GARDEN CITY, NY — (INTERNET WIRE) — 02/25/2003 — Adirondack Pure Springs Mt. Water Co., Inc.(OTC BB: APSW), has signed a letter of intent to acquire a bottled water and beverage production plant in Phoenix, Arizona, including high speed bottling equipment, land, and the 70,000 square foot production and warehouse facility for approximately $3 million dollars.
“This first-class facility is our ‘Oasis in the Desert,’ an exciting opportunity for us, and Arizona is phase two of Adirondack’s growth/business plan,” said Adirondack Pure Springs President & CEO, David Sackler. “This bottling facility is perfectly located for us to provide our bottled water and varied enhanced water beverages from a plant with flexible packaging capabilities and a great location to allow for quick, easy, cost effective access to the greater population bases throughout the southwest and west, including Southern California. The existing bottling equipment is anticipated to produce more than $10 million per year in revenue, and with further equipment additions we expect to add this year to further increase packaging flexibility, we expect to increase our revenues to approximately $22 million. Simply put, this acquisition places Adirondack into a unique position to produce for our existing and future national clients in the most cost effective and profitable manner in the largest year round water and beverage markets in the United States.”
Company: Adirondack Pure Springs
Contact: Philip Dubois
Title: Investor Relations
Alternate Number: 757-229-0666