PBEV Subsidiary Premium Wine Group to Add Additional 20% Capacity in 2015
(PRWEB) January 12, 2015 -- Premium Beverage Group Inc (OTCMarkets.com: PBEV) is pleased to announce that its wholly owned custom crush facility, Premium Wine Group (“PWG”) will embark on a capital spending program designed to upgrade and increase capacity while expanding available services. The investment program will commence immediately and should be in place prior to the completion of the 2015 harvest.
“Over the past few years PWG has been inching closer and closer to 100% capacity utilization,” stated Richard D. Bailey, President and Chief Executive Officer of PWG’s parent corporation Premium Beverage Group. “Then came the 2014 harvest which exceeded everyone’s expectations. When harvest came to a close and our customers delivered in about 30% above forecast, the need to increase and expand became immediate.”
“When Premium Wine Group opened in 2000, it was designed to be a state of the art custom crush facility capable of taking in 1120 tons of fruit each year,” stated Russell Hearn, PWG’s founder, General Manager and Chief Winemaker. “As the Long Island Wine industry has grown over the last 15 years we began to run up against our operating capacity more frequently. But this year we took in over 1450 tons of fruit. It was an overwhelming harvest and resulted in Premium renting dozens of temporary tanks.”
It is anticipated that this capacity increase will include the addition of 25 new fermentation and storage tanks ranging in size from 470 gallons up to 6,020 gallons, for a combined expansion of 53,060 gallons. This translates into the equivalent of an additional 23,000 cases of finished product. In addition, PWG will be looking to upgrade its bottling line and to add carbonation and other services and equipment.
“We have seen an increased demand for carbonation services from customers making sparkling cider and other products,” added Hearn. “Premiums mandate is to provide services to our customers that will allow them to focus on growing great fruit and making a great product. With the rapid growth of sparkling cider and other products, adding these additional capabilities makes a great deal of sense.”
About Premium Wine Group: Premium Wine Group is a wholly owned subsidiary of Premium Beverage Group Inc. (Ticker: PBEV) It was acquired by PBEV in December 2013. PWG was founded in 2000 by Russell Hearn, Mark Lieb and Bernard Sussman and is located in Mattituck, NY.
About Premium Beverage Group: Premium Beverage Group is a publicly traded holding company whose common stock trades on OTCMarkets.com under the ticker ‘PBEV.’ On December 30, 2013, PBEV acquired 100% of the issued and outstanding membership interests in; Lieb Cellars LLC, an award winning vineyard making estate grown wines in Cutchogue, NY. Lieb Cellars also makes the Bridge Lane Wine series which offers high quality wine at lower prices in bottle, box and keg formats; Lieb Vineyards LLC a vineyard management company responsible for approximately 42 acres of wholly owned vineyard property and 42 acres of leased and managed property, and; Premium Wine Group LLC in Mattituck, NY.
Safe Harbor Language: FORWARD-LOOKING STATEMENTS: Statements included in this press release that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “1995 Act”). Words such as “believe,” “expect,” “anticipate,” “intend,” “look forward,” “opportunities,” “potential,” and similar expressions identify forward-looking statements. Premium Beverage Group, Inc. (the “Company”) cautions readers that forward-looking statements reflect the Company’s current expectations and assumptions that are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected in the forward-looking statements. Statements made herein are made in reliance on the safe harbor for forward-looking statements contained in the 1995 Act. The Company assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements otherwise made by the Company
Richard Bailey, Premium Beverage Group Inc, +1 (617) 320-8347, [email protected]
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