NEW YORK, March 3, 2011 (GLOBE NEWSWIRE) -- Legacy Wine & Spirits International Ltd. (Pink Sheets:LWSP) () 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.
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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