GRIMSBY, Ontario, July 29, 2019 (GLOBE NEWSWIRE) -- Andrew Peller Limited ADW.A/ADW.B (“APL” or the “Company”) is pleased to announce that following a Public Hearing on July 23rd, the City Council of Port Moody, BC gave 3rd Reading and Approval to amend the zoning By-law for the Company’s five-acre site and the City’s Official Community Plan, which will pave the way for a Comprehensive Development project.
This site was the location of the Company’s first winery opened by Andrew Peller in 1961. Winery operations ceased in 2006 and production was moved to Kelowna following the company’s acquisition of Calona Wines that year.
The Company has continually reported that this site was being held for development. In 2012 the Company reported that the Provincial Authority Translink had expropriated the property for a five-year term to facilitate the construction of the Evergreen Transit Line in Port Moody.
On July 9th, 2019, the City Council of Port Moody gave 1st and 2nd reading of the proposed By-Law Amendments and then following a Public Hearing on July 23rd, the Council gave approval for Comprehensive Development on the Company’s five-acre location.
The proposed community plan will cover a site area of approximately 217,000 square feet and will feature 10 mixed-use buildings, including a boutique hotel, condo and rental residential units, retail and commercial units, light industrial spaces and medical and arts centers. The Company will now begin the process of finding development partners and investors to facilitate the completion of the project.
For additional information, please see the article that was published in the Tri City News on July 24th, 2019. https://www.tricitynews.com/real-estate/property-owner-committed-to-making-vision-for-westport-village-a-reality-1.23895320.
About Andrew Peller Limited
Andrew Peller Limited is one of Canada’s leading producers and marketers of quality wines and craft spirits. The Company’s award-winning premium and ultra-premium VQA brands include Peller Estates, Trius, Thirty Bench, Wayne Gretzky, Sandhill, Red Rooster, Black Hills Estate, Tinhorn Creek, Gray Monk Estates, Raven Conspiracy, and Conviction. Complementing these premium brands are a number of popularly priced varietal offerings, wine based liqueurs, craft ciders, and craft spirits. The Company owns and operates 101 well-positioned independent retail locations in Ontario under The Wine Shop, Wine Country Vintners, and Wine Country Merchants store names. The Company also operates Andrew Peller Import Agency and The Small Winemaker’s Collection Inc., importers and marketing agents of premium wines from around the world. With a focus on serving the needs of all wine consumers, the Company produces and markets premium personal winemaking products through its wholly-owned subsidiary, Global Vintners Inc. (“GVI”), the recognized leader in personal winemaking products. More information about the Company can be found at www.andrewpeller.com.
Andrew Peller Limited common shares trade on the Toronto Stock Exchange (symbols ADW.A and ADW.B).
Certain statements in this news release may contain “forward-looking statements” within the meaning of applicable securities laws including the “safe harbour provisions” of the Securities Act (Ontario) with respect to APL and its subsidiaries. Such statements include, but are not limited to, statements about the proposed development of the Company’s property in Port Moody and the anticipated number of buildings which will comprise the development. These statements are subject to certain risks, assumptions, and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements, including whether or not and when Port Moody’s city council will formally adopt the applicable bylaw amendments and whether or not and when the Company will find a suitable development partner in respect of the property. The words “believe”, “plan”, “intend”, “estimate”, “expect”, or “anticipate”, and similar expressions, as well as future or conditional verbs such as “will”, “should”, “would”, “could”, and similar verbs often identify forward-looking statements.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions which could cause actual results to differ materially from those conclusions, forecasts, or projections anticipated in these forward-looking statements. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. The Company’s forward-looking statements are made only as of the date of this news release, and except as required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new information, future events or circumstances or otherwise.
For more information, please contact:
Mr. Steve Attridge, CFO and Executive Vice-President, IT