Adirondack Pure Springs Mt. Water Co., Inc. signed a letter of intent with Aurora Beverage Corp., a privately held Canadian Corporation, to acquire its beverage production facility, spring water rights, and approximately 200,000 square feet of production and warehouse space in Barrie, Ontario, Canada, that is currently undergoing a retrofitting that, when complete, will be worth $10 million dollars.
Under terms of the letter of intent, Aurora will continue the retrofitting of five production lines that will include high speed cold fill and hot fill lines, a canning line, and beverage pouch lines with full mixing and packaging capabilities that will provide Adirondack the capability to produce a wide array of product for itself and its customers. The first line is expected to begin production in the latter part of the next quarter.
"Upon completion, this facility will be able to produce tens of millions of cases of various types of product every year, and is designed to specialize in value added and nutritional beverages, allowing Adirondack to satisfy the existing beverage requirements in the industry, and become a specialized provider of the value added and nutritional products that are exploding in popularity," said Adirondack Pure Springs President & CEO, David Sackler. "We are excited about this opportunity to work with Aurora, and are continually identifying other opportunities in the marketplace that are consistent with our strategic plan for growth. We believe that our intended acquisition of the Barrie facility will bring us substantial benefits including increasing shareholder value and establishing Adirondack as a significant force in the beverage industry."