CALGARY, AB, June 18, 2021 /CNW/ - Big Rock Brewery
Inc. (TSX: BR) ("Big Rock" or the
"Corporation") is pleased to announce the closing
of the sale of its Etobicoke
assets and assignment of its related lease obligations to a private
counterparty for total cash consideration of $2.1 million, net of transaction costs.
As previously announced, the cash proceeds will be used to make
full repayment of the Corporation's equipment lease liabilities
associated with the Etobicoke
assets, in addition to increasing the Corporation's 2021 capital
budget related to its information technology and digital
transformation initiatives.
The Corporation will continue to meet market demand in
Ontario through utilization of its
brewing assets at its Toronto Liberty Commons location.
Forward-Looking Information
Certain statements contained in this news release constitute
forward-looking statements. These statements relate to future
events or Big Rock's future performance. All statements, other than
statements of historical fact, may be forward-looking statements.
Forward-looking information are not facts, but only predictions and
generally can be identified by the use of statements that include
words or phrases such as, "anticipate", "believe", "continue",
"could", "estimate", "expect", "intend", "likely" "may", "project",
"predict", "propose", "potential", "might", "plan", "seek",
"should", "targeting", "will", and similar expressions. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. Big Rock believes that the expectations reflected in
those forward-looking statements are reasonable but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements included in this news release
should not be unduly relied upon by readers, as actual results may
vary materially from such forward-looking statements. These
statements speak only as of the date of this news release and are
expressly qualified, in their entirety, by this cautionary
statement. In particular, this news release contains
forward-looking statements pertaining to Big Rock's ability to meet
market demand in Ontario.
With respect to the forward-looking statements listed above and
contained in this news release, management has made assumptions
regarding, among other things, the market demand in Ontario.
Some of the risks which could affect future results and could
cause results to differ materially from those expressed in the
forward-looking information and statements contained herein include
the risk factors set out in the Corporation's annual information
form and also include, but are not limited to, that Big Rock's
brewing assets at its Toronto Liberty Commons location will not be
able to meet market demand in Ontario.
Readers are cautioned that the foregoing list of assumptions and
risk factors is not exhaustive. The forward-looking information and
statements contained herein are expressly qualified in their
entirety by this cautionary statement. The forward-looking
information and statements included in this news release are made
as of the date hereof and Big Rock does not undertake any
obligation to publicly update such forward-looking information and
statements to reflect new information, subsequent events or
otherwise unless so required by applicable securities laws.
About Big Rock Brewery Inc.
In 1985, Ed McNally founded Big
Rock to contest the time's beer trends. Three bold,
European-inspired offerings – Bitter, Porter and Traditional
Ale – forged an industry at a time heavy on easy drinking
lagers and light on flavour. Today, our extensive portfolio of
signature beers, ongoing seasonal offerings, six ciders (Rock
Creek Cider® series), custom-crafted private label products and
other notable, licensed
alcoholic beverages keeps us at the forefront of the craft beer revolution and still proudly
contesting the beer and alcoholic beverage
trends of today. Big Rock has brewing operations in Calgary, Alberta, Vancouver,
British Columbia, and Toronto, Ontario.
Big Rock trades
on the TSX under the symbol "BR". For more information on Big Rock visit www.bigrockbeer.com.
SOURCE Big Rock Brewery Inc.
