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Ralph D. McRae,
Chairman and CEO
Leading Brands, Inc.
(604) 214-9722 ext. 238

[email protected]
Derek Henrey,
Chief Financial Officer
Leading Brands, Inc.
(604) 214-9722 Ext.313
[email protected]
Strategic Growth International
Stan Altschuler/David Waldman
(516) 829-7111

[email protected]

Leading Brands, Inc. Announces Results for First Quarter of Fiscal 2002

-Net Income $0.08Cdn ($0.05US) Per Share
-Bottling Plants Set Monthly Production Records
-Mt. Woodside Spring Sells Record 1,200,000 US gals. in both May and June
-Response to TREK™ Exceeds Expectations in Test Markets

VANCOUVER, CANADA, July 8, 2002, LEADING BRANDS, INC. (NASDAQ: LBIX, TSX: LBI), Canada's largest independent, fully integrated premium beverage company, is pleased to announce financial results for the first quarter of its 2002 fiscal year ending February 28, 2003.

Income Taxes:
In accordance with Generally Accepted Accounting Principles, at each balance sheet date the Company is required to reassess any unrecognized future income tax assets and adjust their valuation accordingly. During the quarter the Company determined that, based on current and forecasted earnings trends, it should record future income tax assets in the amount of $576,000Cdn ($366,000US).

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About Leading Brands, Inc.