Big Rock Brewery Announces Closing of Etobicoke Divestiture
CALGARY, AB, June 18, 2021 / CNW / – Big Rock Brewery Inc. (TSX: BR) (“Big rock“or the”society“) is pleased to announce the closing of the sale of its Etobicoke assets and the assignment of its related rental obligations to a private counterparty for a total cash consideration of $ 2.1 million, net of transaction fees.
As previously announced, the cash proceeds will be used to fully repay the Company’s equipment rental obligations associated with the Etobicoke assets, in addition to increasing the Company’s capital budget for 2021 related to its information technology and digital transformation initiatives.
The Company will continue to meet market demand by Ontario through the use of its brewing assets at its Toronto Liberty Commons location.
Certain statements contained in this press release constitute forward-looking statements. These statements relate to future events or the future performance of Big Rock. All statements, other than statements of historical fact, may be forward-looking statements. Forward-looking information is not facts, but predictions only and can generally be identified by the use of statements that include words or phrases such as, “anticipate”, “believe”, “continue”, “might” , “estimate”, “expect”, “intend”, “probable”, “may”, “project”, “predict”, “propose”, “potential”, “could”, “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 these forward-looking statements. Big Rock believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that such expectations will prove to be correct and readers should not place undue reliance on the forward-looking statements included in this press release, as actual results may differ materially from these forward-looking statements. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement. In particular, this press release contains forward-looking statements regarding Big Rock’s ability to meet market demand by Ontario.
With respect to the forward-looking statements listed above and contained in this press release, management has made assumptions regarding, among other things, market demand for Ontario.
Some of the risks that 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 forth in the Company’s annual information form and also include, but without limitation,, that Big Rock’s brewing assets at its Toronto Liberty Commons location will not be able to meet market demand by Ontario.
Readers are cautioned that the foregoing list of assumptions and risk factors is not exhaustive. The forward-looking information and statements contained in this document are expressly qualified in their entirety by this cautionary statement. The forward-looking information and statements included in this press release are made as of the date hereof and Big Rock assumes no obligation to publicly update such forward-looking information and statements to reflect new information, subsequent events or otherwise, unless required by applicable securities laws.
About Big Rock Brewery Inc.
In 1985, Ed mcnally founded Big Rock to challenge the brewing trends of the time. Three bold European-inspired offerings – Bitter, Porter and Traditional Ale – have forged an industry rich in both easy-drinking and light-flavored lagers. Today, our extensive portfolio of exclusive beers, current seasonal offers, six ciders (Rock Creek Cider® series), custom-made private label products and other outstanding licensed alcoholic beverages keep us at the forefront. cutting edge of the craft beer revolution and proudly continues to compete. current trends in beer and alcoholic beverages. 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.
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