biz.yahoo.com
Wednesday March 10, 10:36 am Eastern Time
Mingo Bay Beverages, Inc. Enters Bottled Water Market
SATELLITE BEACH, Fla., March 10 /PRNewswire/ -- National and international beverage producer Mingo Bay Beverages, Inc. (OTC Bulletin Board: MGBA - news) today announced plans to join with Spring House Natural Spring Water of Millville, Kentucky, creating a major force in the marketing, production and distribution of bottled spring water.
Spring House is situated on the grounds of the old Taylor Whiskey Distillery, just outside Frankfort, KY. With a rarely documented history of providing the finest water source for the production of nationally known brands of bourbon whiskey, the Spring House facility is strategically located within 600 miles of 100 million people -- nearly half of the U.S. population. ''This is an unrivaled situation. We will bottle and manage distribution of the water on-site, while achieving economies of scale benefits with established vertically and horizontally integrated national operations. Growth in revenue and profitability continues to be driven by the increase in per capita consumption of bottled water. The bottled water industry has boomed over the past decade,'' stated Larry Moses, president and CEO of Mingo Bay Beverages, Inc.
Becoming a staple in the American household, bottled water sales, especially spring water, have increased to a nearly 4 billion dollar business, according to 1997 numbers compiled by Beverage Marketing Corporation. In 1981 bottled water consumption represented 1.8% of U.S. liquid consumption trends. In 1997, that percentage increased to 9.6%, with sales of smaller size PET (plastic bottle) water segment -- reaching a record of $1.1 billion and is expected to double in three years according to industry analysts. Mingo Bay will compete with leading companies in PET package design, providing high- quality, competitively priced bottled water to national and international markets.
The building and beautiful grounds of Spring House have a 100-year history all its own. Located 25 miles from Lexington, KY, the 117-acre facility is situated in an area known for its thoroughbred horses and Kentucky bourbon whiskey. Large farms in the area have been the breeding grounds for the finest horses in the world. Bourbon produced in the region is world-class, and is often attributed to the high-quality spring water available in this central part of Kentucky.
The spring at the facility flows at a rate of 250,000 gallons per day and is naturally rich in fluoride and calcium, meeting all FDA guidelines. Mingo Bay has acquired a 99-year lease on the water and the facilities, which include a 32,000-square-foot bottling facility. Included in these facilities are warehouses and bottling facilities.
Mingo Bay produces a complete line of unfrozen, shelf-stable, concentrated beverages including iced tea, liquid coffee, and a variety of vitamin C- fortified fruit juices and bar mixes. The company will diversify its product offering with the marketing and distribution of bottled spring water marketed under the name Mingo Bay and other private labels. In spring 1999, the company will introduce Mingo Bay Cookers, a line of state-of-the-art stainless steel units designed to duplicate restaurant quality barbecued meats, chicken and more.
Contact Gary Trump, president/CEO, The Point Group, Inc., toll-free 877-804-2103, e-mail gary@pointgroupinc.com, or visit www.pointgroupinc.com. |
