ICBM(.0035)ICBS turns down $3.5 million offer on Ramapo Valley Brewery
Apr 25, 2007 11:14:00 AM
NEW YORK, NY, April 25 /PRNewswire-FirstCall/ - ICBS Limited (ICBS) (Pink Sheets :ICBM) a business development and management firm located in New York and Canada, announced today that The Board of Directors has turned down the offer for the sale of its brewery.
"After careful consideration, it is the unanimous discissions of the board to turn down the offer of sale of Ramapo Valley Brewery at this time" said President and CEO Garth McIntosh." We do not believe this is the right time to be selling when there is a growing demand for our product".
The board has instead authorized the company to seek a secured loan ($300,000.00) for 10 new fermentation tanks, which would increase the production. Garth McIntosh, President & CEO of ICBS further stated, "With 10 new fermenting tanks we would expect to see annual sales for our beer increase in the area of $7 million with an expected bottom line of $2.6 million".
The companies business plan calls for additional tanks to be added in 2008 and 2009 that would allow the companies production to reach a possible 29 million sales per year, with profits estimated at 14.5 million dollars.
You can visit them at; www.rvbrewery.com
NB. This news release includes statements that constitute forward-looking statements. Please be aware that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of any number of factors, including the risk factors contained in the Company's disclosure documents.
SOURCE Inter Canadian Business Service
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Garth McIntosh
President & CEO
888-932-4402
www.icbs.ca; Source: ICBS Limited
SIXTH{Please do your own DD}
