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Metrospaces Announces the End of Successful 2017 Wine-Grape Harvest Season for Ikal Lodge and Wine
Marketwired MarketwiredApril 25, 2017Comment
NEW YORK, NY--(Marketwired - Apr 25, 2017) - Metrospaces, Inc. ( OTC PINK : MSPC ) announces the end of the 2017 wine-grape harvest season, collecting more than 300,000 kilos of Premium Wine Grape.
Mr. Silva, Metrospaces CEO, stated: "This past week we finished our 2017 harvesting of one of our finest grapes since I have been involved in this vineyard back in 2007. Even though total production was approximately 300,000 Kgs., a 12%, overall drop vs. 2016, revenue will increase by close to 20%. Bad weather not just made for a better quality grape, it also pushed prices up approximately 20% on average. We expect total revenue, after certain adjustments to be $320,000-$350,000 with an operating margin of approximately 35%. That would make it the most economically successful harvest in Ikal's history. We kept approximately 20% of the grape for our own production of Premium Wines. In fact, we recently bottled and prepared the 2016 Chardonnay which is now ready for export, as is the 2015 Pinot Noir. This year we will be unveiling our first truly Premium Wine which will be solely exported to the US at a much higher price point than our current production, sold in the $28-$30 retail in the US and Mexico. The rest of production has been sold to Bodegas del Tupun (a very important Argentinean wine producer) and Pernod Ricard (world-class winemaker owner of Chandon and others). Even though the main business of Ikal Lodge and Wine is the real estate development of a hotel and luxury villas, having a great wine product certainly helps in creating brand awareness for our real estate project, as well as an unexpected successful wine/grape business. The wholesale and wine business has been a surprise for the Company. We always expected the vineyard to operate at a loss or break even, at best. As it turns out, it's a profit center."
Lastly, the company takes the opportunity to correct a typo in press release issued on April 19, 2017. The extension of the No-Reverse Stock Split Board decision is extended until April 17th, 2018, not until April 17th, 2017.
See: www.ikal1150.com
