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Published in House and Home on Thursday, May 2nd 2013 at 9:00 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
May 02, 2013 11:45 ET
Russell Breweries Inc.: Test Craft Brewery to Open in Eastern China
Update on Technology and Trademark License Agreement for China
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 2, 2013) - Further to the agreement signed with FVI Capital Inc. ("FVI") in October 2012, Russell Breweries Inc. ("RBI") (TSX VENTURE:RB) announces that a test brewery and brewpub restaurant is scheduled to open this summer in Hefei, China. Hefei is the largest city of Anhui Province of Eastern China with a population of 5.7 million. It is a booming industrial city that has had very strong economic growth and is open to international investment.
"Our partners in China have broken ground on building its test brewery and adjoining brewpub-style restaurant in the city of Hefei," said Brian Harris, CEO Russell Breweries Inc. "Scheduled to open this summer, the brewery will be the first in the region to offer high-end, small-batch beers to North American craft brewing standards."
On October 9th, 2012, Russell Breweries Inc. signed a definitive agreement with FVI Capital Inc. for a non-exclusive technology and trade mark license agreement to import, produce, package, use, market, sell and distribute Russell brands in China, Hong Kong and Taiwan. Under the terms of the agreement, a new Company named Russell Breweries China Inc. ("RBCI") has been established and Russell Breweries Inc. has subscribed for a 20% equity position. FVI Capital Inc. is a Vancouver based private equity company and a member of the Anyi Capital Group in Shanghai, China.
"The principal terms of the agreement included an initial up-front licensing fee and ongoing royalties based on volume of beer produced and sold in China," explained Brian Harris. "We look forward to the opening of this test brewery and to continuing to build on the relationship with FVI Capital and Russell Breweries China to optimize opportunities in China and North America."
About Russell Breweries Inc.
Russell Breweries Inc. is leading Western Canadian brewer. It brews, markets, sells and distributes a diverse portfolio of award-winning beers that are produced by its wholly-owned regional breweries: Russell Brewing Company in British Columbia and Fort Garry Brewing Company in Manitoba. Both breweries are dedicated to producing high-quality, flavourful ales and lagers. Russell Breweries Inc. is publicly listed on the TSX Venture Exchange (TSX VENTURE:RB).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
