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Ralph D. McRae
Chairman and CEO
Leading Brands, Inc.
Toll Free: 1-800-729-2746 ext. 238
Paul Holm/Sheldon Lutch
Leading Brands To Spin Off Quick, Inc. Subsidiary To Shareholders
VANCOUVER, B.C.--Oct. 4, 2000--Leading Brands, Inc. (NASDAQ:LBIX), Canada's largest independent, fully-integrated food and beverage brand management company, today announced that it will spin off all of the 7,900,000 shares that it holds in Quick, Inc., to its shareholders, pro rata.
The transaction will be structured in such a way as to not attract any adverse financial or tax consequences for the Company or its shareholders.
In announcing the decision, Ralph McRae, Leading Brands' Chief Executive Officer, stated, "Quick has operated as a separate company for several months now. It has its own experienced management team and a solid business plan. Although it was initially conceived that Quick could operate as an extension of Leading Brands' business, it became readily apparent in recent months that it would be more appropriate for Quick to be owned and operated separately. I hope that our shareholders appreciate this gift of a substantial interest in a great new company."
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. About Quick Inc.
An internet-enabled grocery home delivery service located at www.quick.com. Quick offers thousands of brand name items, competitively priced. It takes a shopping chore that usually requires hours and pairs it down to minutes to shop and schedule delivery at a time when its most convenient for consumers to be home to accept it. Quick, Inc. aims to be the first, successful proof of concept in home grocery services and thereafter to build a large and profitable North-America wide business that sets the standard in home replenishment.
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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.