TAMPA,
Fla. and STAMFORD,
Conn., Oct. 15, 2024 /PRNewswire/ - Primo Water
Corporation (NYSE: PRMW) (TSX: PRMW) ("Primo Water") today
announced that its Board of Directors declared a special dividend
of US$0.82 per share on its common
shares, payable in cash on November 21,
2024 to shareowners of record at the close of business on
November 5, 2024, in connection with
the previously announced all-stock combination ("Transaction") of
Primo Water and BlueTriton Brands, Inc. ("BlueTriton").
Additional information related to the Transaction can also be
found on the investor relations section of our website:
https://primowatercorp.com/investors/merger.
ABOUT PRIMO WATER CORPORATION
Primo Water is a leading North
America-focused pure-play water solutions provider that
operates largely under a recurring revenue model in the large
format water category (defined as 3 gallons or greater). This
business strategy is commonly referred to as "razor-razorblade"
because the initial sale of a product creates a base of users who
frequently purchase complementary consumable products. The razor in
Primo Water's revenue model is its industry leading line-up of
innovative water dispensers, which are sold through approximately
11,350 retail locations and online at various price points. The
dispensers help increase household and business penetration which
drives recurring purchases of Primo Water's razorblade offering or
water solutions. Primo Water's razorblade offering is comprised of
Water Direct, Water Exchange, and Water Refill. Through its Water
Direct business, Primo Water delivers sustainable hydration
solutions direct to customers, whether at home or to businesses.
Through its Water Exchange business, customers visit retail
locations and purchase a pre-filled bottle of water. Once consumed,
empty bottles are exchanged at our recycling center displays, which
provide a ticket that offers a discount toward the purchase of a
new bottle. Water Exchange is available in approximately 17,950
retail locations. Through its Water Refill business, customers
refill empty bottles at approximately 23,500 self-service refill
drinking water stations. Primo Water also offers water filtration
units across North America.
Primo Water's water solutions expand consumer access to
purified, spring, and mineral water to promote a healthier, more
sustainable lifestyle while simultaneously reducing plastic waste
and pollution. Primo Water is committed to its water stewardship
standards and is proud to partner with the International Bottled
Water Association (IBWA) in North
America which ensures strict adherence to safety, quality,
sanitation and regulatory standards for the benefit of consumer
protection.
Primo Water is headquartered in Tampa,
Florida (USA). For more information, visit
www.primowatercorp.com.
ABOUT BLUETRITON
BlueTriton Brands, Inc. is a water and beverage company in
North America that produces and
distributes a portfolio of brands of spring water, purified water,
and other beverages, which include Poland Spring®,
Deer Park®,
Ozarka®, Ice Mountain®, Zephyrhills®,
Arrowhead®, Origin™, Saratoga®,
AC+ION®, Pure Life®, B'EAU®, and
Splash Refresher™.
BlueTriton also owns and operates ReadyRefresh®, a
reuse and refill platform for home and office beverage delivery in
the United States, providing
access to a broad portfolio of water and beverage products, the
majority of which are sold in reusable, multi-serve bottles. As one
of the leaders in home delivery and reusable packaging, the company
strives to save customers time by conveniently and more sustainably
delivering products to their door. ReadyRefresh is proud of its
role in helping reduce waste by delivering healthy hydration to our
neighbors, businesses, and communities in 3- and 5-gallon reusable
bottles, which are collected, sanitized, and refilled.
Headquartered in Stamford,
Connecticut, BlueTriton is a privately held company with
operations and distribution primarily in the United States and Canada, employing more than 7,000 employees.
BlueTriton manages water resources for long-term sustainability and
helps protect more than 20,000 acres of watershed area owned by the
company from harm and destruction. The company owns, leases or has
rights to collect water from more than 50 active spring sites and
has 30 production facilities across North
America, with some verified to the Alliance for Water
Stewardship ("AWS") Standard. BlueTriton is a Water Champion with
The Water Council and has committed to be verified under their WAVE
program.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities legislation, including Section 27A of the U.S.
Securities Act of 1933 and Section 21E of the U.S. Securities
Exchange Act of 1934 conveying management's expectations as to the
future based on plans, estimates and projections at the time of
such statements. Forward-looking statements involve inherent risks
and uncertainties and several important factors could cause actual
results to differ materially from those contained in any such
forward-looking statement. You can identify forward-looking
statements by words such as "may," "will," "would," "should,"
"could," "expect," "aim," "anticipate," "believe," "estimate,"
"intend," "plan," "predict," "project," "seek," "potential,"
"opportunities," and other similar expressions and the negatives of
such expressions. However, not all forward-looking statements
contain these words. The forward-looking statements contained
in this press release include, but are not limited to, statements
regarding the planned dividend and the Transaction, and other
statements that are not historical facts. The forward-looking
statements are based on Primo Water and BlueTriton's current
expectations, plans and estimates. Primo Water and BlueTriton
believe these assumptions to be reasonable, but there is no
assurance that they will prove to be accurate.
You should carefully consider the risks and uncertainties
described in the "Risk Factors" section of the management
information circular and proxy statement on Schedule 14A discussed
below and other documents filed by Primo Water from time to time
with the U.S. Securities and Exchange Commission ("SEC") and
applicable Canadian securities regulatory authorities. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Readers are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date hereof.
Primo Water and BlueTriton do not undertake to update or revise any
of these statements considering new information or future events,
except as expressly required by applicable law.
Additional Information and Where to Find It
This press release relates to the proposed Transaction between
Primo Water and BlueTriton. In connection with the Transaction, on
October 7, 2024, Primo Water filed a
definitive management information circular and proxy statement on
Schedule 14A (the "Proxy Statement") containing important
information about the Transaction and related matters.
Additionally, Primo Water has and will continue to file other
relevant materials in connection with the Transaction with
applicable securities regulatory authorities. Investors and
security holders of Primo Water are urged to carefully read the
entire Proxy Statement (including any amendments or supplements to
such documents) and any other relevant materials filed with the SEC
and applicable Canadian regulatory authorities when they become
available before making any voting decision with respect to the
Transaction because they will contain important information about
the Transaction and the parties to the Transaction. The Primo Water
Proxy Statement has been mailed to Primo Water shareholders and is
accessible on the EDGAR and SEDAR+ profile of Primo Water.
Investors and security holders of Primo Water are able to obtain a
free copy of the Proxy Statement, as well as other relevant filings
containing information about Primo Water and the Transaction,
including materials that will be incorporated by reference into the
management information circular and proxy statement, without
charge, at the SEC website (www.sec.gov), the SEDAR+ website
(www.sedarplus.ca) or from Primo Water's investor relations website
(www.primowatercorp.com/investors/).
Participants In Solicitation
Primo Water and BlueTriton and their respective directors,
executive officers and other members of management and certain
employees may be deemed to be participants in the solicitation of
proxies from Primo Water shareholders in connection with the
Transaction. Information regarding Primo Water's directors and
executive officers and their ownership of Primo Water securities is
set forth in Proxy Statement under the heading "Description of the
Transaction — Interests of the Company's Directors and Management
in the Transaction." To the extent such person's ownership of
Primo Water's securities has changed since the filing of such proxy
statement, such changes have been or will be reflected on
Statements of Changes in Beneficial Ownership on Form 4 filed with
the SEC. Information regarding the persons who may, under SEC
rules, be deemed participants in the solicitation of proxies to
Primo Water shareholders in connection with the Transaction is set
forth in the Proxy Statement . Other information regarding the
participants in the Primo Water proxy solicitation and a
description of their direct and indirect interests in the
Transaction, by security holdings or otherwise, are or will be
contained in Proxy Statement and other relevant materials to be
filed with the SEC in connection with the Transaction. Copies of
these documents may be obtained, free of charge, from the SEC or
Primo Water as described in the preceding paragraph.
Website: www.primowatercorp.com
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SOURCE Primo Water Corporation