Glacier Water Purchases the Assets of the Pure Fill Corp.

Feb. 25, 2002

Glacier Water Services Inc. has finalized the previously disclosed acquisition of substantially all of the assets of the Pure Fill Corp. In addition, the company announced a new credit facility with City National Bank of Beverly Hills, Calif.

Brian McInerney, chief executive officer of Glacier Water, said, "We are moving forward rapidly to integrate the Pure Fill assets into our business and expect significant operational synergies as a result. The acquisition will improve our ability to better service our customers, drive financial improvement and ultimately deliver on our commitment to profitability.

"We are also very pleased to announce that we have entered into a new $10,000,000 credit facility with City National Bank of Beverly Hills, California. The credit facility will be used to finance the acquisition of the Pure Fill assets, capital expenditures and general working capital needs of the company."

Pure Fill, a privately held corporation headquartered in Modesto, Calif., operated approximately 1,625 water vending machines in 13 states with the largest concentrations in California, Florida and Texas. With the acquisition of Pure Fill, Glacier will operate nearly 15,000 machines in 35 states throughout the United States.

Glacier is active in the water-vending industry providing high quality, low-priced drinking water dispensed to consumers through self-service vending machines located at supermarkets and other retail locations.

Source: Business Wire