USA: Redhook Announces Share Repurchase Program

By just-drinks.com editorial team | 24 May 2000

Redhook Ale Brewery, Incorporated (Nasdaq: HOOK) today announced that its Board of Directors has approved a stock repurchase program pursuant to which up to 500,000 shares, or approximately 6.5% of the outstanding shares, of its Common Stock may be acquired in the open market or in block transactions. Subject to price and market conditions, these purchases may be made from time-to-time and may be discontinued at any time management feels additional purchases are not warranted.Paul Shipman, President and CEO, noted that the Board decided to authorize this course of action after review of the Company's financial position and the current market for this Company Stock. "Under current market conditions, we do not believe the price at which our common stock has been recently trading reflects the true value of Redhook. Accordingly, we feel that the repurchase of common stock is a prudent investment for the Company."Redhook is one of the leading independent brewers of craft beers in the United States, and is the premier craft brewer in Washington State. The Company produces eight styles of beer, marketed under distinct brand names: its flagship brand Redhook ESB, Redhook India Pale Ale, Redhook Hefe-Weizen, Blackhook Porter, Double Black Stout, and its seasonal offerings Redhook Blonde Ale, Winterhook and Redhook Nut Brown Ale. Redhook owns and operates two technologically-advanced breweries, one in the Seattle suburb of Woodinville, Washington and the other in Portsmouth, New Hampshire. The Fremont Brewery building in Seattle serves as Redhook's world headquarters and home of the landmark Trolleyman Pub. Redhook beer is available in 48 states. Visit the Company's Internet website at