Canada: Big Rock Brewery announces sale of Kamloops Brewery assets
Big Rock Brewery Income Trust reported on October 12 to Unitholders that it has sold all of the assets used in connection with the brewery located in Kamloops, British Columbia (the "Kamloops Brewery") to a British Columbia based arm's length private investor group for cash proceeds of C$4,970,000. After deducting professional fees and income taxes this transaction will not have a material impact on net income.
The Kamloops Brewery was responsible for producing 8,545 HL of Big Rock's total production of 192,674 HL during 2004. The main brands produced at the Kamloops Brewery (which brands were included as part of the sale) include Black Bear Ale, Whistler Creme Ale, Whistler Premium Lager, Whistler Black Tusk, Bowen Special Bitter and private label beers for three major restaurant chains. The Joe Stiff's vodka based beverages, which are also produced at the Kamloops Brewery (excluding the licensing rights to the Joe Stiff's Whipped Orange vodka based beverage which was retained by Big Rock) were also included in the sale. None of Big Rock's primary products which are produced at its brewery operation in Calgary, Alberta were subject to the sale.
The Board of Directors of Big Rock has determined that it is in the best interest of the Unitholders for Big Rock to sell off its non-core brands and redundant brewing assets based in Kamloops in order to continue to focus on Big Rock's primary brands while consolidating its brewing operations and more fully utilizing its existing excess brewing capacity at its head office facility located in Calgary, Alberta.
Big Rock retained Lightyear Capital Inc. to advise it on the disposition and the auction process with respect to the Kamloops Brewery.
Big Rock is an unincorporated open-ended limited purpose trust established under the laws of the Province of Alberta. Big Rock is a regional producer and marketer of premium quality beers, headquartered in Calgary, Alberta, Canada. Big Rock's products are available in draught, bottles and cans. Big Rock products are marketed in seven provinces and three territories in Canada.
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