KITCHENER, ON, June 29, 2021 /CNW/ -
Waterloo Brewing Ltd. ("Waterloo Brewing" or the "Company") today announced that Mr. David Birch has resigned from his position as Chief Financial Officer at Waterloo Brewing, effective July 30, 2021. Mr. Birch has accepted a new position at Minto Metals Corporation as Chief Financial Officer. Mr. Birch's departure does not result from any disagreement with Waterloo Brewing on any matter relating to Waterloo's operations, policies, or practices.
Commenting on Mr. Birch's resignation, George Croft, Waterloo Brewing's, President and Chief Executive Officer stated, "On behalf of everyone at Waterloo Brewing and the Board of Directors, I want to thank David for the significant contributions and leadership he has made during his five-year tenure at Waterloo Brewing, including his efforts over the past year during the Covid-19 pandemic. We wish him the best in his new role at Minto Metals."
The Company has initiated a search for a permanent Chief Financial Officer with the capabilities and qualifications to help accelerate Waterloo Brewing's transformation. Korn Ferry, the world's leading executive search firm, has been retained to support the process.
If a permanent replacement is not in place at the time of Mr. Birch's departure, Waterloo Brewing intends to appoint Chris Elliott, who is currently Director, Corporate Control, to the role of interim Chief Financial Officer. Mr. Elliott has more than two decades of experience operating as an auditor, controller, and corporate finance executive. George Croft, noted, "Chris' extensive financial experience in the beer and beverage alcohol category and knowledge of the reporting requirements for public companies makes him perfectly suited to take on the interim CFO role for Waterloo Brewing. I know Mr. Birch and Mr. Elliott will be working closely together in the coming weeks to ensure a smooth and seamless transition."
Commenting on the announcement, Mr. Birch noted, "It has been my great privilege to serve as CFO at Waterloo Brewing. I am extremely proud of Waterloo's growth, investments, and financial performance over the past four years. The organization is very well positioned for long-term success and with the great team of people at Waterloo Brewing I am extremely optimistic about the future."
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.
SOURCE Waterloo Brewing Ltd.