NOVA SCOTIA: Sparkling Spring Water Group Announces Agreement to Acquire Mr. Softwater And Enter the Calgary, Alberta Canada Market
"We appreciate and wish to thank our many customers and friends as well as Cool Spring's management team and loyal employees who so diligently contributed to the success of Mr. Softwater and Cool Spring Bottled Water. We wish Sparkling Spring success as they continue to grow the Alberta market and beyond," stated Don Gathercole, President, and Wilma Gathercole, Chief Executive Officer. They added, "Chad and Jodi Gathercole will be staying on with the business and are looking forward to their involvement with the Sparkling Spring Water Group of companies."
According to Stewart Allen, Sparkling Spring's President, "CoolSpring, under the leadership of the Gathercole family, has built a reputation for excellent quality and service. We are very pleased to be entering the Calgary market which adds a new 'core' market to the SSW portfolio of Home and Office water companies." Mr. Allen added, "We continue to look for acquisitions in new markets and in markets where we already operate that will supplement our business growth."
The Company expects to close the transaction in late May.
Sparkling Spring also announced that it has received a commitment from its Senior lender to increase its Senior Credit Facility to $38 million from $30 million. The increased credit has been added to the Company's acquisition credit facility.
"I am pleased by the confidence shown by our Senior Lender in granting us this increase in credit availability," said Dillon Schickli, Chief Financial Officer. Mr. Schickli added, "This increase provides us with the ability to take advantage of further acquisition opportunities as they arise."
Sparkling Spring is a leading producer and distributor of bottled water to the home and office segment. The Company does business as "Nature Springs" in England, "Water at Work" in Scotland, "Sparkling Springs" in the Atlantic Provinces of Canada, "Canadian Springs" in British Columbia, Canada, and in the United States, "Cullyspring" and "Crystal Springs" in Washington and "Crystal Springs" in Oregon.
The statements contained in this release that are not historical facts are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in such statements. The results could be affected by, among other things, general business conditions, the impact of competition, weather, the seasonality of the Company's business, the ability to obtain financing, interruption in the availability of water from the Company's water sources, government regulations, labor relations and currency fluctuations. Investors also should consider other risks and uncertainties described in further detail in documents filed by the Company with the Securities and Exchange Commission.
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