GARDEN CITY, N.Y., June 24, 2004 (PRIMEZONE) -- Continental Beverage & Nutrition, Inc. (OTCBB:COBN) has learned that it is one of an extensive list of publicly traded companies in the United States whose stock has been listed on the Berlin-Bremen Stock Exchange without prior knowledge, consent or authorization, and has subsequently notified the authorities at the Berlin-Bremen Stock exchange to immediately de-list and cease trading COBN from its exchange. It is the belief of many of the companies that have been listed without consent that the listings appear to be part of an effort by domestic and foreign brokers to circumvent the recent NASD and SEC restrictions against "naked short selling." Such practices may allow for market manipulation by selling non-existent shares of stock in an effort to force the price down.
Immediately upon discovery of this, Continental Beverage & Nutrition directed its corporate counsel to contact the officials at the Berlin-Bremen Stock Exchange demanding an immediate de-listing from their exchange, as well as information as to when this unauthorized activity began, copies of any paperwork filed with the exchange, and subsequently, the names of those parties who fraudulently authorized this listing. The Company is also reviewing further options to protect the interests of its shareholders, including, if necessary, any and all legal remedies.
"In protecting the Company and its shareholders we have followed the lead of those other companies that have found themselves illegally listed on the Berlin-Bremen Stock Exchange without prior authorization by demanding immediate de-listing. We will take whatever further steps are necessary to protect the interests of our shareholders and the integrity of the Company," stated David Sackler, President and Chief Executive Officer of Continental Beverage. "We presume that the authorities of the Berlin-Bremen exchange, having been informed of this impropriety, and acting upon the fiduciary responsibility with which have been charged as overseers of a recognized financial exchange, will take the appropriate actions necessary to correct this situation and ensure that it neither continues nor re-occurs."
Investors interested in the purchase of shares of Continental Beverage & Nutrition, Inc. should purchase their shares only from authorized broker-dealers and shares listed on the NASDAQ Over The Counter Bulletin Board under the symbol "COBN" as shares traded on the Berlin-Bremen Stock Exchange or any other foreign exchange are not recognized by Continental Beverage & Nutrition, Inc.
This news release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, and government regulation and approvals. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of Continental Beverage & Nutrition, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, Continental Beverage & Nutrition disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.