StonePoint Group Limited (www.stonepoint.net) signed a manufacturing agreement with Target Corp. (www.target.com), America's third largest general merchandise retailer, to supply private labelled bottled water to Target retail stores nationwide. Target operates nearly 1,100 retail stores across the United States.
"We are extremely pleased to have been selected as a supplier of bottled water for Target," said President of StonePoint, Ted Konyi. "In 2001, we demonstrated the success of our business model with a select number of high profile partners such as 7-Eleven and Macy's. We have proven that our operations bring better margins and higher efficiencies to our customers, and as such, we are now in a position to aggressively expand our client base. New supply agreements with clients such as Safeway and Target certainly underscore the exceptional shareholder value we have achieved already this year."
Target's private labeled bottled water will be launched in April, and will be established under Target's grocery and produce brand, Archer Farms Market.
According to Mr. Konyi, "Target has established a strong brand in Archer Farms, and we certainly look forward to adding value to Target's private label water. We anticipate a very favorable response to the Archer Farms brand of water."