VANCOUVER, British Columbia--Jan. 31, 2002--For the three and six month periods ended on December 31, 2001, Imperial Ginseng Products Ltd. reports revenues of $1.7 million and $2.5 million, a net loss of $0.2 million or $0.39 per share and $0.2 million or $0.69 per share, respectively. This compares to revenues of $4.4 million and $4.8 million, a net loss of $0.3 million or $0.44 per share and $0.8 million or $0.98 per share, respectively, for the same periods in the prior year.
As predicted by the Company, and as at the time of this news release, the world ginseng prices have continued to gain strength. This continued price recovery and the Company's strategic decision to significantly increase seeding at its Ontario farm is expected to reverse its current loss situation within the next 2 to 3 years. Since China now is officially a member of WTO, the Company also plans to take the opportunity to re-enter the China market to maximize its profits and cash flow. With the continued support from our shareholders and bondholders, management of the Company is very optimistic about the long-term financial profitability of the Company.
This press release may contain forward-looking statements that reflect the Company's current expectation regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including, but not limited to the success of the Company's horticultural operations and the strength of the economies and currencies of Asian countries. Investors should consult the Company's ongoing quarterly filings, annual reports and Form 20-F for additional information on risks and uncertainties relating to the forward-looking statements. The corporation disclaims any obligations to update these forward-looking statements. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.