Vitasoy USA Inc. announced today that its founder Yvonne Lo has resigned as president and CEO of the South San Francisco-based soyfoods company. Effective July 1, 2001, Lo’s brother, Winston Lo, who is executive chairman of Vitasoy USA’s parent company, Vitasoy International Holdings, Ltd., will serve as president and CEO until the position is permanently filled.

Vitasoy USA is in the process of communicating to its employees, customers and vendors that the move signals only a change in leadership and that Vitasoy is financially stable and will continue its commitment to its product lines and product quality. The company grew 18 percent from 1999 to 2000.

“We continue to experience healthy growth, and the company is on solid financial ground,” said Ms. Lo. “The transition is expected to be seamless.”

Ms. Lo founded the company in 1980 by obtaining exclusive distributorship for marketing, selling and distributing soymilk from Vitasoy International Holdings, Ltd., (0345) Hong Kong, the shares of which are publicly traded over The Stock Exchange of Hong Kong Limited. Today, Vitasoy USA Inc. is one of North America’s largest producers and marketers of soy beverages, tofu, Asian pastas, juices and teas with annual sales totaling $64 million in 2000. The company markets its products under several brand names, including Vitasoy®, Azumaya®, Nasoya®, and VITA®. Vitasoy USA Inc. was the early force in mainstreaming soymilk in American markets and is recognized for its commitment to quality assurance and exceptional tasting products. The company is based in South San Francisco.