BELLINGHAM, Wash.--(BUSINESS WIRE)--Jan. 6, 2003--Precise Life Sciences Ltd. (OTCBB:PLFL) is pleased to announce that it has reached an agreement to acquire Iceberg Acquisition Corporation of Scottsdale, Arizona. Iceberg Acquisition's assets are solely an agreement to acquire Iceberg Drive Inn, Inc. a chain of franchised fast food drive-inn restaurants based in the southwestern United States. The company will issue 10,000,000 Rule 144 restricted shares and assume the purchase contract currently held by Iceberg Acquisition Corporation. The total cost of the purchase agreement calls for payment of $4,400,000US to the owners of the company over a period of two years.
Iceberg's unique products have resulted in exponential growth for its locations, in addition to allowing franchises to be profitable very quickly. Average store sales rank with the most successful chains in the nation. Management of the combined companies plan to expand this concept across the country in North America. The Company has identified and will add personnel with extensive experience in similar, but larger operations to increase revenue in the business.
/s/ Robert Waters ------------------------ Robert Waters, President
CONTACT: Precise Life Sciences Ltd. Randall Pow, 877/685-2300 or Precise Life Sciences Ltd. David Parfitt, 877/685-2300 or Precise Life Sciences Ltd. Joseph Beyrouti, 888/488-6882
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