The company noted on July 26, 2006, that following recent financings and settlement of outstanding litigation, it was now, with the exception of regular trade payables, free of debt. Clearly Canadian added that it has increased its current cash position to more than US$5.3m.
“We now have a very strong financial foundation which could accelerate our efforts towards broadening distribution, increasing availability of our product lines, exploring all profitable alternatives related to our brand name and implementing our stated strategic initiatives,” said Clearly Canadian president Brent Lokash.
The litigation which the company has settled related to a 1997 claim surrounding its subsidiary Blue Mountain Springs. It involved, in part, a claim Clearly Canadian and Blue Mountain to repay an outstanding C$1.75m (US$1.54m) debt owed to Blue Mountain’s former owner.
Lokash added that the settlement allowed Clearly Canadian “to extinguish a significant debt for less than is being claimed against the company” and would enable the new management team “to focus on the positive aspects of developing new business and products”.
About Clearly Canadian
Based in Vancouver, B.C., Clearly Canadian Beverage Corporation markets premium alternative beverages and products, including Clearly Canadian® sparkling flavoured waters. Which are distributed in the United States, Canada and various other countries. Since its inception, the Clearly Canadian brand has sold over 90 million cases equating to over 2 billion bottles worldwide. www.clearly.ca.
Forward Looking Statements: Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as “expects”, “intends”, “plans”, “may”, “could”, “should”, “anticipates”, “likely”, “believes”, “estimates”, “potential”, “predicts”, “continue” and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analysis and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to, the Company’s or other’s belief that its new sparkling flavoured water line-up has an opportunity to succeed in the marketplace and open up new sales and distribution channels. These assumptions are subject to many risks, and actual results may differ materially from those currently anticipated. These risks include, by way of example and not in limitation, general economic conditions, changing beverage consumption trends of consumers, the Company’s ability to generate sufficient cash flows to support general operating activities and capital expansion plans, competition, pricing and availability of raw materials, the Company’s ability to maintain the current and future retail listings for its beverage products and to maintain favourable supply, production and distribution arrangements, laws and regulations and changes thereto that may affect the way the Company’s products are manufactured, distributed and sold and other factors beyond the reasonable control of the Company. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission and with the British Columbia and Ontario Securities Commissions.
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Contact:
Clearly Canadian Beverage Corporation
Shareholder Relations:
Steve Cook, 1-800-983-0993
investor@clearly.ca
Source:
Just-Drinks.com or http://just-drinks.com
Aroq Ltd. Seneca House, Buntsford Park Road, Bromsgrove, Worcs, B60 3DX, UK.
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