WATERLOO, ON, Feb. 1 /CNW/ - BenBrick Holdings Inc. ("BenBrick Holdings")
has agreed to acquire an aggregate of 3,154,843 common shares of Brick Brewing
Co. Limited ("Brick"). BenBrick Holdings is controlled by Jim Brickman, the
Founder of Brick.
The common shares to be purchased by BenBrick Holdings represent
approximately 14.4% of the issued and outstanding common shares of Brick and
the closing is expected to occur shortly. BenBrick Holdings has also agreed
with Laurence Capital Fund III L.P. ("Laurence Capital Fund"), which is
controlled by Laurence Capital Corp., that Laurence Capital Fund will
subscribe for shares of BenBrick Holdings and become the controlling
shareholder of BenBrick Holdings. BenBrick Holdings, Laurence Capital Corp.
and Jim Brickman will, as a result of these transactions, jointly own or
exercise control or direction over, in the aggregate, 4,347,840 issued Brick
common shares, which represent approximately 19.9% of the issued and
outstanding Brick common shares.
Ronald L. Fowler, a director of Brick, and Liquid Investments, Inc., a
company controlled by Mr. Fowler, have agreed to sell, in the aggregate,
2,287,500 common shares of Brick (representing approximately 10.5% of the
issued and outstanding common shares of Brick) to BenBrick Holdings as part of
these transactions. On closing, Liquid Investments, Inc. will no longer own or
exercise control or direction over any common shares of Brick.
The purchase by BenBrick Holdings of the additional common shares of
Brick will be made for investment purposes and BenBrick Holdings, Laurence
Capital Corp. and Jim Brickman have no present intention to further increase
their beneficial ownership of or control or direction over Brick shares.
BenBrick Holdings, Laurence Capital Corp. and Jim Brickman may in the future
take such actions in respect of their holdings as they deem appropriate in
light of the circumstances then existing, including the purchase of additional
shares or other securities of Brick through open market purchases or privately
negotiated transactions, or the sale of all or a portion of their holdings in
the open market or in privately negotiated transactions to one or more
For further information:
For further information: James R. A. Brickman, BenBrick Holdings Inc.,
181 King Street South, Waterloo, ON, N2J 1P7, Tel: (519) 576-9100 x.232