WATERTOWN, Conn., June 11 /PRNewswire-FirstCall/ -- Vermont Pure Holdings, Ltd. has acquired the assets of two Home and Office distributors in its Albany and Buffalo markets through its Crystal Rock, LLC subsidiary. The Company has purchased the assets of Stone Hill Water Co., Inc. of Argyle, NY and Sheridan Coffee Services of Buffalo, NY. These businesses will be merged into the Company's respective branch operations in Albany and Buffalo.
The combined annual revenue, consisting of water and coffee sales, from the acquisitions is $150,000 and will add approximately 400 accounts to the Company's distribution base. Acquired assets consist primarily of customer lists.
"The acquisition of these businesses is consistent with our strategy to increase the presence of our dependable home and office refreshment service in our core markets. The new accounts will immediately add to our route density in the respective markets," said Peter Baker, President of Vermont Pure Holdings, Ltd. "Cash flow from operations, combined with our line of credit, has provided the financial resources for us to pursue this strategy," he concluded.
Vermont Pure Holdings, LTD. is the largest independent and third largest Home and Office distributor of its kind in the United States. The Company bottles and distributes natural spring water and purified with minerals added bottled water under the Crystal Rock(R) and the Vermont Pure(R) trademarks. It markets its bottled water brands, as well as coffee and other home and office refreshment products, to customers throughout New England and New York. Vermont Pure Holdings Ltd.'s common stock trades on the American Stock Exchange under the symbol: VPS.
Note: This press release contains forward looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those indicated by such forward looking statements, including the effects of the pending restatement of our consolidated financial statements, integration of acquisitions, ability to sustain and manage growth, changing market conditions, and other risks detailed in the company's filings with the Securities and Exchange Commission.
