Business
RUM Discloses Plans to Operate 39 Liquor Stores
Apr. 15, 2011 (Filing Services Canada) -- Rocky Mountain Liquor Inc. (RUM - TSX Venture), ("Roc...
About this update from Rocky Mountain Liquor Inc.
[{"type":"text","content":"\nRUM Discloses Plans to Operate 39 Liquor Stores\n\n Apr. 15, 2011 (Filing Services Canada) -- Rocky Mountain Liquor Inc. (RUM - TSX Venture), (\"Rocky Mountain\" or the \"Company\") has plans to grow its liquor business from 34 to 39 liquor stores. 38 stores are expected to open by the end of this current quarter and one store in Northern Alberta is expected to open in Q3 2011.  Rocky Mountain's wholly owned subsidiary, Andersons Liquor Inc. (\"Andersons\") has entered into a definitive agreement to acquire two additional liquor stores from a single Vendor in the City of Lethbridge.  The new acquisitions have a scheduled closing date in June.  These additions will increase Andersons holdings in that city to four stores.  Additionally, a Letter of Intent has been signed with a developer in Northern Alberta that may result in a new store development if completed. The acquisitions are subject to various and normal conditions precedent, including due diligence and board approval.  The acquisition cost of all assets, including inventory, for these 3 stores is estimated to be $1.5 million dollars.  Andersons has sufficient cash resources on hand to complete these transactions.Two previously announced potential new store developments are now certain. Andersons 35th store in Pincher Creek, Alberta will open today and the 36th store in Wainwright, Alberta is currently scheduled to open next week. Both greenfield locations are in new markets for the Company. Rocky Mountain continued implementing its growth strategy with the recent \"soft-opening\" of a new 10,000 square foot super store in Edmonton called Centre 149, and the purchase of a liquor store in St. Paul (previously announced January 2011). Centre 149 is a new concept for Edmonton. The large format store is primarily a distribution centre for commercial liquor service clients and intra-enterprise transfers. Retail clients have been invited to integrate with our personnel to pick their own orders at greatly discounted prices. It differs from other discount retail-wholesale models by the number of listings available to the public. By utilizing the synergies of Andersons extensive distribution network customers are able to choose from hundreds more products than they are likely to find at a direct competitor. The new faci...