Glacier Water Services, Inc.
AMEX : HOO

September 23, 2005 14:24 ET

Glacier Water Announces Expansion into Canada with Agreement to Purchase Gestion Bi-Eau Pure, Inc.

VISTA, Calif.--(CCNMatthews - Sep 23, 2005) -

Glacier Water Services, Inc. (AMEX:HOO) announced today that it has reached an agreement to acquire Gestion Bi-Eau Pure, Inc. for approximately USD $1.2 million plus the assumption of certain liabilities. The acquisition, which is subject to customary closing conditions, is expected to close in October. Gestion Bi-Eau Pure, Inc., a privately held Canadian corporation headquartered in Quebec, Canada, with annual revenues of $2.4 million, is the largest water vending company in Quebec and operates approximately 450 water vending machines. These machines will complement the over 15,000 water vending machines Glacier currently operates in 40 states throughout the United States.

Brian McInerney, Chief Executive Officer of Glacier Water, said, "We are excited to announce our agreement to combine Glacier Water and Bi-Eau Pure. Bi-Eau Pure has a long-standing presence in several key Canadian markets and is the market leader in Quebec. The acquisition will provide an excellent footprint for Glacier to expand its North American presence and represents one more step in Glacier's commitment to growth.

"Additionally, as previously disclosed, and as a sign of commitment to our business, Beverly Hills - based City National Bank increased our credit facility from $25 million to $30 million. This added borrowing capacity will enable Glacier to pursue what we believe to be a number of significant growth opportunities."

Glacier Water is the leader in the self-service bottled water industry providing high quality, low-priced drinking water dispensed to consumers through self-service bottled water machines located at supermarkets and other retail locations.

Statements in this announcement that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements with respect to the financial condition and results of operations of the Company which involve risks and uncertainties which are detailed further in the filings of the Company with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended January 2, 2005.

Contact Information

  • Glacier Water Services, Inc.
    W. David Walters, 760-560-1111