KITCHENER, ON, March 11, 2020 /CNW/ - Waterloo Brewing Ltd. (or the "Company") (TSX: WBR), announced today it has signed a 5-year extension to the original term with Margaritaville Malt Beverages, LLC, for the rights to LandShark Lager through December 31, 2030 and the option to renew for an additional 10-years through December 31, 2040.
"We are thrilled to be extending our relationship with Margaritaville and LandShark Lager in Canada," says George Croft, President and CEO of Waterloo Brewing. "This island-style lager is one of the fastest growing brands in Ontario, Landshark's spirit of the beach is an attitude that transcends seasons, and beer lovers here are happily embracing it."
Douglas McCreadie, President of Margaritaville Malt Beverages, LLC couldn't agree more. "The tremendous 33% growth we experienced last year in Canada is testament to everything the folks at Waterloo Brewing have been doing," says McCreadie. "Canadian beer drinkers have embraced LandShark and made it their own. The brand has always represented a vacation state of mind and now we know that LandShark can transport you to that perfect beach even if it's snowing outside! We are thrilled with the success of the brand in Canada and look forward to continued growth with our good friends at Waterloo Brewing. Fins Up Canada!"
This month also signals the return of LandShark Lager's popular T-shirt in-case promotion at The Beer Store, with five "fin-tastic" new designs to help you truly embody a beachy state of mind.
"Our design team really outdid themselves this year," says Kim Mannerow, Sr. Marketing Manager at Waterloo Brewing. "Our goal has always been to create T-shirts that far exceed what you'd expect to find with an in-case giveaway. This isn't just a free T-shirt. This is going to be one of your favourite T-shirts. Wait 'til you see them. You're going to want to collect all five."
About Waterloo Brewing
Waterloo Brewing is Ontario's largest Canadian-owned brewery. The Company is a regional brewer of award-winning premium quality and value beers and is officially certified under the Global Food Safety Standard, one of the highest and most internationally recognized standards for safe food production. Founded in 1984, Waterloo Brewing Ltd. (formerly Brick Brewing Co. Limited) was the first craft brewery to start up in Ontario and is credited with pioneering the present-day craft brewing renaissance in Canada. Waterloo Brewing has complemented its Waterloo premium craft beers with the popular Laker brand. In 2011, Waterloo Brewing purchased the Canadian rights to Seagram Coolers and in 2015, secured the exclusive Canadian rights to both LandShark and Margaritaville. In addition, Waterloo Brewing utilizes its leading-edge brewing, blending and packaging capabilities to provide an extensive array of contract manufacturing services in beer, coolers, and ciders. Waterloo Brewing trades on the TSX under the symbol WBR. Visit us at www.WaterlooBrewing.com.
All statements in this press release that do not directly and exclusively relate to historical facts constitute forward-looking statements as of the date of this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "anticipate", "seek", "plan", "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Company believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements, which are not guarantees and are subject to certain risks, uncertainties, and assumptions, which may cause actual performance and financial results to differ materially from such forward-looking statements. The forward-looking statements included in this press release are made only at the date of this press release and, except as required by applicable securities laws, the Company does not undertake to publicly update such forward-looking statements to reflect new information, future events or otherwise.
*EBITDA is a non-IFRS earnings measure, therefore it does not have any standardized meaning prescribed by International Financial Reporting Standards and may not be similar to measures presented by other companies. EBITDA represents earnings before interest, income taxes, depreciation, and amortization, gain on disposal of property, plant, and equipment, and share-based payments. Management uses this measurement to evaluate the operating results of the Company. This measure is also important to management since it is used by the Company's lenders to evaluate the ongoing cash-generating capability of the Company and therefore the amounts those lenders are willing to lend to the Company. Investors find EBITDA to be useful information because it provides a measure of the Company's operating performance.
SOURCE Waterloo Brewing Ltd.