Brick Brewing Co. Limited Concludes Review of Strategic Alternatives for Enhancing Shareholder Value and President Decides to Resign



    WATERLOO, ON, Oct. 31 /CNW/ - Brick Brewing Co. Limited (TSX: BRB) today
announced that it has completed its previously announced review of strategic
alternatives available to the Company to enhance shareholder value. CIBC World
Markets was retained to assist in the review process and the review was
conducted on a broad basis in terms of alternatives considered. As a result of
the review, the Board of Directors of Brick Brewing has determined that the
Company's current strategy of seeking profitable growth and driving cost
efficiencies represents the preferable means of enhancing value for
shareholders of Brick Brewing and the review has accordingly been concluded.
    In arriving at its determination the Board considered that Brick Brewing
has attained numerous strategic goals over the past several years, which have
created a strong base for future growth. During this period, the Company has
experienced unprecedented growth, with its volumes and market share in the
Ontario market more than tripling, primarily due to the success of the Laker
brands in the growing value beer category. To deal with that growth, Brick
Brewing has invested significantly in new facilities to seek to capture the
efficiencies offered by increased volumes.
    "These strategic accomplishments position Brick well for the future,"
said Jim Brickman, Executive Chairman and Founder. "Despite the near term
realities of increased Ontario production taxes, the longer term prospects
lead us to believe that we can successfully realize our future growth
opportunities and achieve improved profitability. With the strategic review
process behind us, we can now more fully concentrate, with renewed vigor, on
the efficiencies offered by our expanded facilities and focus on a new
streamlined operation which recognizes the current realities of the
marketplace."
    The Board also announced the resignation of Brick's President and Chief
Executive Officer, Doug Berchtold, to be effective November 2, 2007. Mr.
Berchtold is also resigning as a director of the Company, to be effective on
that date. "On behalf of the Company and the entire Brick Board, I would like
to thank Doug for his significant contributions to Brick Brewing over the last
three years," said Jim Brickman.
    A sub-committee of the Board has been formed to evaluate potential
internal and external candidates for the position of President and Chief
Executive Officer of the Company and to make recommendations as soon as
practicable to the Board to fill that position on a permanent basis. In the
meantime, Jim Brickman, Executive Chairman/Founder, has been appointed interim
President and CEO, to oversee day to day operations of the Company.

    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 by Jim
Brickman 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 J.R. Brickman Founder's Series and Waterloo Dark
premium craft beers with other popular brands such as Laker, Red Cap and
Formosa Springs Draft. 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. These forward-looking statements include the
statements concerning the Company's manufacturing, distribution and other
capacity improvements, product demand, sales, reduced costs and margin
improvements. These forward-looking statements are not guarantees and are
based on management's expectations that, among other things, improved
operating efficiencies will be realized from the additional production and
distribution capacity and that product demand will grow. Although the Company
believes these forward-looking statements are based on information and
assumptions which are reasonable, there are a number of factors which could
cause actual results to vary materially from current expectations, including
production delays, additional costs, operational issues or reduced product
demand. The forward-looking statements included in this press release are made
only at the date of this press release and the Company does not undertake to
publicly update these forward-looking statements to reflect new information,
future events or otherwise.

    %SEDAR: 00003334E




For further information:

For further information: Jim Brickman, Executive Chairman/Founder, Tel:
(519) 576-9100 X232; Graydon Moore, Chief Financial Officer, Tel: (519)
576-9100 X222; E-mail: finance@brickbeer.com

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Brick Brewing Co. Limited

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