Liquor Stores N.A. Ltd.

TSX : LIQ


Liquor Stores N.A. Ltd.

April 17, 2014 07:48 ET

Liquor Stores N.A. Announces Changes to Board of Directors

EDMONTON, ALBERTA--(Marketwired - April 17, 2014) - Liquor Stores N.A. Ltd. (the "Company" or "Liquor Stores") (TSX:LIQ) today announced upcoming changes to its Board of Directors in advance of its May 13 Annual General Meeting ("AGM").

The Board of Directors announces that Irving Kipnes and John Butler have advised that after ten years of service as directors of the Company, they have chosen not to stand for re-election. The Board also announces that Peter Lynch will stand for election as a new director at the AGM. The Company's Management Information Circular will be mailed to shareholders on or about April 21, 2014.

Both Mr. Kipnes and Mr. Butler began their service to the Company at the time of the initial public offering of Liquor Stores Income Fund in 2004 (Liquor Stores converted to a corporate structure in 2010). In 1993, Mr. Kipnes founded the Liquor Depot Corporation, one of the original companies in the formation of Liquor Stores Income Fund. During his tenure, he has served as the Company's Chief Executive Officer, Executive Chairman, and director.

"Irv Kipnes is a liquor industry trail blazer in Canada," said Jim Dinning, the Company's chair. "His commitment to the Alberta model of liquor privatisation has fostered the industry into the thriving marketplace it is today. As for Liquor Stores, we wouldn't be the success story we are were it not for his leadership and extraordinary efforts." Mr. Kipnes is retiring as a director to focus on his many philanthropic endeavours. He has agreed to be available as required as Special Advisor to the Board of the Company.

Mr. Butler is retiring as a director to devote time to his other corporate endeavours. "John Butler has been the consummate problem-solver on the Liquor Stores Board from day one," said Mr. Dinning. "His unerring ability to think through the issues makes him a one-of-a-kind contributor at the Board level."

"Our Board of Directors wants to thank Irv and John for their many years of service and wise counsel. Both have been truly instrumental in guiding the development of Liquor Stores and we're grateful for all they have done," said Mr. Dinning.

Dinning added, "We are pleased to announce the nomination of Peter Lynch to the Board. Peter has extensive U.S. retail experience and a strong track record of success at the executive and Board level, which is important as we advance our growth initiatives south of the border."

Mr. Lynch is the former President and Chief Executive Officer of Winn-Dixie Stores Inc., a Florida-based national grocery retailer. He was appointed to this position in 2004 and held it until 2012. He also served as Chair of the Board. From 1999 to 2003, Mr. Lynch held various positions of increasing responsibility, including President and Chief Operating Officer and Executive Vice President-Operations, with Albertson's, Inc., a national U.S. retail food and drug chain comprised of 2,500 stores operating under the Albertson's, Jewel/Osco, ACME, Sav-on and Osco names.

ABOUT LIQUOR STORES N.A. LTD.

The Company operates 245 retail liquor stores in Alberta, British Columbia, Alaska and Kentucky. Liquor Stores' retail brands include: Liquor Depot, Liquor Barn, and Wine and Beyond in Alberta (175 stores); Liquor Depot and Liquor Barn in British Columbia (36 stores); Brown Jug in Alaska (22 stores); and Liquor Barn "The Ultimate Party Source" and Liquor Barn Express in Kentucky (12 stores). The Company's common shares and convertible subordinated debentures trade on the Toronto Stock Exchange under the symbols "LIQ" and "LIQ.DB.A", respectively.

Additional information about Liquor Stores N.A. Ltd. is available at www.sedar.com and the Company's website at www.liquorstoresna.com.

FORWARD LOOKING STATEMENTS

In the interest of providing current shareholders and potential investors with information regarding current results and future prospects, this release may contain forward-looking statements about the Company's objectives, plans, goals, aspirations, strategies, financial condition, results of operations, cash flows, performance, prospects and opportunities. All statements and information other than statements of historical fact contained in this release are forward-looking statements, including, without limitation, statements regarding the future financial position and performance of the Company, business strategies, costs, as well as plans and objectives of or involving the Company. Forward-looking statements are typically identified by words such as "believe", "expect", "will", "intend", "project", "anticipate", "estimate", "continue", "forecast", "could", "goal", "foresee", "seek", "strive", "may", "should" and similar expressions or the negatives thereof, as they relate to the Company and its Management. These forward-looking statements include, but are not limited to, statements with respect to the future payment and timing of the payment of the Company's dividends, the anticipated opening dates of new stores, and Management's general expectations that the Company will have sufficient funds to complete store acquisitions, develop new stores and finance inventory.

Forward-looking statements reflect the Company's current plans, intentions, and expectations, which are based on Management's perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. The Company's plans, intentions, and expectations are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. There is no assurance that the plans, intentions, or expectations upon which these forward-looking statements are based will occur and such forward-looking statements included in this release should not be unduly relied upon.

Forward-looking statements are subject to risks, uncertainties and assumptions, including, but not limited to, those discussed under "Risk Factors" in the Company's MD&A for the three months and year ended December 31, 2013. Other risks and uncertainties not presently known to the Company or that Management presently believes are not material could also cause actual results or events to differ materially from those expressed in its forward-looking statements.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this release are made as of the date of this release and the Company assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law.

Contact Information

  • Liquor Stores N.A. Ltd.
    David Gordey, CA
    Senior Vice President and Chief Financial Officer
    (780) 497-3262
    www.liquorstoresna.com