GRIMSBY, Ontario, July 31, 2023 (GLOBE NEWSWIRE) -- Andrew Peller Limited (ADW.A / ADW.B) (“APL” or the “Company”) is pleased to announce that following a Regular Council Meeting on July 25th, the City Council of Port Moody, B.C. gave 4th reading and approval for the Company’s five-acre site, which will pave the way for a comprehensive mixed use development project for the community.
This site was the location of the Company’s first winery opened by Andrew Peller in 1961. Winery operations ceased in 2006 and production was moved to Kelowna following the Company’s acquisition of Calona Wines that year.
Phase one of the project, which covers 76,218 square feet of the site, will create a mixed-use urban neighborhood, including condo and market rental residential homes, below market rental artist studios, a 50 space childcare center, an arts centre that would include a 300 seat performing arts theatre, and a mix of commercial spaces for retail and office. The plan will put a focus on the overall Port Moody community with enhancements to parks, trails, and the implementation of pedestrian and cycling improvements.
“We are pleased to have received approval of the Westport Village development plan in the Port Moody community and would like to thank City Council for their support throughout the process,” commented John Peller, President and Chief Executive Officer. “Andrew Peller Limited is proud of its heritage in the region and thrilled to support the development of a sustainable urban community that will benefit Port Moody residents for generations to come.”
The Company will now begin the process of finding development partners to facilitate the completion of the project.
For additional information, please see the article that was published in the Tri City News on July 26, 2023.
https://www.tricitynews.com/local-news/andres-wine-site-in-port-moody-will-make-a-proud-statement-says-developer-7328324
About Andrew Peller Limited
Andrew Peller Limited is one of Canada’s leading producers and marketers of quality wines and craft beverage alcohol products. The Company’s award-winning premium and ultra-premium Vintners’ Quality Alliance brands include Peller Estates, Trius, Thirty Bench, Wayne Gretzky, Sandhill, Red Rooster, Black Hills Estate Winery, Tinhorn Creek Vineyards, Gray Monk Estate Winery, Raven Conspiracy, and Conviction. Complementing these premium brands are a number of popularly priced varietal offerings, wine-based liqueurs, craft ciders, beer and craft spirits. The Company owns and operates 101 well-positioned independent retail locations in Ontario under The Wine Shop, Wine Country Vintners, and Wine Country Merchants store names. The Company also operates Andrew Peller Import Agency and The Small Winemaker’s Collection Inc., importers and marketing agents of premium wines from around the world. With a focus on serving the needs of all wine consumers, the Company produces and markets premium personal winemaking products through its wholly owned subsidiary, Global Vintners Inc., the recognized leader in personal winemaking products. More information about the Company can be found at www.ir.andrewpeller.com.
Andrew Peller Limited common shares trade on the Toronto Stock Exchange (symbols ADW.A and ADW.B).
FORWARD-LOOKING INFORMATION
Certain statements in this news release may contain “forward-looking statements” within the meaning of applicable securities laws including the “safe harbour provisions” of the Securities Act (Ontario) with respect to APL and its subsidiaries. Such statements include, but are not limited to, statements about the growth of the business; its launch of new premium wines and craft beverage alcohol products; sales trends in foreign markets; its supply of domestically grown grapes; and current economic conditions. These statements are subject to certain risks, assumptions, and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. The words “believe”, “plan”, “intend”, “estimate”, “expect”, or “anticipate”, and similar expressions, as well as future or conditional verbs such as “will”, “should”, “would”, “could”, and similar verbs often identify forward-looking statements. We have based these forward-looking statements on our current views with respect to future events and financial performance.
These forward-looking statements are also subject to the risks and uncertainties discussed in this news release, in the “Risks and Uncertainties” section and elsewhere in the Company’s MD&A and other risks detailed from time to time in the publicly filed disclosure documents of Andrew Peller Limited which are available at www.sedar.com. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions which could cause actual results to differ materially from those conclusions, forecasts, or projections anticipated in these forward-looking statements. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. The Company’s forward-looking statements are made only as of the date of this news release, and except as required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new information, future events or circumstances or otherwise.
For more information, please contact:
Mr. Paul Dubkowski, CFO and Executive Vice-President, IT
(905) 643-4131
Source: Andrew Peller Limited
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/79207191-b99e-49fd-bfca-b4c931bbdc2a
https://www.globenewswire.com/NewsRoom/AttachmentNg/64fd5c14-e240-402c-a87f-a8d526949224
