CALCOL INC. (CLCL) Completes US$1.5 Million Financing; MALIBU-COLA BEVERAGE CO. LTD. China Sub Registered Capital US$10 Million Paid in Full.

BEIJING & CLEVELAND -- CALCOL INC. (OTC:CLCL) (Delaware) announced completion of a private placement with an institutional investor in the United Kingdom for working capital of US$1.5 million of 1.5 million shares of Class C 8% Convertible Preferred Stock. This current financing also completes the investment requirement of US$10 million of registered capital investment into CALCOL's Beijing wholly-foreign owned enterprise 100% subsidiary China registered company, MALIBU-COLA BEVERAGE COMPANY LTD. ("MALIBU-COLA") of Beijing. Each share of Class C Preferred Stock is convertible to five shares of Calcol common stock, has the same voting rights and dividend rights as five shares of Calcol common stock, and has a cumulative dividend of 8% in cash or in common stock.

Calcol will use the proceeds of the financing for working capital to substantially expand its manufacturing and marketing efforts to increase nationwide distribution of its products throughout China in more retail outlets beyond Beijing and Tianjin into the Shenyang, Dalian and Harbin Manchuria areas and Shanghai, Nanjing, Soochow and Hangkow Jiangsu areas with a great variety of exciting new products, flavors, and package sizes.

CALCOL manufactures, markets and distributes through MALIBU-COLA a full range of carbonated soft drink products in 500 ml, 1.25 L, 2.0 L, and 2.5 L PET bottles and 355 ml aluminum cans, with national marketing and distribution contracts in China with TESCO (TSCO.L), CARREFOUR (CRERF) and WAL-MART (WMT) hypermarket stores and various Chinese supermarkets and distributors. MALIBU-COLA is produced in China under exclusive license from CALCOL INC. which owns and operates a modern 110,000 square foot state-of-the-art 13 million standard case bottling and canning plant and 800,000 unit concentrate plant on 10 acres of Beijing.

MALIBU-COLA's products include MALIBU-COLA, MALIBU SUNRISE ORANGE, MALIBU SURF'S UP LEMON LIME, MALIBU VERRY CHERRY COLA, MALIBU LEMON SQUEEZE (carbonated lemonade). MALIBU-COLA will launch several exciting new flavors including MALIBU GOLDEN APPLE and additional diet products in May including MALIBU DIET COLA, MALIBU DIET KIWI STRAWBERRY, MALIBU DIET WHITE GRAPE, MALIBU DIET SUNRISE ORANGE, MALIBU DIET SURF'S UP LEMON LIME, and MALIBU DIET LEMON SQUEEZE. MALIBU-COLA products retail at a 20-25% discount to the other major American cola brands Coca-Cola (KO) and Pepsi-Cola (PEP) at TESCO and CARREFOUR and other major international and Chinese hypermarkets and supermarkets in China.

"At some of the TESCO's we now have 1/3rd MALIBU-COLA of the shelf space with Coke and Pepsi each with 1/3rd. Our products market acceptance and high profile is rapidly rising throughout China; we are riding an ascending wave of popularity with all age groups and demographics in China. Our new marketing program and product launch for the Spring and summer high selling season is starting to really take off," commented Ji Jun, the Malibu-Cola Company President.

CALCOL INC. (Delaware) common stock (par value $.001) trades over the counter in the United States under the symbol "CLCL", involves a high degree of risk, and is a suitable investment only for accredited (high net worth) individuals, institutional investors, and overseas investors. This is not an offer to buy or sell securities. This announcement may contain certain "forward looking statements" and should not be relied upon in any investment decision.

For Further Information: Contact: Norman C. Kaplan, Chairman and President, Calcol Inc., Chairman, Malibu-Cola Beverage Co. Ltd.; Ji Jun, Vice President, Calcol Inc., President, Malibu-Cola; Xiao Jian Gong, Assistant VP, Calcol Inc., VP, Malibu-Cola. Beijing East Yanjiao Economic & Technical Development Zone, Beijing 101601 China. Tel: [phone]). Fax: [phone]. US tel: [phone]; US fax: [phone]