August 10, 2012 18:11 ET
CALGARY, ALBERTA--(Marketwire - Aug. 10, 2012) - BEAUMONT SELECT CORPORATIONS INC. ("Beaumont") (TSX VENTURE:BMN.A) announced that its subsidiary Naleway Foods Ltd. has had a temporary suspension of production and sales due to an unexpected plant shut down required due to an ammonia release its storage freezer. Beaumont has been advised by its insurer that the matter is an insured event though full details of the losses have not yet been determined and the application of certain property insurance limits is still being reviewed.
Naleway currently anticipates returning to regular production operations in the next week resulting in a potential three week loss of revenue; however Naleway's business interruption insurance is expected to reduce most if not all of the financial impact from the lost revenues. Naleway's customers have remained very supportive and the scheduling of re-stocking orders is already in progress.
Naleway was able to quickly identify the source of the problem and make necessary repairs. There were no injuries from this event. A review of Naleway's preventative maintenance and safety procedures, as well as Naleway's contingency plans is also underway to reduce the likelihood of a recurrence and reduce the potential down time for any such event.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Beaumont Select Corporations Inc.Winston Ho FattChief Executive Officer and President(403) 250-8757
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