E-Malt.com News article: Canada: Lakeport Brewing secures revolving credit facility for investment at its Hamilton brewery

Lakeport Brewing Income Fund announced on March 12 that its has finalized its financing arrangements with the National Bank of Canada, the Fund's current lender, for a revolving credit facility of up to $5 million.

The facility will be used as necessary for capital projects that are related to permanent cost reductions and increased production capacity at the facility.

"Due to the significant growth of the Ontario can industry and Lakeport's success since launching Lakeport's proprietary brands in this package format, the capital commitments are intended to improve efficiencies related to the production of cans as well as increase capacity" said George Croft, Lakeport's President and Chief Operating Officer.

"Our Lakeport beer in cans is made right here in Ontario. We have always had a can line and with our new available financing we can continue to grow our can business in a very cost efficient manner. Unlike other brewers who have their canned beer made in the USA, we are very proud to continue to invest in Ontario at our Hamilton brewery in order to continue to grow our can business in the important Ontario market" said Teresa Cascioli, Lakeport's Chair and Chief Executive Officer.

The revolving credit facility has a term to June 2008, is repayable at any time without penalty and bears interest at the rate currently in place for the existing revolving credit facility used for operating purposes, which is a floating rate based on the Canadian prime rate.

About Lakeport

Lakeport Brewing Income Fund is an Ontario-based brewery focused on producing value-priced quality beer for the Ontario take-home market. Lakeport produces nine proprietary beer brands, two of which, Lakeport Honey Lager and Lakeport Pilsener, are amongst the top ten selling brands in the province of
Ontario. Lakeport has more than 200 employees at its production facility in
Hamilton, Ontario.


16 March, 2007