Brio Industries Sells Springfield Water Operations For CDN $6,630,000.VANCOUVER, Canada--(BUSINESS WIRE)--Sept. 1, 1998--BRIO INDUSTRIES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BRIOF) announced today the sale of its Springfield Water operations for CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $6,630,000 to Canadian Springs Water Company Limited of Vancouver. The purchase price consists of CDN$6,000,000 (or more than CDN$0.85 per share) in cash and CDN$630,000 of assumed indebtedness. Brio (Brio Technology, Palo Alto, CA, www.brio.com) A software company founded in 1989 and acquired by Hyperion Solutions Corporation in 2003 that specialized in enterprise analysis and reporting programs that run on several platforms. will record a one time gain of more than CDN$4,000,000 associated with the sale in its 1998 fiscal second quarter (ended August 31, 1998). Brio will retain its spring at Mount Woodside, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography and continue bulk water sales from that location. Pursuant to the agreement, Canadian Springs will be able to purchase water from Brio's Mount Woodside spring. Ralph D. McRae, Chairman and Chief Executive Officer of Brio, said, "Brio's core growth strategy is focused on bolstering and enhancing our Integrated Distribution System (IDS) program - offering turnkey, one-stop shopping to beverage brand owners. The Springfield Water unit, which generated fiscal 1997 revenues of approximately CDN$2.8 million, was not integral to our long-term plans. Importantly, we will be able to deploy the sale proceeds toward a number of significant uses including: the implementation of our Integrated Information System, the purchase of additional coolers and vending equipment, general working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and repayment of debt." Brio is the largest independent packager and distributor of soft drinks, juices, waters and new age beverages in Canada. Statements in this news release that are not historical are to be regarded as forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties with respect to the Company's business include general economic conditions, weather conditions, changing beverage consumption trends, pricing, the availability of raw materials and economic uncertainties, including currency.
CONTACT: Paula Kelly
Vice-President Corporate Relations
Brio Industries Inc.
800/729-2746 (lcl 240)
invest@brio-ind.com
or
Robert Rinderman, Vicki Siegel
Jaffoni & Collins Incorporated
212/835-8500 or briof@jcir.com
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion