KITCHENER, ON, March 18, 2021 /CNW/ - Waterloo Brewing Ltd. ("Waterloo Brewing" or the "Company") (TSX: WBR), Ontario's largest Canadian-owned brewery, today announced a meaningful economic recovery initiative to help Ontario's pub and restaurant workers and owners in their effort to bounce back in the wake of the COVID pandemic.
"COVID's crushing effect on our local economies, workers and businesses is apparent to everyone," stated George Croft, President and CEO, Waterloo Brewing. "And despite the optimism for vaccinations to restore economic momentum, the coming months may be harder than anything we've experienced so far. The hospitality sector, and those who work in Ontario's bars and restaurants have already been among the hardest hit and prospects going forward are going to be difficult. So, today, we choose to stand with them as they persevere through the months ahead. We will begin selling a selection of our most popular beers at essentially cost to Ontario pubs and restaurants, for the foreseeable future, effective Monday March 22nd."
"Like so many pubs and restaurants, our brewery is a local business," continued Croft. "And now is the time for locals to help locals. This initiative makes sense to us in the spirit of goodwill and helping local businesses recover post the pandemic. Businesses, communities, and people are very much connected and each only really thrive when all are thriving. Our hearts are very much in the right place with this effort, and we encourage any businesses that are in a similarly fortunate position as Waterloo Brewing to join us in this effort anyway they can.
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 using 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.