KITCHENER, ON--(Marketwired - December 21, 2015) - Brick Brewing Co. Limited ("Brick" or the "Company") (
Russell Tabata, Brick's Chief Operating Officer noted, "When we launched our 2015 expansion in Kitchener, a key objective was to enable growth in our contract manufacturing business. We felt that offering customers a single, integrated facility, supported by leading edge manufacturing technology would allow us to expand with both current and new customers. The agreement we're announcing today is evidence of that. This contract includes a five year term with a significant minimum annual volume commitment and associated capital investment. Beyond the first renewal year, we anticipate volume under this agreement to represent more than ten percent of our total annual volume."
"We couldn't be more pleased," added George Croft, President and Chief Executive Officer at Brick. "Our new brewhouse is achieving exactly what we had planned when we decided to make that investment. We're now in a much better position for our owner brands to compete with the large international brewers. At the same time, we're better able to attract new co-pack business and expand our relationships with existing customers. Our capabilities, whether in beer, coolers, or cider, give us diversity and flexibility in our business model. When we can grow our co-pack business we're able to generate incremental returns for our shareholders and to strengthen the overall company."
Confidentiality terms under the agreement require that Brick not disclose the name of the co-packaging customer.
About Brick Brewing
Brick 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 Global Food Safety Standard, one of the highest and most internationally recognized standards for safe food production. Founded in 1984, Brick Brewing Co. was the first craft brewery to start up in Ontario, and is credited with pioneering the present day craft brewing renaissance in Canada. Brick has complemented its Waterloo brand premium craft beers with other popular brands such as Laker, Red Baron, Red Cap and Formosa Springs Draft. In March 2011, Brick purchased the Canadian rights to the Seagram Coolers and now produces, sells, markets and distributes Seagram coolers and ciders across Canada. In addition, Brick utilizes its leading edge brewing, blending and packaging capabilities to provide an extensive array of contract manufacturing services in beer, coolers and ciders. Brick trades on the TSX under the symbol BRB. Visit us at www.brickbeer.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 Corporation 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 Corporation does not undertake to publicly update such forward-looking statements to reflect new information, future events or otherwise.
For further information:
President & Chief Executive Officer
(519) 742-2732 ext 147