Cheshire Distributors Begins Trading.

Business Editors

WESTPORT, Conn.--(BUSINESS WIRE)--April 11, 2000

Completes Acquisition of Cardoso Depot Ltd.

Major South African Distribution Company;

Key Top Management to Stay On;

E-Commerce System in Development

Cheshire Distributors Inc. (OTC BB: CDCA), the largest tobacco, confectionary and cosmetics distributor in South Africa, today announced that it will begin trading on the OTC Bulletin Board under the symbol "CDCA," during the week of April 17, 2000.

In September 1999, Cheshire Distributors Inc. acquired all of the outstanding shares of Cardoso Depot (pty) Limited, the major tobacco, confectionary and cosmetic distributor, and one of the largest privately held companies in South Africa. On February 18, 2000, CDI reverse-merged into Pacific Development Corporation, a fully reporting OCT BB company, with Cheshire Distributors Inc., the surviving entity.

The 35-year-old distribution company, Cardoso, has seen continued strong growth with revenues of $71 million in 1997, $121 million in 1998 and expected 1999 revenues of $150 million. Pretax net profits have grown from $200,000 in 1997 to an expected $4.5 million for 1999. The Company has approximately 300 employees and a fleet of wireless communication-satellite tracking equipped vehicles delivering tobacco, confectionaries and cosmetics to 13,000 supermarket, minimarkets, shops, kiosks and drink stands, daily. Payment is generally cash-on-delivery, with supermarkets paying within seven days. The result is an enormous cash flow, and virtually no uncollectible accounts receivable. Inventory turns about every twelve days. Cardoso is the market leader with 20 percent of $760 million tobacco distribution market that is rapidly growing in tandem with South Africa's rising standard of living and increased consumption of consumer goods.

Until recently, Cardoso's principal competitor, Suzman Company, held a 50 percent market share, controlling the majority of big city supermarkets. A series of business missteps forced the total liquidation of Suzman, and left only very small distributors as competition. Cardoso has been aggressively, and successfully, going after Suzman's former clients and is poised for major expansion over the next few years. Its tobacco market share target is 70 percent within two years. It plans to double its number of warehouse-branches from six to twelve, add 180 employees and add substantially more fleet vehicles. Current cash flow will support this growth.

The Company, as the largest entity in the industry, enjoys significant volume discounts which it passes along to clients. Delivery is same day or next day. It has a long and successful relationship with the tobacco producers Rembrandt Group and BAT. Huge tariffs prevent any significant entity of foreign producers. The tobacco itself is mainly domestically grown. Its highly experienced and professional labor force and top management is first class. It owns substantial commercial property, generally all of its warehouses and operating locations. Cardoso has helped build up many of its clients and has a very loyal following. Anti-monopoly laws prevent local growers from owning distribution.

Mr. Willem Oost-Lievense, Cheshire's Chief Executive Officer, commented, "We are extremely excited about this great investment opportunity and, especially, taking it to even greater levels of performance. While tobacco is Cardoso's cornerstone product group, it has steadily been growing its confectionary and cosmetic lines as well. Tobacco profit margins are 6 percent, confectionary 10-15 percent and cosmetics 30 percent. Going forward, Cheshire's management is totally committed to diversifying its product lines and boost high margin non-tobacco products. We expect to double our market share in these markets within two years."

"The strategic plan," he continued, "calls for the Company to engage in heavy usage of the Internet for its current and future activities. An Internet based order and distribution network is in preliminary tests, which to date, have shown great promise."

Mr. Gilad Gat, Vice President of Cheshire, added, "We are happy to report that top management of Cardoso, including Edi Cardoso, Chief Executive Officer, and Michael Cardoso, Operations Chief have signed contracts to stay on for the next two years with an option for two more years."

Oost-Lievense concluded, "We are proud to bring Cheshire to the investment community. It is a progressive socially responsible company, fully integrated into the new South Africa, and enjoys good relations with both government leaders and the business community. We expect to soon announce a stellar Board of Directors that will actively assist in our projected development and growth. Finally we are actively moving to strengthen our status as a public company geared toward a strong return on investment."

Cheshire Distributors Inc. is the largest tobacco, confectionary and cosmetics distributor in South Africa and one of the largest privately-held companies in that country.

The matters discussed herein may be deemed forward-looking statements. These statements involve risks and uncertainties, such as timely availability of products and services, as set forth in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein.