SOURCE: World Wide Cannery & Distribution Inc

May 02, 2006 20:12 ET

World Wide Issues Clarification Regarding Sales Figures From First Quarter

NEW YORK, NY -- (MARKET WIRE) -- May 2, 2006 -- World Wide Cannery and Distribution Inc., (OTC: WWCD) mistakenly announced two weeks ago that it had 3.5 million Euros (US$4,200,000) in sales for the first three months of 2006. Those revenue figures, which are correct, came from shipments of seafood containers from South Korea and St. Petersburg, Russia, not from the Seafood Factory in the Czech Republic, which has yet to start processing this season.

Furthermore, the majority of the 14.5 million Euros in revenue that the Seafood Factory produced last year also came from the container shipping sales. World Wide Cannery, which owns 100% of the stock and assets in the Seafood Factory, is currently negotiating with creditors, executors, and banks for settlements on the Factory's debt. Worldwide purchased the assets without the debt in a bulk sale along with the stock. Plans to start processing are predicated on finalization of the debt structure.

About World Wide Cannery and Distribution:

World Wide Cannery and Distribution Inc., (www.worldwidecannery.com), is a food manufacturing and distribution company. Looking to expand production, World Wide Cannery recently acquired the Prague based Seafood Factory -- a food manufacturing and distribution center. The Factory produces luxury seafood that includes King Crab, canned crab meat, caviar and other high end seafood products.

Notes about forward-looking statements

Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties.

Certain Statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "expects," "intends," "believes," "may," "should" and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date when they are made.

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