BALA CYNWYD, Pa., June 20 /PRNewswire-FirstCall/ -- Central European Distribution Corporation today announced that its wholly-owned subsidiary, Carey Agri, has completed the purchase of 1.06 million shares, or 8.92%, of Polmos Bialystok common stock listed on the Warsaw Stock Exchange. The mandatory buy out was announced in Poland on June 14, 2007 and the price at which CEDC acquired the shares is PLN 103 per share, which is approximately US $ 36.52 per share based on today's exchange rate of PLN 2.82 per US $1.
William Carey, CEDC's CEO stated, "We are pleased to have completed our objective of obtaining almost full ownership of Polmos Bialystok. This transaction represents the next step in the eventual delisting of Polmos Bialystok which we anticipate to complete during the 3rd quarter of 2007. We continue to see strong performance from the Polmos Bialystok operations and the brands that it produces and look forward to the positive impact on our results from this transaction."
CEDC is the largest vodka producer in Poland and produces the Absolwent, Zubrowka, Bols and Soplica brands, among others. CEDC currently exports Zubrowka to many markets around the world. CEDC also produces and distributes Royal Vodka, the number one selling vodka in Hungary.
CEDC also is the leading distributor and the leading importer of alcoholic beverages in Poland and Hungary. In Poland, CEDC operates 16 distribution centers and 76 satellite branches and imports many of the world's leading brands, including brands such as Remy Martin, Jagermeister, Metaxa, Jim Beam, Sauza Tequila, Grant's, E&J Gallo, Sutter Home, Torres, Penfolds and Concha y Toro wines, Corona, Foster's, and Guinness Stout beers and Evian.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of CEDC to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Investors are cautioned that forward- looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. CEDC undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise unless required to do so by the securities laws. Investors are referred to the full discussion of risks and uncertainties included in CEDC's Form 10-K for the fiscal year ended December 31, 2006, and in other documents filed by CEDC with the Securities and Exchange Commission.
Contact:
James Archbold
Director of Investor Relations
Central European Distribution Corporation
610-660-7817
