Yes it is true. The beasts do exist. And mmm, mmm, mmm, they sure are yummy. It is a cross between an American Bison (Buffalo) and a domestic beef animal. Technically to be called a beefalo it must be exactly 3/8 Bison and 5/8 domestic beef. There is no restriction to the breed of the domestic beef (e.g. Angus, Limousine, Hereford, Charolais). The purpose of this cross breading was to gain the hardiness, long life, foraging habits, and feed conversion abilities of the bison in domestic cattle.

From one Beefalo website (www.virtualcities.com/beefalo.htm):

    "Beefalo looks and tastes much like modern beef. The animal itself is often hard to distinguish from any other bovine. Beefalo meat is tender, tastes slightly sweeter, and is lower in cholesterol than beef, fish, or chicken."

www.beefalobeef.com -- it even has a homepage!