Canada: Russell Breweries announces extension to letter of intent to acquire Fort Garry Brewing Company

Russell Breweries Inc. announces that it has agreed to an extension of the Letter of Intent with Fort Garry Brewing Company Ltd. ("Fort Garry") to complete the Definitive Agreement to purchase the shares of Fort Garry through an Amalgamation, CCNMatthews reported June 25.

Terms of the Letter of Intent include the purchase of all outstanding common shares and preferred shares of Fort Garry. Common shareholders of Fort Garry will have the option to receive for each Fort Garry common share, either; (a) one common share of Russell; or (b) one half of one common share of Russell plus $0.20 cash; or (c) $0.40 cash. The preferred shareholders will be offered cash for the par value of their shares plus any accrued redemption premium and dividends. The transaction is subject to Fort Garry shareholder approval and regulatory approval of the TSX Venture Exchange.

Russell Brewing Company produces premium draught beer for fine pubs and eateries located in British Columbia. In 2006, Russell was recognized as BC's fastest growing brewery. Using all natural ingredients and traditional beer-making techniques, Russell beer is brewed for people who love beer. Products include: Russell Cream Ale, Russell Pale Ale, Russell Honey Blonde Ale, Russell Extra Special Lager plus two seasonal brews, Russell Lemon Ale and Russell Winter Porter. Russell Brewing Company is a wholly owned subsidiary of Russell Breweries Inc.