Business
Big Rock Brewery Inc. Announces Amended Transaction with Fireweed Brewing Corp.
Big Rock Brewery Inc. Announces Amended Transaction with Fireweed Brewing Corp. Ca...
About this update from Big Rock Brewery Inc.
[{"type":"text","content":"\n\n\n\nBig Rock Brewery Inc. Announces Amended Transaction with Fireweed Brewing Corp.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, July 23, 2018\n\n\n\nCALGARY, July 23, 2018 /CNW/ - Big Rock Brewery Inc. (TSX: BR) (\"Big Rock\") today announced that it had entered into a binding offer with Fireweed Brewing Corp. (\"Fireweed\") to pursue an alternative transaction to the proposed joint venture between the parties previously announced April 19, 2018.  Further to Big Rock's news release of June 15, 2018, Big Rock and Fireweed have elected not to proceed with a formal joint venture structure.\n\n\n \n \n\n \nUnder the terms of the amended transaction, Big Rock has offered to acquire from Fireweed certain brewing assets and inventory related to Fireweed branded beer and cider for a gross purchase price of approximately $940,000, less amounts owing by Fireweed to Big Rock.  The gross purchase price is subject to a holdback for any post-closing adjustments. As a condition to closing, the parties will enter into a license agreement whereby Big Rock shall be granted an exclusive license to use the Fireweed trademarks and other associated intellectual property (the \"Fireweed IP\") with a purchase right to acquire the Fireweed IP. \n\nIn addition, Big Rock and Fireweed will enter into contract manufacturing agreements whereby Big Rock shall be authorized to exclusively manufacture all Fireweed branded products in British Columbia and Alberta for subsequent sale by Big Rock in Canada, and in return shall pay a fee to Fireweed. \n\nClosing of the transaction is anticipated to occur in August 2018, and is subject to other closing conditions customary for a transaction of this nature. \n\n\"Fireweed is a well-respected BC grown business and we look forward to the opportunity to introduce even more Canadians to its great craft beer offerings with renewed investment in the brands,\" says Wayne Arsenault, President and CEO of Big Rock Brewery. \n\nAmong Fireweed Brewing Corp.'s beverage brands are Tree Brewing, Dukes Cider and Shaftebury. ...