updated 11/15/2010 9:17:02 AM ET 2010-11-15T14:17:02

TIANJIN, China, Nov. 15, 2010 (GLOBE NEWSWIRE) -- Legacy Wine and Spirits International Ltd. (Pink Sheets:LWSP) reports that its wine and spirits import, wholesale and retail business is ongoing and will still be one of the going concerns of the Company.

China currently enjoys the highest wine consumption growth rate in the world, while traditional wine markets have been stagnant. According to international wine experts, starting from 2010, mainland China and Hong Kong will be entering the era of the "golden decade" for its wine market. China will rank first in the world for its wine consumption by 2020. The current situation in China is that domestic wine production doesn't meet its market's need, which has resulted in a surge growth of imported wine. Statistics show that imported bottled wine to China has increased 2368% since 2002 to 2009.

Management of Legacy has decided to broaden and diversify its business interests to include industries that are not related to the core business of the Company. Developments in these different sectors will be reported as they happen.

Jaclyn Cruz, a current Director of Legacy, will be assuming the position of President of the Company in order for her to take a more visible and active role in the diversification of the Company. Former President, Christopher Scheive, remains a Director of the Company.


Legacy Wine and Spirits International Ltd. is in the business of importing bottled wines from around the world for the purpose of wholesale and retail distribution throughout China, in particular through the Company's corporately owned stylish outlet showroom and wine tasting facilities.

The Legacy Wine and Spirits International Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8328

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Legacy's filings with the Securities & Exchange Commission.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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