China Peregrine's Looney Tunes Flavored Milks Available At Select Carrefour Hypermarkets for 20th Anniversary Celebration.

N. PALM BEACH, Fla.--(BUSINESS WIRE)--Nov. 15, 1999--

China Peregrine Food Corp. (OTCBB:CHPF) announced today that it has completed a special preview introduction of its Looney Tunes(TM) line of flavored milks in conjunction with the 20th anniversary celebration of Carrefour Hypermarkets, an international food service company.

This introduction, which started October 6, 1999 in Shanghai, China, resulted from Carrefour's request that China Peregrine make these products available ahead of the broader official launch in Shanghai and Hangzhou, China, which will take place in anticipation of the Chinese New Year. China Peregrine is pleased to make available its newly formulated Western-quality, fresh pasteurized flavored milks for the Carrefour celebration.

For this initial introduction, China Peregrine has produced four flavored milks, each with a different Looney Tunes(TM) character on the carton: Tweety represents the orange milk, Tasmanian Devil is on the chocolate milk, Sylvester is on the vanilla milk, and Daffy Duck is on the banana milk. The flavors have been selected as a result of months of blind taste testing and product development in Shanghai, China. These are 100% milk beverages, taste great and possess a high nutritional value. The gable top cartons have colorful, graphic depictions of these favorite Looney Tunes(TM) characters, along with product labels in both Chinese and English.

According to Roy Warren, President and CEO of China Peregrine, "We are committed to providing the Chinese consumers with healthy, great tasting, fresh dairy products. The Looney Tunes(TM) characters provide a special marketing appeal that the Chinese children embrace, as do children around the world. Chinese health officials continue to encourage families to consume more dairy products. The Looney Tunes(TM) cartons and our flavors provide a unique way to satisfy the nutritional goals for Chinese children. Initial sales results have been reported as very encouraging at the five Carrefour Hypermarkets in which the introduction has been made."

"We are very pleased with the response to date of this early introduction", says Tony Guiliano, Senior Vice President of Marketing. "Volume sales per store significantly exceeded our objectives and expectations. Of particular interest, considering that orange, vanilla and banana are all new flavors for Chinese milk products, is that all flavors are selling evenly with the familiar chocolate milk."

Carrefour is an international retail group and the largest hypermarket operator in Asia. The company has expanded its operations in China, with fourteen stores currently open and seven more planning to open soon. There are 350 Carrefour stores in France, Europe, Asia and the U.S. Carrefour is recognized as a top international retailer.

China Peregrine owns 70% of an existing fifty-year National Joint Venture with China National Green Food Corporation, a wholly owned subsidiary of the Ministry of Agriculture of the People's Republic of China, one of the first-ever approved in China. China Peregrine currently controls and operates dairy facilities in Shanghai and Hangzhou, China. The Company manufactures and distributes The Happy Family(TM) Brand of dairy products in these markets, one of the only Western quality brands available, and will be introducing a full line of Looney Tunes(TM) branded products, including pasteurized milks, juices and yogurt drinks.

For more information, visit our Web Site, www.chinaperegrine.com.

LOONEY TUNES, characters, names and all related indicia are trademarks of Warner Bros., c 1999.

Safe Harbor Under the Private Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission.