Leading Brands, Inc. Responds to Press Release Issued By Futuristic Brands
VANCOUVER, CANADA - February 19, 2004 - LEADING BRANDS, INC. (NASDAQ: LBIX), North America’s only fully integrated premium beverage company, responded to a press release issued Wednesday by Futuristic Brands USA, Inc., reporting that Futuristic had filed a lawsuit against Leading Brands.
Leading Brands believes this purported action is in response to a lawsuit against Futuristic and other parties, initiated by Leading Brands in October 2003. That action alleges numerous violations of agreements, fiduciary responsibilities and other obligations by Futuristic, Thomas Lines and others, including the former president of the company’s subsidiary, Leading Brands of America, Inc.
Leading Brands Chairman & CEO Ralph D. McRae said that the Company has not received the complaint described in Futuristic’s press release, but categorically denies these allegations. The company will vigorously defend any action brought by Futuristic, as well as actively pursue its own complaints against Futuristic and the other defendants.
The company believes that neither of these disputes have or will have a material consequence to the company or its business.
About Leading Brands, Inc.
Leading Brands, Inc. (NASDAQ:LBIX) is North America’s only fully integrated premium beverage company. The Company’s unique Integrated Distribution System (IDS) ™ offers turnkey, one-stop shopping to food and beverage brand owners, including manufacturing, distribution, sales/marketing and licensing. In addition, Leading Brands produces their own line of beverages such as TrueBlue®, LiteBlue®, TREK® Natural Sports Drinks, NITRO® Energy Drinks, INFINITY® Health Water™, Country Harvest® Juices, and Caesar’s® Cocktails.
Forward Looking Statements
Certain information contained in this press release includes forward-looking statements. Words such as “believe”, “expect,” “will,” or comparable terms, are intended to identify forward-looking statements concerning the Company’s expectations, beliefs, intentions, plans, objectives, future events or performance and other developments. All forward-looking statements included in this press release are based on information available to the Company on the date hereof. Such statements speak only as of the date hereof. Important factors that could cause actual results to differ materially from the Company’s estimations and projections are disclosed in the Company’s securities filings and include, but are not limited to, the following: general economic conditions, weather conditions, changing beverage consumption trends, pricing, availability of raw materials, economic uncertainties (including currency exchange rates), government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other risk factors described from time to time in securities reports filed by Leading Brands, Inc.