HAMILTON, ON, March 12 /CNW/ - Lakeport Brewing Income Fund (TSX: TFR.UN)
today announced that its has finalized its financing arrangements with the
National Bank of Canada, the Fund's current lender, for a revolving credit
facility of up to $5 million. The facility will be used as necessary for
capital projects that are related to permanent cost reductions and increased
production capacity at the facility.
"Due to the significant growth of the Ontario can industry and Lakeport's
success since launching Lakeport's proprietary brands in this package format,
the capital commitments are intended to improve efficiencies related to the
production of cans as well as increase capacity" said George Croft, Lakeport's
President and Chief Operating Officer.
"Our Lakeport beer in cans is made right here in Ontario. We have always
had a can line and with our new available financing we can continue to grow
our can business in a very cost efficient manner. Unlike other brewers who
have their canned beer made in the USA, we are very proud to continue to
invest in Ontario at our Hamilton brewery in order to continue to grow our can
business in the important Ontario market" said Teresa Cascioli, Lakeport's
Chair and Chief Executive Officer.
The revolving credit facility has a term to June 2008, is repayable at
any time without penalty and bears interest at the rate currently in place for
the existing revolving credit facility used for operating purposes, which is a
floating rate based on the Canadian prime rate.
Lakeport Brewing Income Fund is an Ontario-based brewery focused on
producing value-priced quality beer for the Ontario take-home market. Lakeport
produces nine proprietary beer brands, two of which, Lakeport Honey Lager and
Lakeport Pilsener, are amongst the top ten selling brands in the province of
Ontario. Lakeport has more than 200 employees at its production facility in
Hamilton, Ontario. The Fund's units trade on the TSX under the symbol TFR.UN
(TFR stands for 'two-four').
Certain statements in this press release may constitute "forward-looking"
statements that involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements of the
Fund to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. When
used in this press release, such statements use such words as "may", "will",
"expect", "anticipate", "project", "believe", "plan", and other similar
terminology. The risks and uncertainties are detailed from time to time in
reports filed by the Fund with the securities regulatory authorities in all of
the provinces and territories of Canada to which recipients of this press
release are referred for additional information concerning the Fund, its
prospects and the risks and uncertainties relating to the Fund and its
prospects. New risk factors may arise from time to time and it is not possible
for management to predict all of those risk factors or the extent to which any
factor or combination of factors may cause actual results, performance and
achievements of the Fund to be materially different from those contained in
forward-looking statements. The forward-looking information contained in this
press release is current only as of the date of this press release. There
should not be an expectation that such information will in all circumstances
be updated, supplemented or revised whether as a result of new information,
changing circumstances, future events or otherwise.
For further information:
For further information: Teresa Cascioli, Chair and Chief Executive
Officer, Lakeport Brewing Income Fund, firstname.lastname@example.org;
To find out more about Lakeport Brewing Income Fund (TSX: TFR.UN), visit our
website at http://www.lakeportbrewing.ca