KITCHENER, ON, Oct. 13,
2022 /CNW/ -
Highlights:
- Waterloo Brewing 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
- This new extension and expansion will include the production of
additional ready-to-drink products in North America
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."
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. 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.
Forward-Looking
Statements
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.