PATERSON, N.J.–(BUSINESS WIRE)–Suprema Specialties, Inc. (Nasdaq: CHEZ – news) announced today an update regarding the internal investigation that the Company announced in its press release on December 21, 2001.

The Company, with the assistance of its independent auditors, has continued to conduct an inquiry into the Company’s financial records. Management’s focus during this period has been on areas that it considers most material. The inquiry is not yet complete and, while it is not possible to predict the ultimate results of the inquiry, to date the Company has nothing to report. The Company and its Audit Committee are firmly committed to completing a thorough, expeditious inquiry of these matters.

About Suprema Specialties, Inc.

Suprema Specialties, Inc. manufactures, shreds, grates and markets gourmet all natural Italian variety cheeses under the Suprema Di Avellino® brand name as well as under private label. Suprema’s product lines consist primarily of domestic mozzarella, ricotta and provolone cheeses, grated and shredded parmesan, romano cheeses, and imported parmesan and pecorino romano cheeses, including “lite” versions of certain of these products containing less fat, and fewer calories. The Company operates facilities in New Jersey, New York, California and Idaho. The Company supplies cheeses to foodservice, retail, and food manufacturing companies.