KITCHENER, ON, Sept. 22,
2022 /CNW/ -
Highlights:
- Waterloo Brewing has secured two separate long-term
co-manufacturing agreements with volume in key North American
markets
- Service revenue from these agreements will be a minimum of
$3.5 million per year, with expected
revenue of $5.5 million per year
- Co-manufacturing partnerships continue to expand Waterloo
Brewing's production volume, support the local economy and continue
to play an important strategic role in the growth of the
business
Waterloo Brewing (or the "Company") (TSX: WBR), has announced
two new three-year agreements with separate co-manufacturing
partners to produce "Ready to Drink" beverages in key North
American markets. Service revenue from these agreements will be a
minimum of $3.5 million per year,
with expected revenue of $5.5 million
per year.
Waterloo Brewing manufactures alcohol beverages of all types
including beer, malt and spirit-based beverages, ciders, hard iced
teas and non-alcoholic beverages. The Company continues to leverage
these extensive capabilities to grow its co-manufacturing
business.
"Waterloo Brewing continues to be the co-manufacturing partner
of choice in Canada because of our
best-in-class quality standards, production flexibility and speed
to market," said Russell Tabata,
Chief Operating Officer of Waterloo Brewing.
"These long-term partnerships with secured base volumes will
generate a minimum of $9 million and
over $16.5 million in expected
service revenue over the lifespan of the contracts. The growth of
our co-manufacturing business continues to play an important and
strategic role in the growth of our Company," said George Croft, President & CEO of Waterloo
Brewing. "When Waterloo Brewing grows, our community grows too. We
value and appreciate every relationship we create with our
co-manufacturing partners and the role that these new contracts
play in supporting the health of our local economy."
About Waterloo Brewing
Waterloo Brewing is Ontario's
largest Canadian-owned brewery. The Company is a regional brewer of
award-winning premium quality and value beers and is officially
certified under the Global Food Safety Standard, one of the highest
and most internationally recognized standards for safe food
production. Founded in 1984, Waterloo Brewing Ltd. was the first
craft brewery to start up in Ontario and is credited with pioneering the
present-day craft brewing renaissance in Canada. Waterloo Brewing has complemented its
Waterloo premium craft beers with the popular Laker brand. In 2011,
Waterloo Brewing purchased the Canadian rights to Seagram Coolers
and in 2015, secured the exclusive Canadian rights to both
LandShark® and Margaritaville®. In addition, Waterloo Brewing
utilizes its leading-edge brewing, blending, and packaging
capabilities to provide an extensive array of contract
manufacturing services in beer, coolers, and ciders. Waterloo
Brewing trades on the TSX under the symbol WBR. Visit us at
www.WaterlooBrewing.com.
Forward-Looking
Statements
All statements in this press release that do not directly and
exclusively relate to historical facts constitute forward-looking
statements as of the date of this press release. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "may", "will", "expect",
"intend", "anticipate", "seek", "plan", "believe" or "continue" or
the negatives of these terms or variations of them or similar
terminology. Although the Company believes that the expectations
and assumptions reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on these
forward-looking statements, which are not guarantees and are
subject to certain risks, uncertainties, and assumptions, which may
cause actual performance and financial results to differ materially
from such forward-looking statements. The forward-looking
statements included in this press release are made only at the date
of this press release and, except as required by applicable
securities laws, the Company does not undertake to publicly update
such forward-looking statements to reflect new information, future
events or otherwise.
SOURCE Waterloo Brewing Ltd.