allow the letter of intent to acquire Bounty Group Holdings, LLC, signed on September 25, 2000, to expire, in the best interest of both companies.

“RCF and SJ&Co. have reevaluated their positions in the proposed transaction and determined that key elements of the intended deal became more time consuming than either party anticipated,” Mr. Calixto Chaves, Chairman of RCF said today. “RCF intends to concentrate on its core business and will continue evaluating projects that can contribute to its bottom line,” Mr. Chaves concluded.

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties or other factors which may cause actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For more complete information concerning factors that could affect the Company’s results, reference is made to the Company’s registration statements, reports, or other documents filed with the Securities and Exchange Commission.

For more information contact Rica Foods at (305) 477-1408, or email to mmarenco@ricafoods.com