Annual General Meeting hears highlights of successful first quarter and
five pillars of growth to sustain momentum of Ontario's largest craft
WATERLOO, ON, June 30 /CNW/ - Brick Brewing Co. Limited (TSX: BRB) has
ratified its Board of Directors at the company's Annual General Meeting. The
new members, together with Brick Brewing's current board, supports Brick
Brewing's management team, a team of six seasoned, industry veterans led by
President and CEO George Croft. The management team and all 109 employees will
continue Brick's efforts to sustain profitability for shareholders and produce
award winning locally brewed, premium and value beers.
Brick Brewing Company's new Board of Directors is composed of the
following individuals. A complete biography for each Board member is included
in the Investors section of Brick's website, www.brickbeer.com.
Perry Dellelce - A founding and Managing Partner of Wildeboer Dellelce
LLP, a firm specializing in corporate finance.
Stan Dunford - Chairman and Chief Executive Officer of Contrans Income
Fund (TSX: CSS.UN). Contrans has been providing freight transportation
services since 1985.
Ted Hastings - President and Chief Executive Officer of Moxy Media, one
of the leading online publishing companies.
Edward H. Kernaghan - Executive Vice-President of Kernaghan Securities
Ltd., a small Toronto-based brokerage company founded in early 2001.
Larry Macauley - Retired from a 32-year career in the brewing industry,
including the position of Executive Vice-President and Chief Technical
Officer with global responsibilities for Interbrew S.A. Leuven, Belgium.
Peter J. Schwartz (Chairman) - President of Laurence Capital Corporation
(LCC), a Waterloo-based merchant bank.
David Shaw - Founder and current CEO of Knightsbridge Human Capital
Management Inc., and formerly President and CEO of PepsiCola Canada
"This Board is exactly what Brick Brewing needs to continue driving the
great momentum we achieved in the last quarter," said George Croft, President
and CEO, Brick Brewing Company. "Brick's leadership is focused on not only
delivering profitability to our shareholders, but equally important is our
commitment to brewing exceptional, craft beers right here in Ontario, by
Canadians and for Canadians."
Mr. Croft presented highlights of the first quarter results of FY2010 at
the Company's Annual General Meeting. Brick Brewing has made great strides in
returning the company to profitability for its shareholders. Ontario's largest
Canadian-owned and Canadian-based publicly held brewery posted a net income of
$431 thousand -compared to a loss of $79 thousand -in the first quarter of
last year. Net revenue grew 3.2 percent, and gross profit percentage increased
to 25.8 percent in Q1 FY2010. The company also expects to deliver $2-million
in cost savings for FY2010.
Mr. Croft reinforced the five strategic pillars of Brick Brewing's plan
to continue growing:
1. Developing strong, relevant brand portfolios in the value and premium
2. Constantly raising operating performance standards with a focus and
commitment on reducing costs;
3. Winning in the most profitable channels and markets;
4. Recruiting and keeping talented people committed to delivering
superior performance; and
5. Optimizing operating assets.
The company's new leadership and 109 employees will continue building a
high performance, disciplined, winning organization that is fully committed to
excellence in execution.
About Brick Brewing
Brick Brewing Co. Limited is Ontario's largest Canadian-owned and
Canadian-based publicly held brewery. The Company is a regional brewer of
award winning premium quality and value beers. The Company, founded in 1984,
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 brand premium craft beers with other popular brands
such as Laker, Red Baron, Red Cap and Formosa Springs Draft. Brick trades on
the TSX under the symbol BRB. Visit us at www.brickbeer.com.
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.
For further information:
For further information: George Croft, President and CEO, Tel: (519)
576-9100 Ext. 247, firstname.lastname@example.org