CORRECTING and REPLACING California Grapes International, Inc. Announces Filing of 2011 Year End Financials and Information Statement

January 03, 2012 at 09:35 am EST

MarketScreener.com By

Headline of release should read: California Grapes International, Inc. Announces Filing of 2011 Year End Financials and Information Statement (sted California Grapes International, Inc. Announces Shareholders Conference Call).

The corrected release reads:

CALIFORNIA GRAPES INTERNATIONAL, INC. ANNOUNCES FILING OF 2011 YEAR END FINANCIALS AND INFORMATION STATEMENT

California Grapes International, Inc. (OTC: CAGR) announces today that it has filed "Year End" Financial Statements for 2011 and Year End "Company Disclosure/Information Statement" ending December 31^st, 2011.

The company's filings will now satisfy the OTCMarket requirements to bring the current status of "stop" to "yield." As the Company's corporate attorney is reviewing all documentation and operations to render his legal opinion, with respect to current information, this legal opinion will immediately put the company in "current" status with the OTCMarket meeting all filing requirements.

As a result of the approval process for the merger and creation of CAGR, the involvement required by both companies in preparations for this new business including, the FINRA engagement of 90+ days, the legal preparations behind the private and public entities and the business restructuring that needed to take place, our 2011 financial statement still reflected a positive direction for the company even without the luxury of a full 12 months of operations.

Fiscal 2011 Financial Highlights:

Inventory increased by 83% to $302,906 from $166,050 in 2010
Total Assets increased by 30% to $877,123 from $673,003 in 2010
Total Sales increased by 303% to $690,343 from $225,537 in 2010
Operating loss increased by 61% to $528,372 from $327,782 in 2010
Net loss increased by 20% $326,851 from $271,398 in 2010

Jeff Crittenden CEO stated, "2011 was the year of preparation. From the combined efforts of 6 years experience, we are now properly positioned for the 2012, year of execution! As so many domestic businesses have looked at the opportunities of the international market, especially China, as the source for building fortune, the lack of structure, direct engagement and overall business operational requirements needed to succeed have created not much more than a lot of little bites out of a very big pie."

Frank Yglesias EVP of China Operations stated, "We are very pleased, that we now have laid the legal, structural and operational frame work in China to be the top player in the California Wine Industry. China will be the largest wine consumer in the next decade, accounting for 15% of the global consumption."

Brian Bumgarner CVO stated, "California is a global leader in wine production with unrivaled growing conditions, winemaking talent and innovation. We offer California wineries an unparalleled solution to entering one of the fastest growing markets in the world."

Safe Harbor Statement

Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995.