HICKSVILLE, NY--(Marketwired - Sep 1, 2016) - Long Island Iced Tea Corp. (NASDAQ: LTEA) (the "Company"), a growth-oriented company focused on the ready-to-drink ("RTD") tea segment in the beverage industry, today announced a new partnership with Unique Foods (Canada) Inc. ("Unique Foods") to distribute its beverages in Canada.
The Company is committed to expanding its distribution across new geographies and this is its first distribution agreement in Canada. According to Euromonitor, the ready-to-drink tea market in Canada is forecast to expand by 4% annually over the next five years to reach C$626 million in sales by 2020 (Source: Euromonitor International, "RTD Tea in Canada", February 2016).
Philip Thomas, Chief Executive Officer of the Company, stated, "We are delighted to partner with Unique Foods to bring Long Island Iced Tea® to Canada, a substantial market where our quality ingredients and affordable price will be sure to resonate with consumers. Unique Brands has a long history of supporting growing beverage brands and are excited to join its family of innovative beverage brands. The global tea market is $55 billion growing annually at 6% -- expanding into Canada is a natural progression in our global outlook, and compliments distribution positions we have already established in Korea and a number of the Caribbean nations."
Jon Silver, President of Unique Foods, stated, "We at Unique Foods (Canada) are thrilled to be partnering up with this amazing brand. It falls directly in line with the vision of better for you beverages. We want to offer Canadians a delicious Iced Tea so the decision was easy by offering Long Island Teas."
Long Island Iced Tea® is a RTD tea now available in both 20-oz and gallon bottles, with flavors including Lemon, Peach, Raspberry, Mango, Guava, Southern Sweet Tea, Green Tea & Honey, Half Tea & Half Lemonade, Diet Lemon and Diet Peach. Long Island Iced Tea has distribution in 12 states and its beverages are sold in over 3,000 store locations.
About Unique Foods Canada Inc
Founded in 1996, Unique Foods has grown into a major national distributor in the beverage industry. They are the pioneers in bringing healthy "new age" products to Canada, being truly as "unique" as the products they offer and pride themselves on being a cutting edge, turnkey, and progressive company.
Current brands in its beverage portfolio include Stewart's Old Fashioned Sodas, AQUAHydrate Water with electrolytes, ACTIVATE Vitamin Drinks, Icelandic Glacial water, Coco's Pure coconut water, Protein2o and Little Miracles teas. Unique Brands is the primary importer of "Stewart's Old Fashioned Soda's" in Canada. For more information, visit Unique Foods' website at http://www.uniquefoodscanada.ca.
About Long Island Iced Tea Corp.
Headquartered in Long Island, New York, Long Island Iced Tea Corp. operates in the ready-to-drink tea segment of the beverage industry. The Company has developed non-alcoholic, premium iced tea bottled beverages made with quality ingredients that are offered at an affordable price. The Company is currently organized around its flagship brand Long Island Iced Tea®, a premium, ready-to-drink iced tea sold primarily on the East Coast of the United States through a network of distributors. The Company's website is www.longislandicedtea.com.
Forward Looking Statements
This press release includes statements of the Company's expectations, intentions, plans and beliefs that constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of the Company's business strategies and its expectations concerning future operations, margins, sales, new products and brands, potential joint ventures, potential acquisitions, expenses, profitability, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements include any statement that does not directly relate to a historical or current fact. You can also identify these and other forward-looking statements by the use of such words as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "thinks," "estimates," "seeks," "predicts," "could," "projects," "potential" and other similar terms and phrases, including references to assumptions. These forward looking statements are made based on expectations and beliefs concerning future events affecting the Company and are subject to uncertainties, risks and factors relating to its operations and business environments, all of which are difficult to predict and many of which are beyond its control, that could cause its actual results to differ materially from those matters expressed or implied by these forward looking statements. These risks include its history of losses and expectation of further losses, its ability to expand its operations in both new and existing markets, its ability to develop or acquire new brands, its relationships with distributors, the success of its marketing activities, the effect of competition in its industry and economic and political conditions generally, including the current economic environment and markets. More information about these and other factors are described in the reports the Company files with the Securities and Exchange Commission, including but not limited to the discussions contained under the caption "Risk Factors." When considering these forward looking statements, you should keep in mind the cautionary statements in this press release and the reports the Company files with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and the Company cannot predict those events or how they may affect it. The Company assumes no obligation to update any forward looking statements after the date of this press release as a result of new information, future events or developments, except as required by the federal securities laws.