This morning investors are going to be looking into those companies that may have come into the news cycle on Wednesday, and one of the companies that could be worth tracking is 1812 Brewing Company Inc. (OTC:KEGS). The company announced yesterday that last month it had been awarded final financing approval with regards to the acquisition of the assets and operations of Maggies’ on the River.
The final approval regarding the same had been provided to the company by North Country Alliance (NCA) for the last tranche of the entire financing package of $1.2 million for the acquisition worth $1.4 million. In light of the announcement from 1812 Brewing Company, it could be a good move for investors to take a closer look at the asset. Maggie’s, which is located in New York, had formerly been an industrial space, and in the late 1990s it had been renovated by the Red Lion Brewing Company. Eventually, it was turned into an event and restaurant space with its current name.
The current property is a full-service dining establishment boasting as many as 44 draft beer lines on the first floor and 12 draft beer lines on the second floor. It is the only waterside dining restaurant located in Watertown that boasts its own riverside deck. The 2nd and 3rd floors had also been renovated not too long ago and are available for dining as well as for private parties.
The Chief Executive Officer and Chairman of 1812 Brewing Company, Tom Scozzafava, spoke about the latest development. He noted that, as the only full-scale production and packaging facility operator in Watertown, the company wanted to become ‘Watertown’s Brewery’ for consumers. He went on to note that Maggie not only offered the company 56 draft beer lines but also an excellent reputation and high visibility.