CALGARY, ALBERTA--(Marketwired - March 3, 2014) - Big Rock Brewery Inc. ("Big Rock") (TSX:BR) -
Further to the September 5, 2013 announcement of its intention to establish a brewery in British Columbia, Big Rock is pleased to announce that it has signed a lease on a vacant warehouse facility in Vancouver. Later this year, Big Rock will open the doors of a brand new brewery and craft beer destination in the Mount Pleasant area, at the corner of Alberta Street and 4th Avenue West, in the heart of the city's burgeoning craft beer district.
"BC is where smaller, innovative, more nimble breweries and brew pubs are most appreciated. As a result, British Columbia is quickly becoming the Craft Beer Capital of Canada", says Jody Hammel, Big Rock's newly appointed BC Brewmaster. "West Coast craft beer drinkers are thirsty for fresh, natural, local brews - and that's what Big Rock is all about."
Jody brings over 20 years of brewing experience to his new role, including six years in BC spent with the Whistler Brewing Company, Bear Brewing and the Kamloops brewery. "I look forward to creating new, innovative and deliberately different beers in a brewery with a footprint and mission that I believe is the future of brewing - small batches of unique brews. Natural, unpasteurized and fresh - the way beers should be."
"We have high hopes for the Vancouver brewery, and not least because of Jody's no- compromise ideas of what constitutes truly great craft beer; his brewing background, particularly in BC, and his deeply held belief that brewing great beer is the most important thing he could be doing with his life", says Bob Sartor, CEO of Big Rock. "We'll be opening rather more than just a brewery in Mount Pleasant this year - we'll be opening a hub that, in addition to fresh new brews, will include live entertainment, locally sourced food, educational tours and tastings - in other words, a place we hope craft beer lovers will want to call home."
Total cash outlay required for the new BC facility is expected to be in the range of $3 to $3.5 million. This exceeds Big Rock's initial estimate of $1.5 to $2.0 million due to the nature and size of the facility and the expansion of the scope of the project to incorporate restaurant and lounge operations.
Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events or Big Rock's future performance. All statements, other than statements of historical fact, may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "plans", "expects", "intends" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Big Rock believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this News Release not be unduly relied upon by investors as actual results may vary materially from such forward-looking statements. These statements speak only as of the date of this News Release and are expressly qualified, in their entirety, by this cautionary statement.
In particular, this News Release contains forward-looking statements pertaining to the following:
- the range of expected cash outlay required to construct the new B.C. brewery; and
- the expectation that the new facility will be operational by the end of the year.
With respect to the forward-looking statements listed above and contained in this News Release, management has made assumptions regarding, among other things:
- construction costs associated with the new facility will fall within the range budgeted by Big Rock; and
- the time required to complete the construction of the new facility will enable operations to commence this year.
Some of the risks which could affect future results and could cause results to differ materially from those expressed in the forward-looking information and statements contained herein include, but are not limited to:
- the inability to secure the requisite regulatory approvals to market the full production of the new facility within British Columbia;
- the inability to secure construction services for the new facility at costs within those budgeted;
- the inability to secure adequate financing for the facility, through existing or new sources of funds; and
- unforeseen distribution and/or marketing costs associated with marketing the additional product produced at the facility within British Columbia.
Readers are cautioned that the foregoing list of assumptions and risk factors is not exhaustive. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking information and statements included in this News Release are made as of the date hereof and Big Rock does not undertake any obligation to publicly update such forward-looking information and statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.
About Big Rock Brewery Inc.
Big Rock Brewery Inc. - produces premium, all-natural craft beers. Big Rock boasts a family of exceptional ales and lagers, Rock Creek Cider®, an ongoing selection of seasonal beers released through the Brewmaster's Limited Edition and cutting-edge, small-batch brews released through the Alchemist Edition.