Blue Ribbon International Progress Report.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 29, 2003

Blue Ribbon International, Inc. (OTC "BLRB") Chairman and Chief Executive Officer George H. Levy has issued his "January 2003 Blue Ribbon International Progress Report", underscoring the progress of recent Company business activities. Highlights provided by Mr. Levy include:

Blue Ribbon Mint(TM)- a test ad promoting the World Trade Center (WTC) "Cathedral" desktop memorial piece was placed in Floss Magazine under Blue Ribbon's Cardona Industries division name. Blue Ribbon Mint's WTC "cathedral" ads will appear in Parade, American Legion Magazine and other major publications starting in February.

Blue Ribbon World Resorts(TM)- Mr. Erich Huemer, previously General Manager of the Grand Floridian (Orlando, Florida) and the Grand Hyatt (New York City) hotels is joining Blue Ribbon World Resorts as Managing Director.

Blue Ribbon has formed a joint venture with Goldstar International, Inc. and Mr. Huemer's Team to acquire an initial portfolio of three distressed hotel properties in Orlando and reposition them as high end, combination "boutique" hotel, condominium and time-share properties with value added elements including upscale restaurants and nightclubs.

Blue Ribbon Budget Network(TM)- Mr. Everett Short has been appointed Managing Director and has begun production of the Blue Ribbon Budget Network, Blue Ribbon's definitive weekly cable television programming based on the extensive data and information infrastructure developed for over 42 million copies of the "Budget" family of magazines including "Budget Decorating", "Budget Recipes" and "Budget Bridal Trends", and the hard cover book "World of Budget Decorating".

"The Human Experience(TM)" - Blue Ribbon has begun production of the sequel to the "The Family of Man ", a photographic monograph on the universality of man originally published by MACO Publishing in association with the Museum of Modern Art that sold millions of copies. "The Human Experience(TM)" will be an oversized series of photographic essays, by top world photographers, in both case-bound and soft cover "collector's" editions and will also be produced as a series of films and DVDs for cable TV.

"Neighborhood Pancake House Restaurants(TM)" - Blue Ribbon, in conjunction with Goldstar International, Inc., is in the process of finalizing a Joint Venture with and acquisition of a majority equity position in Neighborhood Pancake Houses, LLC and their prototype "flagship" restaurant in Garden City, New York. Neighborhood Pancake House Restaurants are unique local theme pancake house restaurants with the design and decor based on each restaurant's local surroundings that offer the highest quality, moderately priced food, especially the best-tasting, innovative pancakes, waffles and crepes in the world. Other locations are in process of being developed and negotiation discussions are underway with several hotel chains to expand operations nationally with Neighborhood Pancake House restaurants functioning as magnet service features located on the hotel properties.

Note: Forward looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products and services, increased levels of competition for the company and other risks.