CBR Brewing Company, Inc.

NEWS
BULLETIN
Wednesday, Aug 11, 1999

CBR BREWING COMPANY, INC. REPORTS SECOND QUARTER 1999 EARNINGS

BEVERLY HILLS, Calif., Aug 11, 1999 /PRNewswire via COMTEX/ --

CBR Brewing Company, Inc. (OTC Bulletin Board: CBRB) announced the results of its operations for the three months ended June 30, 1999, reporting net sales of $33,523,810 and net income of $928,915, as compared to net sales of $40,774,424 and net income of $1,037,387 for the three months ended June 30, 1998. Net income per common share (basic and diluted) was $0.12 in 1999 as compared to $0.13 in 1998. Weighted average common shares were 8,010,013 in 1999 (basic and diluted) and 8,010,013 (basic) and 8,067,833 (diluted) in 1998. During the three months ended June 30, 1999 and 1998, the Company sold 55,830 metric tons and 71,732 metric tons of beer, respectively, a decrease of 22.2%. For the six months ended June 30, 1999, net sales were $67,212,069 and net income was $1,831,304, as compared to net sales of $75,187,979 and net income of $1,889,798 for the six months ended June 30, 1998. Net income per common share (basic and diluted) was $0.23 in 1999 as compared to $0.24 (basic) and $0.23 (diluted) in 1998. Weighted average common shares were 8,010,013 in 1999 (basic and diluted) and 8,006,680 (basic) and 8,057,273 (diluted) in 1998. During the six months ended June 30, 1999 and 1998, the Company sold 108,393 metric tons and 127,711 metric tons of beer, respectively, a decrease of 15.1%.

Beer sales decreased in 1999 as compared to 1998 as a result of weakening customer demand for foreign branded premium beer in China and the elimination of a low margin product line.

CBR Brewing Company, Inc., through its subsidiaries and affiliates, is engaged in the production, distribution and marketing of Pabst Blue Ribbon beer in the People's Republic of China. As of June 30, 1999, the Company owned effective interests of 60%, 24%, 33% and 9% in four brewing facilities currently producing Pabst Blue Ribbon beer in the People's Republic of China, all of which are managed by the Company. The Company produces Pabst Blue Ribbon beer under a sublicense agreement with Guangdong Blue Ribbon Group Co. Ltd., an affiliated company, which expires on November 6, 2003.

Management of the Company is still in the process of obtaining information on the previous announcement by Noble China Inc. that it had acquired from Pabst Brewing Company the exclusive rights to brew and distribute Pabst Blue Ribbon beer throughout China for a period of 30 years beginning in 2003.The Company is currently unable to predict the effect that this development may have on future operations. However, the inability of the Company to be able to continue to produce and distribute Pabst Blue Ribbon beer in China under acceptable terms and conditions subsequent to November 6, 2003 would have a material adverse effect on the Company's future results of operations, financial position and cash flows.

For further information, contact investor relations at (818) 789-0488.