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CANANDAIGUA WINE COMPANY ANNOUNCES AGREEMENT IN PRINCIPLE TO ACQUIRE ASSETS OF VINTNERS INTERNATIONAL

 CANANDAIGUA, N.Y., July 1 /PRNewswire/ -- Canandaigua Wine Company (NASDAQ: WINE A, WINE B and WINE G) ("Canandaigua" or the "Company") announced today that it has entered into an agreement in principle to acquire substantially all of the business and assets of Vintners International Company, Inc. ("Vintners International"). Vintners International is the fifth largest wine producer in the United States. Its principal brands include Paul Masson, Taylor California Cellars, Taylor New York, Deer Valley, St. Regis (non-alcoholic) and Great Western.
 Marvin Sands, Canandaigua's chairman of the board, said, "Based upon historical production figures, when Vintners International and Canandaigua's wine businesses are combined, Canandaigua will be the second largest wine producer in the United States. Historically, Vintners International has had a strong table wine business, while Canandaigua's strengths have been primarily in sparkling and dessert wines. We see this acquisition as rounding out Canandaigua's portfolio enabling it to compete with leading brands in all three segments of the wine business. In addition, this acquisition will significantly increase Canandaigua's presence in the fast-growing varietal table wine segment with well-known brands such as Paul Masson, Taylor and Deer Valley. Vintners International also has a leading position in the emerging non-alcoholic segment of the industry." Sands further pointed out, "Vintners International has a strong export business and together with Canandaigua's exports, the combined Company will be the second largest wine exporter in the United States."
 After giving effect to the previously announced Barton acquisition which was completed on June 29, 1993, Canandaigua is the third largest wine producer, fourth largest marketer of imported beers and eighth largest producer and marketer of distilled spirits, in the United States. The company's principal brands include Corona beer, Wild Irish Rose wines, Cook's sparkling wines, St. Pauli Girl beer, Cisco wines, Cribari wines, Manischewitz wines, Barton Gin and Vodka, Tsingtao beer, Ten High Bourbon and Montezuma Tequila.
 The acquisition of Vintners International by Canandaigua is subject to, among other matters, execution of a definitive purchase agreement and other related agreements, regulatory approvals, board and shareholder approval of Vintners International and board approval of Canandaigua.
 -0- 7/1/93
 /CONTACT: Lynn Fetterman of Canandaigua Wine Company, 716-394-7900, or Beverly Jedynak of Martin E. Janis & Company, 312-943-1100, for Canandaigua Wine Company/
 (WINE)


CO: Canandaigua Wine Company; Vintners International ST: New York IN: FOD SU: TNM

AR -- CL020 -- 7941 07/01/93 17:02 EDT
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Date:Jul 1, 1993
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