Legacy Wine and Spirits to Establish Affiliate Office in Singapore to Capture Additional Market Share for the Wine Markets of To
March 03 2011 - 3:05PM
Legacy Wine & Spirits International Ltd. (Pink Sheets:LWSP)
(www.legacywineandspirits.com) an importer, wholesaler and retailer
of fine wines in China launched plans to expand into other parts of
Asia which has the highest wine consumption growth rate in the
world. Specifically, the Company has made arrangements for an
affiliate office in Singapore enabling Legacy to take advantage of
the wine markets of tomorrow, Association of Southeast Asian
Nations (ASEAN) countries.
The wine markets of tomorrow are led by Thailand and Singapore
and include other countries like Vietnam, Malaysia, Indonesia and
the Philippines. Thailand especially is the leader in terms of
growth rate in wine consumption of these ASEAN countries. In 2008,
the total import value of wines was $33 million, a 31 percent
increase from the previous year. According to trade sources,
importers project further increases in their wine sales for
2010-2012, as there is a favorable growing trend among lower income
consumers to buy wines at retail outlets rather than consuming in
restaurants or hotels. In 2008, Singapore imported US$1.5 billion
worth of alcohol, a massive 20% increase from 2007. Further to the
story, when it comes to wines, some 16.6 million litres was
imported in 2008, a 7% increase from 2007. Most of the wines
consumed in the ASEAN countries are imported from U.S.A., France,
Chile, Italy and Australia.
Jaclyn Cruz. President of Legacy states, "Due to Singapore's
geographic location, it is considered an ideal strategic 'hub' for
regional distribution in Asia for many consumer products including
wine, with particular emphasis on emerging markets like the ASEAN
countries. The fact that Legacy will be bottling its wine in China
rather than importing the wine bottled as it has in the past, the
cost per bottle will be much less allowing the Company to be more
competitive, not just in the China market but especially in the
market of the ASEAN countries."
According to the latest research, wine consumption in China is
expected to rise 36% in 2012 which equates to over 1 billion
bottles. Hence, if the Company could capture 0.025% of the
market by the end of 2012, over two million bottles of wine sales
could be generated which equates to $18 million in potential
revenues in its initial target market.
About Legacy Wine and Spirits International
Ltd:
Legacy Wine and Spirits International Ltd. (Legacy) is a
publicly listed fully reporting company trading in the United
States (Pink Sheets:LWSP). The Company is in the business of
importing bottled wines from around the world for the purpose of
wholesale and retail distribution throughout China, in particular
through the Company's corporately owned stylish outlet showroom and
wine tasting facility.
Visit our site: www.legacywineandspirits.com
The Legacy Wine and Spirits International Ltd. logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=8328
/s/: Jaclyn Cruz
Jaclyn Cruz, President
For further information contact: 1-888-488-6882
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained herein which are not
historical fact are forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed in the forward-looking statements,
including, but not limited to, certain delays in testing and
evaluation of products and other risks detailed from time to time
in Legacy's filings with the Securities & Exchange
Commission.
CONTACT: Jaclyn Cruz, President
1-888-488-6882
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