Constellation Comments That GModelo Legal Action Has No Merit
17 December 2009 - 2:46AM
PR Newswire (US)
VICTOR, N.Y., Dec. 16 /PRNewswire-FirstCall/ -- Constellation
Brands, Inc. (NYSE:STZNYSE:ASX:NYSE:CBR), the world's leading wine
company, announced that it is aware of a lawsuit filed Tuesday,
Dec. 15, 2009 in New York federal court by GModelo, an indirect
subsidiary of Grupo Modelo. However, Constellation Brands has not
been formally served with the lawsuit. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040119/STZLOGO )
Constellation and GModelo are partners in Crown Imports LLC, a
50/50 joint venture which commenced in January 2007. Crown's board
of directors is comprised of four directors from each parent
company. The initial term of the joint venture extends through the
calendar year of 2016. At issue is the funding by the partners for
incremental Crown promotion and marketing spending for calendar
year 2010. Previously, the incremental spending in question was
provided by GModelo and was agreed upon once again for the 2010
business plan. The funding at issue is not material to
Constellation's overall financial position. Constellation believes
that the claims lack merit and will defend its position. Crown is
not a party to this lawsuit and Constellation believes that Crown
remains fully engaged in executing against the plan for calendar
year 2010 and growing its business through the entire initial term
of the contract. About Constellation Brands Constellation Brands is
the world's leading wine company that achieves success through an
unmatched knowledge of wine consumers paired with storied brands
that suit varied lives and tastes. With a broad portfolio of widely
admired premium products across the wine, beer and spirits
categories, Constellation's brand portfolio includes Robert
Mondavi, Hardys, Clos du Bois, Blackstone, Arbor Mist, Estancia,
Ravenswood, Jackson-Triggs, Kim Crawford, Corona Extra, Black
Velvet Canadian Whisky and SVEDKA Vodka. Constellation Brands
(NYSE:STZNYSE:andNYSE:STZ.B)(ASX:CBR) is an S&P 500 Index and
Fortune 1000® company with more than 100 total brands in our
portfolio, sales in about 150 countries and operations in
approximately 45 facilities. The company believes that industry
leadership involves a commitment to our brands, to the trade, to
the land, to investors and to different people around the world who
turn to our products when celebrating big moments or enjoying quiet
ones. We express this commitment through our vision: to elevate
life with every glass raised. To learn more about Constellation
Brands and its product portfolio visit the company's web site at
http://www.cbrands.com/. Forward-Looking Statements This news
release contains forward-looking statements. The words
"anticipate," "intend," and "expect," and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
statements may relate to Constellation's business strategy, future
operations, prospects, plans and objectives of management, as well
as information concerning expected actions of third parties. All
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those set
forth in, or implied by, such forward-looking statements. Although
Constellation believes the expectations reflected in the
forward-looking statements are reasonable, Constellation can give
no assurance that such expectations will prove to be correct. All
forward-looking statements speak only as of the date of this news
release. Constellation undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise. In addition to risks
associated with ordinary business operations, the forward-looking
statements contained in this news release are subject to other
risks and uncertainties, including other factors and uncertainties
disclosed from time to time in the company's filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the fiscal year ended Feb. 28, 2009, which could
cause actual future performance to differ from current
expectations. http://www.newscom.com/cgi-bin/prnh/20040119/STZLOGO
http://photoarchive.ap.org/ DATASOURCE: Constellation Brands, Inc.
CONTACT: Media Relations, Angie Blackwell, +1-585-678-7141, Cheryl
Gossin, +1-585-678-7191; Investor Relations, Patty Yahn-Urlaub,
+1-585-678-7483, or Bob Czudak, +1-585-678-7170 Web Site:
http://www.cbrands.com/
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