CANADA: Sparkling Spring Water Group Announces Completion of Calgary Acquisition Board Approval of Additional Bond Repurchase
Sparkling Spring Water Group Limited announced that it had completed the previously announced acquisition of Mr. Softwater, Ltd. which operates the leading Home and Office Water business under the CoolSpring brand in Calgary, Alberta, Canada. Mr. Softwater serves over 5,000 customers in the greater Calgary area.Sparkling Spring also announced that its Board of Directors has authorized the Company's management, at their discretion, to utilize up to $3 million of the recently approved increase in their Senior Credit Acquisition Facility to repurchase up to a corresponding market value of the Company's Senior Subordinated Notes outstanding, subject to market conditions. Any such repurchases may be made from time to time either in the open market or through privately negotiated transactions.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, "Cool Spring" in Alberta, 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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