KITCHENER, ON, Oct. 13, 2022 /CNW/ -
Waterloo Brewing Ltd. ("Waterloo Brewing" or the "Company") (TSX: WBR) has announced the extension and expansion of a co-manufacturing agreement with a crucial long-time partner. This agreement will result in an estimated revenue of $8 million per year.
The original three-year agreement, made in January 2020, included the production of ready-to-drink products under a single trademark owned by the partner. This new extension and expansion will include the production of ready-to-drink products under three additional trademarks owned by the partner.
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 and develop long lasting relationships with key partners.
"This is an important and valued partner of ours," said George Croft, President and CEO of Waterloo Brewing. "We look forward to continuing our relationship with them as they are impressive players in the North American market with global trademarks. The extension of our agreement reaffirms our desire to be co-manufacturing partner of choice within the beverage industry."
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, and include statements with respect to the estimated revenue of $8 million per year. 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, including the statement of estimated revenue, are based on, among other things, the following material factors and assumptions: no early termination of the agreement, no material change in consumer preferences, input costs for blending and packaging materials, competitive activity, and regulatory environment, and no material supply, cost or quality control issues with vendors. 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.