KITCHENER, Ontario, Nov. 19, 2018 (GLOBE NEWSWIRE) —
Highlights:
- Waterloo Brewing is investing $9.6M in a significant expansion of its brewery in Kitchener-Waterloo to enhance its operations and support continued growth.
- $6.4M of the $9.6M has been secured from the property owner.
- A larger retail store and small batch brewhouse will be added to the brewery which will greatly enhance the craft brewery experience for those who visit.
- A 65,600 square foot expansion of warehouse and production facilities, along with several strategic equipment investments, will significantly improve capabilities, capacity, and operational efficiency. The project is expected to deliver over $1.1M annually in margin enhancement through both revenue growth and operational cost saving.
Waterloo Brewing, the trade name of Brick Brewing Co. Limited (“Brick” or the “Company”) (TSX: BRB), Ontario’s largest Canadian-owned brewery, today announced an investment of $9.6 million to expand its brewery in Kitchener-Waterloo.
“This investment in our brewery is such an important event for all of us at Waterloo Brewing,” said George Croft, President and CEO, Waterloo Brewing. “We’ve undergone an enormous amount of change and growth over the last few years, all motivated by a commitment to be the best regional brewer in Ontario. The expansion will include a small batch brewhouse, a new taproom where our friends and neighbours can join us for a pint of finely crafted beer, a larger retail store, an expansion of our warehouse and production facility, and some strategic investment in production equipment to improve capabilities, capacity and operations efficiencies.”
“This investment in our operations will deliver significant returns for the business while at the same time improving both the capabilities and capacities of our production facility. Additionally, the installation of the small batch brewhouse will allow us to leverage the years of brewing experience and expertise to create a unique consumer experience” said Russell Tabata, COO, Waterloo Brewing.
“Since 1984, Waterloo Brewing has been a good friend to the Waterloo region and the people who live here,” said Mayor Berry Vrbanovic, City of Kitchener. “Waterloo Brewing launched the craft beer movement in Ontario and has been an integral part of our region’s rich history with beer and brewing. Today, this very significant investment promises further prosperity for our local economy and represents the type of commitment we need to keep this region vibrant and thriving for generations. Cheers to Waterloo Brewing and their upcoming 35th Anniversary.”
“We believe in the Waterloo region, the province of Ontario and its growth potential,” continued Croft. “There is so much enthusiasm for the future of the province and we’re excited to be contributing to that momentum. The craft beer market is evolving and competing more directly with big beer brands, so these investments we’re making for our future will help further establish us as the best regional brewer in Ontario, and a favourite of beer drinkers across the province. As we celebrate our 35th anniversary next summer with the opening of our new taproom, larger beer store and small batch brewhouse, we hope you’ll raise a glass to good beer, good friends and a great hometown.
About Brick Brewing
Brick 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, Brick Brewing Co. was the first craft brewery to start up in Ontario and is credited with pioneering the present-day craft brewing renaissance in Canada. Brick has complemented its Waterloo premium craft beers with the popular Laker brand. In 2011, Brick purchased the Canadian rights to Seagram Coolers and in 2015, secured the exclusive Canadian rights to both LandShark and Margaritaville. In addition, Brick utilizes its leading-edge brewing, blending and packaging capabilities to provide an extensive array of contract manufacturing services in beer, coolers and ciders. Brick trades on the TSX under the symbol BRB. Visit us at www.brickbeer.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 Corporation 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 Corporation does not undertake to publicly update such forward-looking statements to reflect new information, future events or otherwise.
Contact Information
For further information:
Name: Russell Tabata
Title: Chief Operating Officer
(519) 742-2732 Ext. 112
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/d92c2540-1cf5-4c02-aace-f7fdc0dad376
