The verbiage concerning CBRB was issued on May 13, 1999. It constituted a “new” buy recommendation on CBRB @ .41.

The company is engaged in the business of brewing, distributing and marketing Pabst Blue Ribbon beer in China! China is currently ranked as the second largest beer producer and consumer in the world behind the US. The company is fully reporting with the SEC. Corporate # 310-274-5172. Year ending DEC’ 98. Revenues - $1.38 million US. Earnings - .32/share US fully diluted 8010013. Book value—$24.3 million or around $3.00 US. Cash—$1O million or over $1.00/share US. Long term debt—under $1 million. Management and funds own 7,000,000 shares—leaves the float at around 1,000,000

Rev $33.7 million US. Earnings .11/sh US fully diluted - 8 million shares. Cash—$12.7 million US around $1.50. Book value—$25,285,131 or $3.16 US. Stock range: 98 - .75-$8.00. The second and third quarter are the strongest —SUMMER MONTHS!!! The first quarter is winter and they still did .11. Rev and earnings should equal or surpass 98 numbers! This opportunity is a screaming BUY for patient investors and value players! China is out of favor, CBRB is unknown and underfollowed and fundamentally the cheapest stock in the world!! ( maybe). Currently trading at 25% of cash! Currently trading at 77% below book! Currently trading at a trailing 12-months PE of around 1.5X. Currently trading at a trailing PSP of .023

According to the latest filing: The Beer industry in China is seasonal! The company’s sales are usually at their lowest in the months of October and November and highest in the months of March through September.

The company owned effective interests of 60%, 24%, and 33% in three brewing facilities currently producing Pabst Blue Ribbon beer in China, all of which are managed by the company. The sublicense with Blue Ribbon is up for renewal November 7, 2003!

We realized that the sublicenser with Blue Ribbon was up for renewal on or about November 7, 2003 - that is almost three and 1/2 years away! At the time of recommendation the fundamentals appeared outstanding so we placed a strong buy recommendation on CBRB. Everything in our mind pointed towards a $3.00 stock instead of a .41.

On June 7, 1999, CBRB reported that Noble China Inc. had reported that it had acquired exclusive rights to brew and distribute Blue Ribbon Beer throughout China commencing November 8, 2003.

Presently we are unable to verify this recent development nor has the company! Even though this new development does not take place for 3 1/2 years, we are unable to figure out the present or future position of CBRB. Obviously, near term nothing will change - earnings should continue to show improvement, but long term we at S.A. Advisory are clueless and cannot continue to place a buy recommendation on this situation, but instead place a strong hold. This company is not going to just die on the vine, but future plans are cloudy at best. We will continue to monitor this situation in our portfolio for percentage gain performance, but have a strong hold on it or a very speculative buy.

As soon as news is available and things become clearer, our opinion will be stated accordingly. Corporate contact: 818-879-6501, Attn: Robert.

As of April 30, 1999, RINT ceased current operations. The “shell” corporation will actively pursue a merger with a technology or internet related company.

The shell can he very rewarding for investors, if, of course, the right deal comes along. After talking with management a number of times, we believe that considering the current price of only .06 (price that it was recommended at), that the upside potential could be HUGE!

4.68 million share outstanding; management owns at least 700K; no debt; Book value - .075; after operation ceased, company should have at least 200K plus; fully reporting with SEC; NOL - $14.6 million - very valuable; Insider warrants - 3.3 million, which could be used to raise many million $$$. Stock range 97: .25 - $1.50 -- 98: 04 - .78 -- 99: .04 - .05; The stock is trading close to 52 week low and 3 year low. Cash as of March 31st, 1999: 190K and 111K; restricted cash - total: $300K.

We intend to monitor this unusual situation in our newsletter for percentage gain performance. If the right deal comes along, the sky is the limit! We have been in shells before! Example: recommended BIOF @ .18, which eventually zoomed to $5.50. These vehicles usually turn out to be quite rewarding. We think that this is a great buy. Note: the company intends to remain fully reporting with SEC.

Broker contact: Mike Chesler: 1-800-890-1629.