KITCHENER, ON, Sept. 22, 2022 /CNW/ -
Waterloo Brewing (or the "Company") (TSX: WBR), has announced two new three-year agreements with separate co-manufacturing partners to produce "Ready to Drink" beverages in key North American markets. Service revenue from these agreements will be a minimum of $3.5 million per year, with expected revenue of $5.5 million per year.
Waterloo Brewing manufactures alcohol beverages of all types including beer, malt and spirit-based beverages, ciders, hard iced teas and non-alcoholic beverages. The Company continues to leverage these extensive capabilities to grow its co-manufacturing business.
"Waterloo Brewing continues to be the co-manufacturing partner of choice in Canada because of our best-in-class quality standards, production flexibility and speed to market," said Russell Tabata, Chief Operating Officer of Waterloo Brewing.
"These long-term partnerships with secured base volumes will generate a minimum of $9 million and over $16.5 million in expected service revenue over the lifespan of the contracts. The growth of our co-manufacturing business continues to play an important and strategic role in the growth of our Company," said George Croft, President & CEO of Waterloo Brewing. "When Waterloo Brewing grows, our community grows too. We value and appreciate every relationship we create with our co-manufacturing partners and the role that these new contracts play in supporting the health of our local economy."
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. 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.