Gibraltar Springs Capital Corporation

Gibraltar Springs Capital Corporation

March 03, 2005 17:20 ET

Gibraltar Springs Capital Corporation: Press Release




MARCH 3, 2005 - 17:20 ET

Gibraltar Springs Capital Corporation: Press Release

RAVENNA, ONTARIO--(CCNMatthews - March 3, 2005) - Gibraltar Springs
Capital Corporation (TSX VENTURE:GSP) announced the election of a new
group of directors at the Annual General Meeting of Shareholders, which
took place today.

The new directors are:

Name Principal Occupation

Grace Adshade President, Beaver Valley Holdings Ltd., a private real
estate and investment holding company, who will
act as Chair of the Board of Directors.

Blair Clark Retired since January 1999; prior thereto, President
and General Manager, Cardinal Farm Supply
Limited, a wholesale and retail agricultural
supply company.

Della Eagles Retired since April 1999; prior thereto,
Administrative Assistant, Collingwood Fabrics
Ltd., a manufacturing company.

Roger Lockhart President, 530711 Ontario Limited, an investment
holding company; prior to June 2004, President,
Vonlock Investments Ltd. a real estate
investment and development company; prior to
December 2002, President, Lockhart Motor Sales
(Collingwood) Ltd., a motor vehicle dealership.

Allan McLean Retired since April 1999; prior thereto, Partner,
McLean, Capin and Jamieson, Chartered

Effective immediately, the directors have suspended the employment of
Len Vermeulen, President.

Also effective immediately, new officers have been appointed to take
over the day-to-day operations of Gibraltar Springs.

The new officers are:

James F. Gott - President

Mr. Gott is President of the Ice River Springs Group, the country's
largest Canadian owned bottler of Natural Springs Water with production
facilities in Feversham ON, and Cranbrook BC.

Alexandra (Sandy) Gott - Secretary

Mrs. Gott is Vice-President Corporate Affairs of the Ice River Springs

Michael R. Rowe CGA - Chief Financial Officer

Mr. Rowe is VP Finance and CFO of the Ice River Springs Group.

Ice River Springs is an established and successful bottler of Natural
Spring Water serving the Canadian and US markets. The new management
group will provide Gibraltar Springs with access to favourable pricing
for raw materials, technical expertise in improving productivity and
significant sales and margin growth opportunities. The new board
intends to enter into a long-term management agreement with the Ice
River Springs Group. In the interim, the new officers have been
assigned responsibility for all operational, marketing and finance
functions at Gibraltar Springs.


Contact Information

    Gibraltar Springs Capital Corporation
    Mr. Michael R. Rowe, C.G.A.
    Chief Financial Officer
    (519) 922-3303 ext. 232
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.