SUN-RYPE ANNOUNCES ACQUISITION OF YAKAMA JUICE
TSX: SRF
KELOWNA, BC, Oct. 1 /CNW/ - Sun-Rype Products Ltd. (TSX:SRF) ("Sun-Rype" or the "Company") announced today that it has entered into an agreement to acquire the business and assets of Yakama Juice, LLC, ("Yakama") of Selah, Washington. The transaction, which is subject to certain post-closing conditions, closed effective September 30, 2010.
Yakama has been a key supplier of Sun-Rype's beverage products for several years and is owned by the Confederated Tribes and Bands of the Yakama Nation. It is a significant fruit processor and manufacturer of beverages in both plastic and glass containers, supplying leading beverage companies and retailers in both the United States and Canada. The facility is USDA compliant, HACCP approved, and certified organic by the Washington State Department of Agriculture. Yakama's annual sales are approximately $17 million.
"This acquisition presents Sun-Rype with some very exciting growth opportunities, expanding our breadth of processing and manufacturing capabilities and increasing our access to the abundant fruit supply in the Pacific Northwest region," stated Dave McAnerney, President and Chief Executive Officer of Sun-Rype.
Sun-Rype Products Ltd., based in Kelowna, BC, is a manufacturer and marketer of fruit-based juices and snacks. Sun-Rype is a publicly traded Canadian company with its common shares listed on the Toronto Stock Exchange under the symbol SRF.
Forward Looking Statements
Statements contained in this press release, which are not based on historical fact, including without limitation, statements containing the words "may", "will", "plans", "intends", "expects", "anticipates", "believes", "estimate", "continue" and similar expressions, constitute "forward looking information" within the meaning of applicable Canadian securities laws. Forward looking statements contained in this document may involve, but are not limited to, statements relating to the Company's objectives, priorities, strategies, actions, targets, expectations and outlook. Forward looking statements are necessarily based upon assumptions and predictions with respect to the future, including but not limited to the factors referred to below. As a result, forward looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied thereby. These risks, uncertainties and other factors include, but are not limited to, changes in the consumer packaged goods industry and external market factors, as well as the factors referred to in the Company's Annual Information Form dated March 4, 2010, and its other filings with the applicable Canadian securities regulatory authorities. In light of these uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward looking statements. Except as required by law, the Company assumes no obligation to update or revise such information to reflect later events or developments.
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For further information: Dave McAnerney, President & Chief Executive Officer, Sun-Rype Products Ltd., 1165 Ethel Street, Kelowna, BC, V1Y 2W4, Tel: (250) 860-7973, Fax: (250) 762-3611, [email protected]; or Don VanderZwaag, Vice President, Finance & CFO, Sun-Rype Products Ltd., 1165 Ethel Street, Kelowna, BC, V1Y 2W4, Tel: (250) 860-7973, Fax: (250) 762-3611, [email protected]; www.sunrype.com
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