TORONTO, Feb. 19, 2013 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC"
or the "Company") (TSX: SCP) is pleased to announce that its subsidiary
One Earth Farms Corp. ("One Earth Farms") has acquired Toronto based
Beretta Farms Inc. ("Beretta Farms"), a purveyor of hormone free and
antibiotic free natural and organic branded meat products in Ontario
and British Columbia.
Beretta Farms was founded 20 years ago by Mike and Cynthia Beretta who,
together with Elvio DelZotto their partner for the last 10 years, have
grown the Beretta natural and organic product range into a market
leading brand of fresh beef, poultry, deli products and meal solutions
in the greater Toronto and Vancouver markets. Beretta Farms products
are available to consumers through selected national grocery chains,
leading natural and organic retailers, direct home delivery, and a
specialty catering operation that provides meals to professional
athletes and corporate clients based around the Beretta product line.
In connection with the transaction, Mike Beretta will join the
executive committee of One Earth Farms as the Chief Operating Officer.
Commenting on the transaction, CEO for One Earth Farms, Larry Ruud said,
"I am pleased to welcome Beretta Farms to the One Earth Farms family.
Mike and Cynthia Beretta are market visionaries with a passion for
farming and the marketing of natural and organic meat products. The
Beretta Farms supply chain and consumer brands perfectly complement the
One Earth Farms source of beef from our more than 17,000 animal herd of
top quality natural and organic cattle. With Mike and Cynthia remaining
actively involved in the day to day operation of the business, this
combination gives One Earth Farms an integrated business model and
broadens our reach from the farm to the end consumer where there is
increasing interest in naturally raised meats, food traceability and
best practices in animal care."
Mike Beretta added, "Cynthia and I are delighted that we can continue
the growth and evolution of our business through this partnership with
One Earth Farms. The fit between the Beretta brand, our customer base
of prestigious retailers and the organic and natural cattle supply of
One Earth Farms make this joint entity an ideal platform for growth. "
This transaction is the first instance of One Earth Farms' strategy of
vertical integration and branded food products which it is expected
will allow the company to meet the needs of retailers and consumers,
while generating increased margins from an integrated supply chain.
After giving effect to the consideration of cash and common shares in
One Earth Farms paid to the vendors of Beretta Farms, SRC's basic
ownership in One Earth Farms will be approximately 54.3%.
About One Earth Farms Corp.
One Earth Farms is a Canadian based agri-food and consumer products
business dedicated to delivering farm to fork protein products from its
cattle and crop businesses for consumers who are interested in their
health and wellbeing.
One Earth Farms operates a series of cattle and grain/oil-seed farms
across the prairie provinces of Canada to support the One Earth Farms'
goal of ensuring absolute food traceability from the farm to the
One Earth Farms offers natural and organic products in fresh meat
proteins, meal solutions, snack and specialty prepared meals directed
towards high performance athletes. The One Earth Farms products are
sold under the brand names 'Beretta', 'Last Rep' and 'Protein Puck'
through home delivery, fitness establishments, key national chain
stores and select regional chains and independent retailers
predominantly in the Ontario/GTA and Vancouver regions.
About Sprott Resource Corp.
SRC is a Canadian-based company, the primary purpose of which is to
invest and operate in natural resources. Through acquisitions, joint
ventures and other investments, SRC seeks to provide its shareholders
with exposure to the natural resource sector for the purposes of
capital appreciation and real wealth preservation. SRC is well
positioned to draw upon the considerable experience and expertise of
both its Board of Directors and Sprott Consulting LP (SCLP), of which
Sprott Inc. is the sole limited partner. Pursuant to a management
services agreement between SCLP and SRC, SCLP provides day-to-day
business management for SRC as well as other management and
administrative services. SRC invests and operates through Sprott
Resource Partnership (SRP), a partnership between SRC and Sprott
Resource Consulting Limited Partnership, an affiliate of SCLP which is
the managing partner of SRP.
Forward-looking Information and Statements
This news release contains certain forward-looking information and
statements within the meaning of applicable securities laws. The use of
any of the words "expect", "anticipate", "continue", "estimate", "may",
"will", "project", "remain", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. In particular, but without limiting the
forgoing, this news release contains forward-looking information and
statements pertaining to: (i) SRC's basic ownership in One Earth Farms
following completion of the acquisition; (ii) the future growth and
evolution of Beretta Farms; (iii) the ability of One Earth Farms to
capitalize on increasing consumer interest in naturally raised meats,
food traceability and best practices in animal care; (iv) the continued
active involvement of Mike and Cynthia Beretta with Beretta Farms; (v)
Mike Beretta joining the executive committee of One Earth Farms as the
Chief Operating Officer; and (vi) One Earth Farms' strategy of vertical
integration and branded food products and the expectation that such
strategy will allow One Earth Farms to meet the needs of retailers and
consumers, while generating increased margins from an integrated supply
chain. Forward-looking information or statements are based on a number
of expectations or assumptions which have been used to develop such
information and statements but which may prove to be incorrect.
Although SRC believes the expectations and assumptions reflected in
such forward-looking information and statements are reasonable, undue
reliance should not be placed on forward-looking information and
statements because SRC can give no assurance that such expectations and
assumptions will prove to be correct. The forward-looking information
and statements included in this news release are not guarantees of
future performance and should not be unduly relied upon. Such
information and statements, including the assumptions made in respect
thereof, involve known and unknown risks, uncertainties and other
factors, which may cause actual results or events to differ materially
from those anticipated in such forward-looking information or
statements, including, but not limited to: (i) uneconomic conditions,
operational issues or a change in plans or strategy by One Earth Farms
or Beretta Farms; (ii) changes to market demands; (iii) changes to the
Beretta Farms supply chain and consumer brands; (iv) changes to One
Earth Farms cattle supply; and (v) those risks listed under the heading
"Risk Factors" in SRC's annual information form dated March 27, 2012.
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking information and
statements prove incorrect, actual results, performance or achievements
could vary materially from those expressed or implied by the
forward-looking information and statements contained in this release.
The forward-looking information and statements contained in this news
release speak only as of the date of this news release, and SRC does
not assume any obligation to publicly update or revise any of the
included forward-looking statements or information, whether as a result
of new information, future events or otherwise, except as may be
expressly required by applicable securities laws.
SOURCE: Sprott Resource Corp.
For further information:
Chief Financial Officer
Sprott Resource Corp.
200 Bay Street, Suite 2750
Tel: (416) 977-7333
Fax: (416) 977-9555