CALGARY, ALBERTA--(Marketwired - Sept. 5, 2013) - Big Rock Brewery Inc. (TSX:BR) ("Big Rock" or the "Corporation") is pleased to announce that it plans to establish a new brewery located in British Columbia ("B.C."). This brewery will be in addition to the Company's existing facility in Calgary and will specifically serve the B.C. market. "We are looking forward to brewing beer in British Columbia for British Columbians", said Robert Sartor, President and Chief Executive Officer. "We expect to not only brew some of our existing great beers but also to develop new beers that will be specific to, and exclusive in, British Columbia. A brewery in the lower mainland will allow us to have fresh, local beer in market, significantly lower transportation costs and ensure full participation in the incredibly vibrant craft beer scene in B.C."
Total cash outlay required for the new B.C. facility is not known at this time, but it is expected to be in the range of $1.5 to $2.0 million. The Corporation has engaged a commercial real estate advisor in B.C. and expects to have the new facility operational within a year. Big Rock intends to fund the expansion with the Corporation's existing unused credit facility and operating cash flows.
The Corporation is also pleased to announce the appointment of Mr. Jay Peters to the Big Rock Board of Directors. Mr. Peters is a consultant in the retail and consumer products industries who has previously held executive positions at TLC Laser Eye Centres and The Oshawa Group Ltd. Mr. Peters also previously served on the Boards of Directors of Forzani Group Ltd., Priszm Income Trust and IGA Canada and is currently Chairman of the Board of Directors of the Stanley Thompson Society.
About Big Rock Brewery Inc.
Big Rock Brewery Inc. - headquartered in Calgary, Alberta - produces premium, all-natural craft beers. As Canada's leading craft brewer, Big Rock boasts a family of ten exceptional ales and lagers, Rock Creek dry cider, an ongoing selection of seasonal beers released through the Brewmaster's Edition and cutting-edge, limited-run brews released through the Alchemist Edition. Big Rock products are sold in nine provinces and two territories in Canada, and are also available in Korea.
For more information on Big Rock Brewery visit www.bigrockbeer.com
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 planned establishment of a new brewery in the lower mainland of British Columbia;
- the products expected to be brewed at the new B.C. brewery;
- the expectation that the new B.C. brewery will allow Big Rock to realize lower transportation costs and increased access to the B.C. market;
- the range of expected cash outlay required to construct the new B.C. brewery;
- the expectation that the new facility will be operational within one year; and
- the intended sources of financing for the new facility.
With respect to the forward-looking statements listed above and contained in this News Release, management has made assumptions regarding, among other things:
- Big Rock will be able to secure a suitable location on which to construct the new B.C. facility as well as all required regulatory approvals to market the products produced at such facility in B.C.;
- cash flow from operations together with available borrowing base under Big Rock's existing credit facility will be sufficient to fund the construction and start-up of the planned facility;
- Big Rock will be able to secure distribution channels and transportation services that realize lower overall transportation costs per unit relative to existing arrangements; and
- construction costs associated with the new facility will fall within the range budgeted by Big Rock.
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:
- unforeseen costs associated with securing an appropriate site for the B.C. facility;
- 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.