KITCHENER, ON, Aug. 13, 2014 /CNW/ - Brick Brewing Co. Limited ("Brick" or the "Company") (TSX:BRB) announced today that it has entered into a definitive agreement for the sale of its King Street property in Waterloo with a selling price of four million dollars. Brick anticipates the transaction will close during the fiscal third quarter. This move by Brick is part of a strategy to consolidate its operating facilities to improve manufacturing competitiveness. The buyer, HIP Developments, is expected to pursue re-development of the site, located in the thriving King Street corridor in Uptown Waterloo. Once closed, Brick will lease the property back while completing an expansion project at its Bingemans Centre Drive location in Kitchener.
"For the local community this represents an opportunity for further development along King Street in Uptown Waterloo. For the Company and our shareholders, this transaction will enable expansion of operations at our Kitchener location and begin the consolidation our operating facilities. The Kitchener expansion represents a major investment by the Company and will allow Brick to realize continued improvement in our operating efficiencies. Brick is committed to its business in Ontario and delivering superior products to our consumers", Croft said. "This action will, in no way, disrupt our service to consumers."
"We couldn't be more thrilled," said Scott Higgins, Vice President of HIP Developments. "The Brick property on King Street is surrounded by urban amenities and is really the heart of the LRT corridor having multiple stations surrounding it. We have ambitious plans for what will be a landmark and award winning multi-use redevelopment project. At this point, we are hoping to retain some of the unique features and history of the site, including portions of the original building."
About Brick Brewing
Brick 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 and is officially certified under British Retail Consortium (BRC) Global Standards for Food Safety, one of the highest and most internationally recognized standards for safe food production. Founded in 1984, Brick 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. In March 2011, Brick purchased the Canadian rights to the Seagram Coolers and now produces, sells, markets and distributes Seagram Coolers across Canada. Brick trades on the TSX under the symbol BRB. Visit us at www.brickbeer.com.
About HIP Developments
HIP Developments is a fully integrated, multi-disciplinary real estate development company with a dedication to Honesty, Integrity and Pride of Workmanship (HIP). With roots dating back to 1982 in Waterloo Region the HIP Management Team has constructed over 750 residential, recreational, and ICI buildings with a total value in excess of $1.75 billion. HIP Developments strives to raise the standard for outstanding quality, urban design and environmental stewardship. With a focus on transit oriented intensification projects HIP is building more than just great new homes and commercial spaces, we are adding to the vibrancy of these already thriving urban neighbourhoods.
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, notably the expectation that the transaction will close within the third quarter, 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.
SOURCE: Brick Brewing Co. Limited
For further information:
George Croft, President & CEO, Brick Brewing Co. Limited, (519)742-2732 x147