Diamond Estates Wines & Spirits Announces Issuance of Stock Options

NIAGARA-ON-THE-LAKE, ON, Oct. 1, 2018 /CNW/ - Diamond Estates Wines & Spirits Inc. ("Diamond Estates" or "the Company") (DWS-TSX Venture) today announced that it has issued stock options to its directors and key members of its management teams.

The Company considers stock options to be an important incentive to align its management team with the objective of building shareholder value over the long term.  Consistent with this philosophy, all six directors and 14 employees have been issued a total of 6,850,000 share options, at a strike price of $0.28 per share.

Each option is exercisable for the purchase of one common share for up to five years from the date of issuance, at which time they expire. The options, which are being issued under the Company's existing option program, vest at the rate of 25% on each anniversary of the issuance date.

"These stock option grants reflect the key role being performed by the directors and management in the successful execution of the Company's strategic plan," said Murray Souter, President & CEO of Diamond Estates. "Our greatest asset is our people, and Diamond Estates is committed to ensuring that management's success is aligned with that of shareholders." 

With such share option issuances, Diamond Estates has a total of 11,200,000 share options outstanding and there are 147,911,746 common shares issued and outstanding.

About Diamond Estates Wines and Spirits Inc.

Diamond Estates Wines and Spirits Inc. is a producer of high quality wines and a sales agent for over 120 beverage alcohol brands across Canada. The Company operates three wineries, two in Ontario and one in British Columbia, that produce predominantly VQA wines under such well‑known brand names as 20 Bees, EastDell, Lakeview Cellars, Dan Aykroyd, Fresh, McMichael Collection, Benchmark, Seasons and Backyard Vineyards. Through its wholly‑owned subsidiary, Kirkwood Diamond Canada Partnership ("KDC"), the Company is the sales agent for many leading international brands in all regions of the country as well as being a distributor in the western provinces. These recognizable brands include Josh wines from California, Fat Bastard wines from France, Kaiken wines from Argentina, Marston's beers from England, Hpnotiq Liqueur from France, Anciano wines from Spain, Francois Lurton wines from France and Argentina, Waterloo Brewing and Amsterdam Brewery, both from Canada, Landshark Lager from the USA, Blue Nun wines from Germany, Malfy Gin from Italy, Edinburgh Gin from Scotland, Barcelo Rum from the Dominican Republic and Evan Williams Bourbon from the USA.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Diamond Estates Wines & Spirits Inc.

Copyright 2018 Canada NewsWire