SOURCE: Legacy Wine and Spirits

August 14, 2009 16:01 ET

Legacy Is Expanding Operations

TIANJIN, CHINA--(Marketwire - August 14, 2009) - Legacy Wine and Spirits International Ltd. (OTCBB: LWSP) reports that the Company is actively engaged in the process of acquiring existing wine and spirits stores in strategically located areas in central and northern parts of China, as well as Tianjin, where Legacy already has a wine and spirits outlet store. In addition, the Company is in discussions with several China based companies with respect to opening six more wine outlets similar to the company's existing store, by year's end.

The Company feels at this time of economic turmoil and subsequent recovery, there are some prime opportunities for the acquisition of existing turn-key wine and spirits retail operations as well as setting up new ones. With limited capital investment necessary and the Company's stock as a negotiable tool, Legacy's management feels that it will be advantageous to integrate these existing operating entities into a chain of Legacy retail outlets thus solidifying the Company's corporate branding. This move will greatly expedite the Company's ability to distribute its inventory and increase its brand awareness in China.

As quoted from a Market Research Report on the Chinese Grape Wine Industry in April 2009 - China Research & Intelligence, April 2009,

"In 2008, the imported grape wines industry accounted for 15% of the grape wine sale revenues in the Chinese market. Because of the superiority of the imported grape wines, the higher quality market was occupied by imported products; the major imported grape wine brands being sold in the Chinese market come from France, Italy, Spain, Germany, and America. In 2008, total imports of the bottle grape wines in China reached 264 million USD, an increase of 43.48% compared with 184 million USD in 2007. Also, the import volumes of the bulk grape wines have increased greatly in 2008 compared with 2007."

According to the China Alcohol Industry Association, wine consumption in China is increasing substantially and is already the largest wine consumer in Asia. The consumption of the wine in China is forecasted to increase 70% between 2008 and 2011. In 2011, estimated wine consumption in China will be 1.1 billion.

Company President, Christopher Scheive states, "Acquisitions at this time will allow the Company's stores to shorten the time frame of achieving national brand recognition which is greatly needed as the current state of distribution for imported wine and spirits in China is very fragmented and limited."

About Legacy Wine and Spirits International Ltd.

Legacy Wine & Spirits International Ltd. is in the business of importing bottled wines from around the world for the purpose of wholesale and retail distribution throughout China, in particular through the Company's corporately owned stylish outlet showroom and wine tasting facilities.

/s/ Christopher Scheive
Christopher Scheive, President

For further information contact: 1-888-488-6882

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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Legacy's filings with the Securities & Exchange Commission.

Contact Information

  • Legacy Wine and Spirits International Ltd.
    Corporate Office
    702 Kentucky Street, Suite 541
    Bellingham, WA 98225
    Tel: 1-888-488-6882

    Administration Office
    719 30th Ave., Pointe-Calumet
    Quebec, J0N 1G1
    Fax: 1-888-265-0498