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LWSP closed at $0.04 and relatively flat on the day. The wires has been relatively quite until recently - news today will definitely break LWSP out of its narrow trading pattern and a technical golden cross to boost this higher - an extremely strong bullish signal.
LWSP recently announced a significant step into the Chinese market with this press release:
Legacy Acquires License to Sell Wine and Spirits in China
"Legacy Wine and Spirits International Ltd. reports that it has signed an agreement with Legacy Wine and Spirits Merchants Ltd ("Legacy Merchants"), a Hong Kong-based Company, for the rights to a fifteen (15) year general license to import, bottle, blend, manufacture and distribute wine and spirits in China."
Today's news shows that LWSP is definitely making the right moves and heading in the right direction.
Legacy Wine and Spirits to Establish Affiliate Office in Singapore to Capture Additional Market Share for the Wine Markets of Tomorrow, ASEAN Countries
Legacy Wine & Spirits International Ltd. 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. 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.
Get on top of the action and keep your eyes on LWSP - it's building up to be a monster!
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