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February 28, 2007
Brunton Vineyards Acquires VinoVenue
Brunton Vineyards, a San Francisco / Napa-based wine company that develops, manufactures and markets wine beverages and products, today announced that it has acquired the San Francisco based wine lounge, VinoVenue business owned by Know Wining, LLC, which have had the successful retail operation in the Bay area for the past three years. Brunton Vineyards intends to expand VinoVenue in the US market to 90 locations within 66 targeted cities and has put the funding in place to execute the expansion plan fully within two years.
Plans to Expand and Diversify the Wine Company’s Portfolio of Operations Worldwide
Under the terms of the acquisition agreement, Brunton Vineyards has paid the Sellers an acquisition consideration in cash, with no shares in the publicly traded parent company, Brunton Vineyards Holdings, Inc. Mr. Brian McGonigle, President of Brunton Vineyards, comments, "We are truly excited to build and grow VinoVenue into the premier wine bar & lounge in San Francisco and beyond. Our mission will be to build on VinoVenue's success and offer our guests an unparalleled wine and social experience. Our goal is to create a fun and inviting wine experience that can also be the center for interactive wine education in each market we serve."
VinoVenue is known in San Francisco as “The Place to Taste” and experience wine, earning a reputation as a tasting room, retail shop and wine lounge all wrapped up in one. More than 100 wines from California and around the world are featured, carefully selected by the VinoVenue staff with an emphasis on small production, family-owned, high quality wines at varying price points.
VinoVenue stretches the traditional wine bar and retail store boundaries by offering guests a new concept for tasting and buying wines. Guests can serve themselves by purchasing a VinoVenue tasting card (like a debit card), inserting it into the automated wine tasting stations, selecting a wine and receiving a 1 oz. pour. Individually priced pours of more than 100 wines sourced from wineries around the globe range from $1 to $40. “We took VinoVenue as far as we could and have every confidence that Brunton Vineyards will be able to take VinoVenue to the next level. We couldn't have asked for a better buyer to carry on our dream,” commented Mary Lynn Slattery and Nancy Rowland, founders and former owners of VinoVenue.
The "try-before-you buy" model enables customers to make informed decisions before buying a bottle of wine. The wine lounge also allows wine lovers to taste wine that they ordinarily would not be able to taste, such as a $200 bottle of Amuse Bouche or Le Macchiole Messorio, or a $450 bottle of Chateau Lafite. Guests move freely about the elegantly designed tasting space visiting the many wine stations where they can compare different wines from places around the world or experiment with wines they have never heard of before.
Brunton Vineyards believes that there is a compelling opportunity to address this large unmet need in the US and around the world by developing wine lounges as environments that one can go into, lounge and taste wine with friends and family in an intimate, upscale setting. "With VinoVenue, we believe we will be well positioned to become a leading company in the wine industry, as it pertains to the retail space," said Mr. Geno Brunton, Chairman and CEO of Brunton Vineyards. Mr. Brunton continued, "Acquiring VinoVenue and expanding it worldwide will further strengthen our position in the global wine market by adding a portfolio of new wine products that are distributed through our retail outlets. With the addition of VinoVenue, we believe we will be able to effectively offer the best possible array of wines in an attractive, inviting environment that is not currently available to the average wine lover. We expect this to complement our existing asset base in a very positive way."
The transaction is not subject to regulatory approvals. VinoVenue becomes a wholly owned subsidiary of Brunton Vineyards, Inc.
About Brunton Vineyards:
Brunton Vineyards is owned by Brunton Vineyards Holdings, Inc., a public-reporting company under the Securities Exchange Act of 1934, incorporated in New York and is based in San Francisco, CA. The company currently has several wholly owned subsidiaries: Brunton Vineyards, Inc. [with current brands – “Brunton” and “Addison Cole”], VinoVenue, LLC and Swig, Inc. The company was incorporated as New Paradigm Software Corporation [with ticker symbol NPSC] in 1993 and changed its name to New Paradigm Strategic Communications, Inc. in 1989. Later, it changed its name to Brunton Vineyards Holdings, Inc. in December 2006. The company's common stock is currently quoted on the OTC Pink Sheets under the stock symbol BVYH. Please visit www.bruntonvineyards.com for more information.
About VinoVenue:
“The Place to Taste and Experience Wine” is what the San Francisco based wine lounge is known for. Founded in 2004, previously owned and operated by Know Wining, LLC, VinoVenue has more than 100 wines from California and around the world featured. VinoVenue stretches the traditional wine bar and retail store boundaries by offering guests an exciting new concept for tasting and buying wines. For the first time, guests can serve themselves by purchasing a VinoVenue tasting card (like a debit card), inserting it into the automated wine tasting stations, selecting a wine and receiving a 1 oz. pour. Individually priced pours of more than 100 wines sourced from wineries around the globe range from $1 to $40. This "try-before-you buy" model has promoted wine education, socialization and curiosity. Please visit www.vinovenue.net for more information.
Forward Looking / Safe Harbor Statements:
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, Brunton Vineyards' expectations of business and financial results in this press release contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including risks related to: possible delays in the closing of the transaction contemplated by the acquisition agreement, which may be caused by factors outside of the control of Brunton Vineyards; the ability of Brunton Vineyards to successfully expand VinoVenue and launch new locations within the US market or elsewhere in a timely manner; Further information regarding these and other risks is included in Brunton Vineyards' filings with the U.S. Securities and Exchange Commission. Brunton Vineyards does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Although the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the company's inability to accurately forecast its operating results; the company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the company's business. For further information on factors which could impact the company and the statements contained herein, reference should be made to the company's filings with the Securities and Exchange Commission, including annual reports on Form 10-KSB, quarterly reports on Form 10-QSB and current reports on Form 8-K. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Contacts:
Brunton Vineyards
Michael Firewalker, 949-315-3338
Source: Press Release; “Brunton Vineyards Acquires VinoVenue,” SAN FRANCISCO–February 27, 2007
Posted by fortna at February 28, 2007 05:43 AM
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