WATERLOO, ON, Jan. 11, 2012 /CNW/ - Brick Brewing Co. Limited (TSX: BRB) has been informed that the Ontario Craft Brewers Opportunity Fund, administered by Ontario's Ministry of Economic Development and Innovation, will officially come to an end. The OCBOF was launched in 2008 by the Liberal government as an $8 million, four-year commitment to help support craft brewers in Ontario and the significant economic contribution they make to the province.
"The Ontario Craft Brewers Opportunity Fund allowed us to make an investment in the growth of our business that was otherwise not affordable at the time. Since the inception of the OCBOF, our owner brands have grown significantly, we've created new jobs and beer drinkers in Ontario have benefited from a real explosion of some wonderful craft brews from our company and other Ontario craft brewers." said George Croft, President and CEO of Brick Brewing. "Although we had planned for cancellation, this fund allowed us to better compete with foreign-owned multinational beer giants, especially in Ontario where they own and operate the primary retail channel, The Beer Store. The OCBOF helped to level out this playing field." added Croft.
Over the last few years Ontario's beer drinkers have come to enjoy the high quality and everyday low price of the Laker family of beers from Brick Brewing Company as well as distinctive Whiskey Amber, Radlermass, Wheat and Dark beers under the Waterloo brand. "We're very proud of how hard we made every OCBOF dollar work to push our business ahead." offered Croft. "We will continue to aggressively alter the cost structure of our business, while continuing to invest in the quality of our products and brand awareness. Should this program be reinstated at some point, we'd look forward to making sure Ontario's beer drinkers are the ones who benefit the most."
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 brand premium craft beers with other popular brands such as Laker, Red Baron, Red Cap 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:
George Croft, President and CEO at (519) 498-9908