CHAMPIONLYTE HOLDINGS, INC. ENGAGES INVESTMENT BANKER TO
                            EXPLORE STRATEGIC OPTIONS

MIAMI, January 24, 2005 -- ChampionLyte Holdings, Inc., (OTC Bulletin Board:
CPLY) announced today it has engaged Miami-based investment banker Knightsbridge
Capital to assist the company in exploring strategic options in an effort to
maximize shareholder value which may include a possible sale of one of its
subsidiaries, a merger or acquisitions that are accretive to earnings.

Two years ago Knightsbridge was instrumental in taking control of ChampionLyte
Holdings when it was on the brink of collapse. They assisted the company with
its initial financing and a strategic restructuring program.

Currently the company consists of a beverage division which markets
ChampionLyte(R) sugar free sports drink and its Old Fashioned Syrup Company
subsidiary which manufacturers distributes and markets three flavors of
sugar-free syrups. The company expects to soon launch a new low-carb subsidiary.

"While we've made great strides over the past two years in resuscitating the
ChampionLyte(R) brand and won a lengthy and costly legal battle to reclaim the
Old Fashioned Syrup Company we want to accelerate our efforts to increase
shareholder value," said David Goldberg, president of ChampionLyte Holdings,
Inc. "Knightsbridge Capital is familiar with ChampionLyte Holdings since it
previously played an integral role in assisting us with revitalizing the
company. We're confident their objective evaluation of the many opportunities
that are available to us will be invaluable in helping us achieve our short- and
long-tern objectives."

The company recently announced it has obtained $20 million in committed equity
capital in the form of a Standby Equity Distribution Agreement (SEDA) with an
institutional investor. Under the terms of the SEDA, the investor has committed
to provide up to $20 million of funding to the Company over a 24-month period to
be drawn down at the Company's discretion by the sale of its common stock to the
investor. Goldberg said the funds will be primarily used to finance brand
development as well as potential acquisitions.

Knightsbridge Capital is a full-service financial advisory and investment and
merchant banking firm which provides advisory services, mergers and
acquisitions, etc. primarily for small, public companies.

About ChampionLyte Holdings, Inc.

ChampionLyte Holdings, Inc. is a fully reporting public company whose shares are
quoted on the OTC Bulletin Board under the trading symbol CPLY. Its recently
formed beverage division, ChampionLyte Beverages, Inc., a Florida corporation,
manufactures, markets and sells ChampionLyte(R), the first completely sugar-free
entry into the multi-billion dollar isotonic sports drink market. Its The Old
Fashioned Syrup Company subsidiary manufactures, distributes and markets three
flavors of sugar-free syrups. The products are sold in more than 20,000 retail
outlets including some of the nation's largest supermarket chains. The Company
recently established a low-carb subsidiary, Be-Lyte(R) Foods.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Certain of the statements contained herein,
which are not historical facts, are forward-looking statements with respect to
events, the occurrence of which involve risks and uncertainties. These
forward-looking statements may be impacted, either positively or negatively, by
various factors. Information concerning potential factors that could affect the
Company is detailed from time to time in the Company's reports filed with the
Securities and Exchange Commission.

Contact:     Peter Nasca
             Peter Nasca Associates, Inc.
             312-421-0723
             pnasca@pnapr.com