NEWS
BULLETIN
Monday, March 24, 2003
CBR Brewing Company, Inc. Reports Change in Domicile From United States
to British Virgins Islands
HONG KONG, March 24 /PRNewswire-FirstCall/ -- CBR Brewing Company,
Inc. (OTC Bulletin Board: CBRAF - News; formerly OTC Bulletin Board: CBRB) (the "Company") announced that effective
February 28, 2003, it reincorporated from the State of Florida in the United States to the British Virgin Islands
by merging into its wholly-owned British Virgin Islands subsidiary, High Worth Holdings Ltd. Subsequent to the
reincorporation, High Worth Holdings Ltd. (OTC Bulletin Board: HWHAF - News) changed its name to CBR Brewing
Company, Inc. effective March 14, 2003.
All of the Company's assets and operations are currently
located in China and are expected to continue to be located outside the United States in the future. The
reincorporation will have no effect on the Company's current business operations in China.
The Company, through its subsidiaries and affiliates, is
engaged in the production, distribution and marketing of Pabst Blue Ribbon beer in China. As of December 31,
2002, the Company owned effective interests of 60%, 24% and 33% in three brewing facilities in China producing
Pabst Blue Ribbon beer that are managed by the Company. The Company produces Pabst Blue Ribbon beer under a
sub-license agreement with Guangdong Blue Ribbon Group Co. Ltd., an affiliated company, which expires
concurrently with the expiration of the existing master license agreement between Guangdong Blue Ribbon Group
Co. Ltd. and Pabst Brewing Company on November 6, 2003.
Cautionary Statement Pursuant to Safe Harbor Provisions of
the Private Securities Litigation Reform Act of 1995:
This news release contains "forward-looking" statements,
which are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, among others, statements of expectations, beliefs, future plans and
strategies, anticipated events or trends, and similar expressions concerning matters that are not historical
facts. The forward-looking statements in this news release are subject to risks and uncertainties that could
cause actual results to differ materially from those results expressed in or implied by the statements
contained herein. The Company undertakes no obligations to revise or update any forward-looking statements
contained herein in order to reflect events or circumstances that may arise after the date of this
news release.
For further information,
contact investor relations at (310) 274-5172.
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