BIG ROCK BREWERY NETS $2.1 MILLION FROM INITIAL SHARE OFFERING
CALGARY, Alberta, July 16 /PRNewswire/ -- Big Rock Brewery Ltd. (NASDAQ: BEER.F) today announced that the company has successfully completed its initial public share offering in the United States. Big Rock Brewery's common stock is approved for trading on the NASDAQ Stock Exchange under the symbol "BEER - F."
The offering of 700,000 common shares, priced at $3.50 (U.S.) per share resulted in net proceeds to Big Rock Brewery of $2,114,000 (U.S.). The offering proceeds will be used to reduce bank debt and to complete an expansion program. The expansion will double the company's Calgary plant annual brewing and bottling capacity to 100,000 hectolitres (approximately 85,000 U.S. barrels) by the fall of 1992.
"The proceeds from the Big Rock share offering on NASDAQ ensures the company's position as a leading producer and marketer of specialty draught and bottled beer," says Ed McNally, Big Rock Brewery's president. "Expanding our plant will allow Big Rock Brewery to meet the growing demands of our markets in Alberta, Seattle, Washington and San Francisco and Los Angeles, Calif."
Included in the plant expansion, is a new Krones filler which reduces the amount of oxygen in the beer to maintain the taste and integrity of Big Rock Brewery's products. This state-of-the-art equipment plus a multistage, cold filtration system allows Big Rock Brewery to distribute its beers from the Yukon and Northwest Territories to Southern California without using any additives, preservatives or pasteurization.
Headquartered in Calgary, Big Rock Brewery Ltd. was incorporated in 1984 as a regional producer and supplier of specialty draught and bottled beer. The company's products are primarily marketed in Alberta, Seattle, San Francisco and Los Angeles.
BIG ROCK BREWERY LTD. FACT SHEET
Big Rock Brewery Ltd.'s share offering on the NASDAQ Stock Market marks the first share issue for the Calgary-based company.
The net proceeds from the U.S. share offering of $2,114,000 (U.S.) is after underwriters' commissions and expenses, but before other expenses of the offering.
The all or none, best efforts offering was managed by Mitchum, Jones & Templeton Inc., of Los Angeles.
Big Rock Brewery Ltd. is a regional producer and marketer of specialty draught and bottled beer.
The company's strength is inherent in its brewing process. Using only pure ingredients, with no additives or adjuncts, Big Rock Brewery beers are unpasteurized to preserve true flavors and micro- filtered to ensure superior freshness.
The first beer the company produced was the British style Traditional Ale in 1985.
Big Rock Brewery currently brews seven varieties of natural, unpasteurized beer plus two seasonal beers. The company's products include: Pale Ale, Traditional Ale, Classical Ale, Cock o'the Rock Porter, McNally's Extra Ale, XO Lager, Royal Coachman Dry Ale, Springbok Ale and Cold Cock Winter Porter.
Big Rock Brewery's brewmaster is responsible for creating the "formulas" for the beers, for brewing operations and quality control.
Company beers are brewed in batches of 50 hectolitres (approximately 32 U.S. barrels). Fermenting the beers in fully enclosed stainless steel tanks ensures the most sterile atmosphere possible.
Big Rock Brewery keeps its beer under pressure to retain the natural carbonation. After fermentation, the beer is filtered through a multi micro-filtration system into bright beer tanks for bottling or kegging. The packaged product is then stored in a refrigerated warehouse prior to shipment to customers.
Since it commenced production, the company has produced a product with distinctive flavors for a segment of the beer market who wish to consume a beer made naturally, without pasteurization, using the purest ingredients and offering a quality alternative to the product of large breweries.
/CONTACT: Ed McNally, president, or Mitch Westnedge, treasurer, of Big Rock Brewery Ltd., 403-279-2917/
(BEER.F) CO: Big Rock Brewery Ltd. ST: Alberta IN: FOD SU: OFR JL -- LA034 -- 9925 07/16/92 16:03 EDT