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Ralph D. McRae
Chairman and CEO
Leading Brands, Inc.
Toll Free: 1-800-729-2746 ext. 238
Leading Brands To Purchase Up To 10% Of Its Outstanding Common Shares On Open Market
VANCOUVER, CANADA - May 1, 2001 - LEADING BRANDS, INC. (NASDAQ: LBIX), Canada's largest independent, fully integrated food and beverage brand management company, announces that its board of directors has resolved that the Company purchase up to 10% of its issued and outstanding common shares in the open market at such prices and in such amounts as management may from time to time determine.
Chairman & CEO Ralph D. McRae said: "We believe that
at current market prices the shares of the company are trading substantially
below their true value. With the recent receipt of monies on the buy out of
our SoBe License Agreement and the financing of Quick, Inc. we see no better
investment opportunity than the re-purchase of our own common stock."
About Leading Brands, Inc.:
Headquartered in Richmond, B.C., Canada, Leading Brands, Inc. is the largest independent food and beverage integrated brand management company in Canada. The Company's unique Integrated Distribution System (IDS) offers turnkey, one-stop shopping to food and beverage brand owners. Its Quick.com, Inc. subsidiary is building a consumer home replenishment system for the Internet economy.
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NOTE: Any statements that are not historical facts contained in this release are forward-looking statements. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, the effect of economic conditions, including currency fluctuations, intellectual property rights, and the outcome of competitive products, risks in product development, the results of financing effort, the ability to complete transactions, and other risks identified in this release and the Company's Securities and Exchange Commission filings.