KITCHENER, ON, April 17, 2015 /CNW/ - Brick Brewing Co. Limited ("Brick" or the "Company") (TSX.BRB) today provided an update on the $9 million brewhouse expansion project underway at the Kitchener facility. The expansion represents the largest investment by Brick Brewing in the Company's history.
Russell Tabata, Chief Operating Officer at Brick Brewing, said, "Despite the challenges of a colder than normal winter and the associated impacts on construction, we're pleased to report that our brewhouse expansion project is right on track in terms of both timing and capital investment. The new equipment has been delivered and the construction of the expanded building footprint is well underway. Over the next several months we will be completing the equipment installation and commissioning of the new brewhouse with full production ramp up by the end of October 2015. In the meantime, we expect to open the doors on our new Kitchener retail store in time for the peak summer season. This will give customers in our local market of Kitchener-Waterloo another retail option for our Waterloo craft premium beers and Seagram malt coolers."
Brick announced the $9 million project in September 2014. Following the sale of Brick's King Street property in Waterloo and funding awarded under the South Western Ontario Development Fund, the Company's incremental investment in the project will be approximately $4 million. Upon completion, the project will deliver a minimum of $1 million in recurring annual savings.
George Croft, President and Chief Executive Officer at Brick, added, "This major investment in a new brewhouse at our Kitchener Brewery speaks to our commitment to the future of Brick Brewing in Ontario, but more importantly to our willingness to consistently raise our standards and ensure that our Kitchener Brewery is competitive with the large international brewers.
"We are delighted with this announcement as the new leading edge brewhouse will enable Brick's Kitchener brewery to remain competitive with the largest brewers in the world," said Berry Vrbanovic, Mayor of Kitchener. "By increasing the productivity of its brewery and employing approximately 130 local residents in this state of the art manufacturing facility, the company will continue to contribute to the growth our local economy."
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 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 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.
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.
SOURCE Brick Brewing Co. Limited
For further information: George Croft President and CEO at (519)742-2732 x147 or [email protected]