|Ralph D. McRae,
Chairman and CEO
Leading Brands, Inc.
(604) 685-5200 ext. 238
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.
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