Liquor Stores N.A. Ltd. Announces Dividend Reinvestment Plan and April Dividend

EDMONTON, ALBERTA--(Marketwire - April 15, 2011) - Liquor Stores N.A. Ltd. (the "Corporation" or "Liquor Stores") (TSX:LIQ) announced today that it has adopted a dividend reinvestment plan (the "DRIP"). In addition, the Corporation has declared a cash dividend of $0.09 per common share for the month of April 2011 (the "April Dividend"). The April Dividend will be paid on May 13, 2011, to holders of record of the Corporation's common shares on April 29, 2011. Eligible shareholders may elect to participate in the DRIP commencing with the April Dividend.

The DRIP allows eligible shareholders of Liquor Stores to direct that their cash dividends be reinvested in additional common shares of the Corporation (the "Common Shares"), which, when issued from treasury, will be issued at a discount of 3% from the market price of the Common Shares, with the market price being equal to the volume-weighted average trading price of the Common Shares on the Toronto Stock Exchange on the ten trading days preceding the applicable dividend payment date.

While Liquor Stores intends to issue the required additional Common Shares from treasury, the Corporation may from time to time, at its discretion, direct that the Common Shares be purchased from the facilities of the Toronto Stock Exchange at prevailing market prices. Liquor Stores reserves the right to terminate, amend, suspend, or modify the DRIP.

The Common Shares to be purchased under the DRIP in connection with the April Dividend will be issued from treasury at a 3% discount from the market price.

Shareholders who wish to participate in the DRIP should contact their broker, financial institution, or other nominee through which their Common Shares are held to provide appropriate enrolment instructions and to ensure any deadlines or other requirements that such broker, financial institution, or nominee may impose or be subject to are met. The deadline to enrol in the DRIP for the April Dividend is 5:00 pm (EST) on April 28, 2011.

A complete copy of the DRIP will be available by following the "Dividend Reinvestment Plan" link on the Investor Relations section of Liquor Stores' website at www.liquorstoresna.com. Shareholders should carefully read the complete text of the DRIP before making any decisions regarding their participation in the DRIP.

Management expects that no commissions, services charges or brokerage fees will be payable in connection with the purchase of Common Shares under the DRIP.

Participation in the DRIP does not relieve shareholders of any liability for taxes that may be payable in connection with dividends that are reinvested in new Common Shares under the DRIP. Shareholders should consult their tax advisors concerning the tax implications of their participation in the DRIP having regard to their particular circumstances.

Please note that owners of Common Shares who are not resident in Canada are not eligible to participate in the DRIP.
As previously announced, the Corporation expects to pay cash dividends on or about the 15th of each month to shareholders of record on the last business day of the preceding month.

About Liquor Stores N.A. Ltd.

Liquor Stores N.A. Ltd. is a publicly traded corporation that indirectly operates 236 retail liquor stores in Alberta, British Columbia, Alaska and Kentucky. Liquor Stores N.A. Ltd. trades on the Toronto Stock Exchange under the symbol LIQ. For additional information about Liquor Stores N.A. Ltd., visit www.sedar.com and the Corporation's website at www.liquorstoresna.ca.

Forward-Looking Statements

Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of the "safe harbour" provisions of applicable securities legislation. Forward-looking statements are typically identified by words such as "will", "expects", "intends" and similar words suggesting future events or future performance. In particular, this document contains forward-looking statements pertaining to the following: the intention of Liquor Stores to issue Common Shares from treasury pursuant to the DRIP; Management's expectation that no commissions, service charges or brokerage fees will be payable in connection with the purchase of Common Shares under the DRIP; and anticipated future dividends to be paid by the Corporation. With respect to forward-looking statements contained in this document, the Corporation has made certain assumptions regarding, among other things: Liquor Stores' future capital requirements; the level of shareholder participation in the DRIP; the treatment of Common Shares issued under the DRIP by brokerage firms, investment dealers and financial institutions; and future sales and revenues, and expenses. Although the Corporation believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Liquor Stores' actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, general economic conditions in Canada and the U.S., and that the Corporation's dividend policy may change from time to time and that dividends may be reduced or eliminated entirely. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.