1812 Brewing Company Receives Final Funding Approval for the Purchase of the Business and Assets of Maggie’s on The River

Rhea-AI Summary

1812 Brewing Company, Inc. (OTC PINK:KEGS) has finalized the acquisition of Maggie's on the River, a full-service dining operation in Watertown, NY. The acquisition is expected to generate an annual incremental revenue of about $2 million and provide access to a population of approximately 117,600 people. The company received the final financing approval for the $1.4 million acquisition, with support from various economic development agencies. Additionally, 1812's gold-medal winning beer, War of 1812 Amber Ale, has been picked up by about 50 locations of Ontario Canada's largest beer-only retailer, The Beer Store.

Positive

• Finalized acquisition of Maggie's on the River to generate $2 million of annual incremental revenue
• Access to a population of approximately 117,600 people in Watertown/Fort Drum area
• Received final financing approval for the $1.4 million acquisition
• Support from various economic development agencies including Watertown Savings Bank, Watertown Local Development Agency, Jefferson County Industrial Development Agency, and the North Country Alliance/DANC
• War of 1812 Amber Ale picked up by about 50 locations of Ontario Canada's largest beer-only retailer, The Beer Store

Negative

• None.

-- Acquisition would provide 1812 Brewing Company with approximately $2 million of annual incremental revenue and access to the greater Watertown/Fort Drum population of approximately 117,600 people to promote its brands --

WATERTOWN, NY / ACCESSWIRE / February 7, 2024 / 1812 BREWING COMPANY, INC. (OTC PINK:KEGS) (the "Company" or "KEGS") is pleased to announce that in January it received its final financing approval for the acquisition the operations and assets of Maggie's on the River ("Maggie's") (www.maggiesontheriver.com).

The Company recently received approval from the North Country Alliance ("NCA") for the final piece of the total financing package of $1.2 million for the $1.4 million acquisition. Maggie's, located at 500 Newell Street in Watertown, NY, is a former industrial space renovated by the former Red Lion Brewing Company in the late 1990s and later became a restaurant and event space only under its current name. Maggie's is a full-service dining operation with 44 draft beer lines on the first floor with an addition 12 draft beer lines on the second floor. It is Watertown's only waterside dining restaurant with its riverside deck, and the newly renovated 2^nd and 3^rd floors are available for full use for dining and/or private parties.

KEGS' Chairman and CEO Tom Scozzafava stated, "the Company appreciates the support it has received from our bank and the economic development agencies involved in the transaction, including Watertown Savings Bank and the Watertown Local Development Agency, Jefferson County Industrial Development Agency and the North Country Alliance/DANC, respectively."

As previously stated by Mr. Scozzafava, "As the City's only full-scale production and packaging facility, 1812 Brewing Company seeks to establish itself as "Watertown's Brewery" to consumers, and while we have our 13,000 square foot Watertown brewing and bottling facility, I wouldn't consider it an ideal location for retail operations. Maggie's represents high visibility retail, an excellent reputation and staff along with 56 draft beer lines - ideal to showcase 1812's products." Mr. Scozzafava continued, "And while the Company values its history and retail operations in Sackets Harbor, NY, the opportunity to have brand exposure to the Watertown/Fort Drum greater population of 117,000 consumers versus the roughly 1.4k in Sackets Harbor is a tremendous opportunity to expand our reach. For a beer company, this isn't just opening another restaurant. It's getting our beer to a much, much bigger marketplace."

"Finally," Mr. Scozzafava added, "1812 Brewing Company operates one of two waterside restaurants in Sackets Harbor and Maggie's is the City's only waterside restaurant. The building's aesthetic and atmosphere are perfect for a "craft brewery" affiliated operation, and Sackets Harbor is highly, highly seasonal and a Watertown location will help smooth that out."

The transaction is subject to financing and licensing approval by the New York State Liquor Authority. To date, the Company has received financing approval by Watertown Savings Bank, the Watertown Local Development Corporation, and the Jefferson County Industrial Development Agency.

The Company also announced that its gold-medal winning beer War of 1812 Amber Ale has been picked up by approximately 50 locations of Ontario Canada's largest beer-only retailer, The Beer Store (www.thebeerstore.ca). Ontario customers can find the locations that carry War of 1812 Amber by searching on The Beer Stores's beer search window.

About 1812 Brewing Company ("KEGS or the "Company"):

KEGS is an operator of and investor in companies in the craft beer industry. The Company seeks to build a nation-wide network of craft breweries to develop and foster respective brand growth at the local, regional, and national level. KEGS looks to build a network wherein certain economies of scale can be shared across it such as production, distribution footprint expansion, inter-member contract brewing, new product development, sharing of best brewery practices and scale logistics and transportation. The network is to be built through investment by 1812 Brewing Company while maintaining the members' respective local and regional uniqueness, brand autonomy and direct involvement with its consumers. The Company seeks to be an "incubator" of growth for its holdings in the industry.

The Company's current holding, 1812 Brewing Co., produces award-winning beers such as War of 1812 Amber Ale ("1812 Amber Ale"), 1812 Light, Hazy Oasis Pale Ale, Thousand Islands IPA, Malicious Intent XX IPA, Route 11 Lager, Railroad Red Ale, Helles Bells Pilsner, St. Stephens Stout, Third Rail Porter, Featherhammer Maibock.

For more updates follow us on our Website, Facebook, Twitter, Instagram and Linkedin.

https://www.1812ale.com/
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Contact Name: Tom Scozzafava
Contact Phone Number: 315-788-1812
Contact Email Address: contact@1812ale.com

Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.

SOURCE: 1812 Brewing Company Inc.

View the original press release on accesswire.com

FAQ

What is the ticker symbol of 1812 Brewing Company?

The ticker symbol of 1812 Brewing Company is KEGS.

What is the expected annual incremental revenue from the acquisition of Maggie's on the River?

The acquisition of Maggie's on the River is expected to provide approximately $2 million of annual incremental revenue.

Where is Maggie's on the River located?

Maggie's on the River is located at 500 Newell Street in Watertown, NY.

How many locations of The Beer Store in Ontario have picked up 1812 Brewing Company's War of 1812 Amber Ale?

Approximately 50 locations of Ontario Canada's largest beer-only retailer, The Beer Store, have picked up 1812 Brewing Company's War of 1812 Amber Ale.

What support did 1812 Brewing Company receive for the acquisition?

1812 Brewing Company received support from Watertown Savings Bank, Watertown Local Development Agency, Jefferson County Industrial Development Agency, and the North Country Alliance/DANC for the acquisition.