Andrew Peller Limited Receives Final Approval for Port Moody Development Plans
July 31 2023 - 10:45AM
Andrew Peller Limited (ADW.A / ADW.B) (“APL” or the “Company”) is
pleased to announce that following a Regular Council Meeting on
July 25th, the City Council of Port Moody, B.C. gave 4th reading
and approval for the Company’s five-acre site, which will pave the
way for a comprehensive mixed use development project for the
community.
This site was the location of the Company’s
first winery opened by Andrew Peller in 1961. Winery operations
ceased in 2006 and production was moved to Kelowna following the
Company’s acquisition of Calona Wines that year.
Phase one of the project, which covers 76,218
square feet of the site, will create a mixed-use urban
neighborhood, including condo and market rental residential homes,
below market rental artist studios, a 50 space childcare center, an
arts centre that would include a 300 seat performing arts theatre,
and a mix of commercial spaces for retail and office. The plan will
put a focus on the overall Port Moody community with enhancements
to parks, trails, and the implementation of pedestrian and cycling
improvements.
“We are pleased to have received approval of the
Westport Village development plan in the Port Moody community and
would like to thank City Council for their support throughout the
process,” commented John Peller, President and Chief Executive
Officer. “Andrew Peller Limited is proud of its heritage in the
region and thrilled to support the development of a sustainable
urban community that will benefit Port Moody residents for
generations to come.”
The Company will now begin the process of
finding development partners to facilitate the completion of the
project.
For additional information, please see the
article that was published in the Tri City News on July 26,
2023.https://www.tricitynews.com/local-news/andres-wine-site-in-port-moody-will-make-a-proud-statement-says-developer-7328324
About Andrew Peller
LimitedAndrew Peller Limited is one of Canada’s leading
producers and marketers of quality wines and craft beverage alcohol
products. The Company’s award-winning premium and ultra-premium
Vintners’ Quality Alliance brands include Peller Estates, Trius,
Thirty Bench, Wayne Gretzky, Sandhill, Red Rooster, Black Hills
Estate Winery, Tinhorn Creek Vineyards, Gray Monk Estate Winery,
Raven Conspiracy, and Conviction. Complementing these premium
brands are a number of popularly priced varietal offerings,
wine-based liqueurs, craft ciders, beer and craft spirits. The
Company owns and operates 101 well-positioned independent retail
locations in Ontario under The Wine Shop, Wine Country Vintners,
and Wine Country Merchants store names. The Company also operates
Andrew Peller Import Agency and The Small Winemaker’s Collection
Inc., importers and marketing agents of premium wines from around
the world. With a focus on serving the needs of all wine consumers,
the Company produces and markets premium personal winemaking
products through its wholly owned subsidiary, Global Vintners Inc.,
the recognized leader in personal winemaking products. More
information about the Company can be found at
www.ir.andrewpeller.com.
Andrew Peller Limited common shares trade on the
Toronto Stock Exchange (symbols ADW.A and ADW.B).
FORWARD-LOOKING INFORMATIONCertain
statements in this news release may contain “forward-looking
statements” within the meaning of applicable securities laws
including the “safe harbour provisions” of the Securities Act
(Ontario) with respect to APL and its subsidiaries. Such statements
include, but are not limited to, statements about the growth of the
business; its launch of new premium wines and craft beverage
alcohol products; sales trends in foreign markets; its supply of
domestically grown grapes; and current economic conditions. These
statements are subject to certain risks, assumptions, and
uncertainties that could cause actual results to differ materially
from those included in the forward-looking statements. The words
“believe”, “plan”, “intend”, “estimate”, “expect”, or “anticipate”,
and similar expressions, as well as future or conditional verbs
such as “will”, “should”, “would”, “could”, and similar verbs often
identify forward-looking statements. We have based these
forward-looking statements on our current views with respect to
future events and financial performance.
These forward-looking statements are also
subject to the risks and uncertainties discussed in this news
release, in the “Risks and Uncertainties” section and elsewhere in
the Company’s MD&A and other risks detailed from time to time
in the publicly filed disclosure documents of Andrew Peller Limited
which are available at www.sedar.com. Forward-looking statements
are not guarantees of future performance and involve risks,
uncertainties, and assumptions which could cause actual results to
differ materially from those conclusions, forecasts, or projections
anticipated in these forward-looking statements. Because of these
risks, uncertainties and assumptions, you should not place undue
reliance on these forward-looking statements. The Company’s
forward-looking statements are made only as of the date of this
news release, and except as required by applicable law, the Company
undertakes no obligation to update or revise these forward-looking
statements to reflect new information, future events or
circumstances or otherwise.
For more information, please contact:Mr. Paul
Dubkowski, CFO and Executive Vice-President, IT(905) 643-4131
Source: Andrew Peller Limited
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/79207191-b99e-49fd-bfca-b4c931bbdc2a
https://www.globenewswire.com/NewsRoom/AttachmentNg/64fd5c14-e240-402c-a87f-a8d526949224
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