Tuesday September 2 8:00 AM EDT
Company Press Release
Source: Andretti Wine Group
AWG, Ltd. (Andretti Wine Group) Announces Growth
NAPA VALLEY, Calif., Sept. 2 /PRNewswire/ -- Chairman of the board of Andretti Wine Group, Joseph Antonini, announced production of the Andretti label wine has been increased to 10,000 cases for this year's selling season. This is a 60% increase over last season's sales.
Twelve acres of its 43-acre vineyard were replanted with Merlot and Chardonnay grapes and 5,500 cases of new vintage wines were bottled (1994 Cabernet Sauvignon, 1995 Merlot and 1996 Chardonnay from the Andretti Vineyards). The Winery plans to bottle an additional 4,000 cases of 1996 Merlot and 1997 Sauvignon Blanc. Wine maker Bob Pepi will craft all of these wines. A total of 10,000 cases of wine will be shipped this year and plans are being made to ship 15,000-20,000 cases next season.
Currently, the Winery is in the process of crushing approximately 130 tons of Cabernet Sauvignon, Merlot and Chardonnay grapes for future vintages, reaching into the millennium. ``Demand for Andretti label wine has been better than anticipated,'' said Pepi. ``We're doing whatever is necessary to expand our production.''
``On the financial side, a revolving line of credit with a local bank has been arranged, secured by inventory and accounts receivable. Additional equity funding plans are being developed for the near term,'' according to Mack Jennings, CEO and President of AWG, Ltd.
``In addition, construction and remodeling of the Winery and the hospitality center has begun developing an Italian Tuscan theme on the 53-acre parcel surrounded by the Andretti Vineyards. The Winery and hospitality center, complete with an 800-square-foot tasting room, will be completed by the end of the year,'' said Jennings.
Mario Andretti spent several days at the Winery in Napa on his way to the Laguna Seca race with his son Michael, taking part of this time to participate in the first crush of 1997 vintage Cabernet Sauvignon grape harvest.
AWG, Ltd. is traded on the pink sheets under the symbol VINE. |
