/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE
WATERLOO, ON, June 2 /CNW/ - BRICK BREWING CO. LIMITED (the
"Corporation") (TSX: BRB) announced today that it has recently discovered that
its founder, Mr. James R. Brickman, committed wrongs against the Corporation
for several years and caused the Corporation significant damages.
As a result, the Corporation's Board of Directors instructed its legal
counsel to commence legal proceedings in the Ontario Superior Court of Justice
(Court File No. 09-CV-377829) against Mr. Brickman to recover these damages.
This morning, the Corporation served papers on Mr. Brickman, beginning this
Mr. Brickman departed his role as Executive Chairman of the Corporation
in December 2008 and resigned from the Corporation's Board of Directors in
The Statement of Claim in this lawsuit outlines the Corporation's
allegations against Mr. Brickman and claims damages in excess of $1 million.
"It is most unfortunate that this has come to light," noted George Croft,
President & CEO. "The Board of Directors is very disappointed, but must act
according to its duties and obligations, and pursue this matter on behalf of
all Brick Brewing shareholders."
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 Dark premium craft beer with other popular brands
such as Laker, Red Cap, Red Baron 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 Chief Executive
Officer, Tel: (519) 576-9519 Ext. 247, E-mail: email@example.com