GLACIER WATER ANNOUNCES WAL-MART AGREEMENT
GLACIER WATER ANNOUNCES WAL-MART AGREEMENT LOS ANGELES, Aug. 11 /PRNewswire/ -- Glacier Water Services Inc.
(AMEX: HOO) today announced that it had entered into an agreement for the placement of its coin-operated, self-service water vending machines with Wal-Mart Stores Inc. (NYSE: WMT). Under the agreement, the company will install and operate Glacier Water vending machines at selected Wal-Mart store locations in Glacier's current five-state market area of California, Arizona, Nevada, Texas and Florida.
Duke Bushong, president and chief operating officer, said, "We are very excited about our new relationship with Wal-Mart, the country's premier retailer, and expect to install approximately 250 Glacier Water vending machines at Wal-Mart locations over the next 12 months. Our relationship with Wal-Mart represents the introduction of coin-operated, self-service water vending machines into the mass merchant retail sector and we are optimistic about the potential additional growth opportunities that this provides us. In a separate announcement, the company disclosed that it has entered into acquisition discussions with National Water Services Inc. of Riviera Beach, Fla. National Water currently operates approximately 250 water vending machines at major supermarket locations, including Food Lion, Albertson's, Publix and Winn-Dixie stores, primarily in Jacksonville and northern Florida. In furtherance of the discussions, Glacier has obtained a one- year option to acquire substantially all of the issued and outstanding common stock of National Water in exchange for Glacier common stock in an amount ranging between 200,000 and 210,000 shares. The intention of the parties is that the combination, if consummated, would be treated for accounting purposes as a pooling-of-interests. Glacier Water Services Inc. is the leading provider of low-price, high-quality drinking water dispensed to consumers through coin- operated, self-service vending machines placed at supermarkets and other retail locations. The company currently operates approximately 3,330 machines in California, Arizona, Nevada, Texas and Florida. -0- 8/11/92 /CONTACT: Jerry R. Welch of Glacier Water, 818-242-3887/ (HOO WMT) CO: Glacier Water Services Inc.; Wal-Mart Stores Inc.; National Water Services Inc. ST: California, Florida IN: FOD REA SU: TNM CON
JB-JL -- LA014 -- 8950 08/11/92 12:04 EDT
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|Date:||Aug 11, 1992|
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