KITCHENER, ON, June 3, 2020 /CNW/ - Waterloo Brewing Ltd. ("Waterloo Brewing" or the "Company") (TSX: WBR), Ontario's largest Canadian-owned brewery, today announced a $13.4 million investment in its facility to satisfy the upcoming volume demands of its rapidly growing business. The project will include expansion of its brewing and blending capacity as well as the installation of a new can line.
"Our business has been experiencing significant growth over the past several years and we are investing to ensure that we can continue to satisfy the ongoing growth demand" stated George Croft, President and CEO, Waterloo Brewing. "The investment in capacity and capability is consistent with our very disciplined and strategic approach to capital and the return we expect."
"The landscape in beverage alcohol is changing so rapidly, and being able to develop, produce and sell an ever-increasing range of products is essential to success," continued Croft. "In our state-of-the art facility we're able to produce almost every style of beer, ciders, coolers, seltzers, and any other beverage the market might demand. We can do that both efficiently and with the highest quality standards."
"This new can line will enhance our competitiveness considerably," said Russell Tabata, Chief Operating Officer. "The aluminum can is fast becoming the container of choice in beer and beverage alcohol and this new line will double our canning capacity to 900 thousand hectolitres as well as increase our overall packaging capacity to just over 1.4 million hectolitres."
"Every growth engine in our Company is thriving and we are firing on all cylinders," added Croft. "From our owned brands to our co-pack business, this new capacity equipment adds a critical component to our upcoming growth plans and set the foundation for the Company to achieve its $25 million EBITDA target over the next three years. We are looking forward to filling it up with Ontario's favourite beers and beverages."
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.