For Further Information:
Scheid Vineyards Inc. (Nasdaq: SVIN)
13470 Washington Blvd.
Marina del Rey, CA 90292
(310) 301-1555
Contact: Scott
Scheid or Nevena
Orbach
President and COO The Orbach Co.,
Inc.
Scheid Vineyards Inc. 818-904-0500
310-301-1555
For Immediate Release:
March 29, 2001
SCHEID VINEYARDS
TO MOVE EXECUTIVE OFFICES
Marina del Rey, CA, March 29, 2001 - Scott D. Scheid,
President and Chief Operating Officer of Scheid Vineyards Inc. (Nasdaq: SVIN)
today announced that the Company, one of the country’s largest independent
growers of premium wine grapes, will relocate its executive offices from Marina
del Rey, California to Salinas, California.
The Company’s new executive offices are located at 305
Hilltown Road in Salinas, near the intersection of Highway 68 and River
Road. This location is about 30 miles
north of the Company’s vineyards. The
move is expected to be completed within approximately 90 days.
“In the past few years, there have been dramatic changes in
the way wineries and premium growers work together, with much more interaction
and exchange of information than before,” Scheid stated. “Our viticultural and executive teams need
to work closely with wineries to help them meet their style, flavor and overall
winemaking goals each year. Strong
communication is the key and gives us the ability to custom farm each winery’s
acres according to their specific needs,” continued Scheid. “Bringing our
executive staff closer to our clients and just minutes away from our vineyards
will give us greater opportunities to interact more closely and frequently with
our winery clients.”
Scheid Vineyards currently farms over 6,000 acres in
Monterey and San Benito Counties and delivers grapes to about 30 wineries. “Our
client list has grown almost eight fold over the last five years and the list is
expanding,” noted Scheid. “As more of our vineyards come into full production,
we see opportunities for continued growth.
Additional premium wine grape supplies will allow us to service more
clients with long term contracts, which have been the staple of the Company’s
business. With more vineyards coming into maturation, Scheid Vineyards also
will be aggressively marketing to fulfill short-term winery needs.”
Scheid Vineyards recently reported over 15 percent more
acres in partial or full production in 2000 over 1999. Last year, the Company reported harvesting
10,700 tons of wine grapes, up from 7,700 tons of wine grapes harvested in
1999.
To showcase the high quality of its grapes to wineries,
Scheid Vineyards annually produces a few thousand cases of ultra premium wine
under its own label. Last year, its 1998 Pinot Noir was awarded a Double Gold,
Best of Class medal at the 2000 California Commercial Wine Competition held
annually in Sacramento. The 1998 Monterey vintage received a score of 98 out of
100 points, qualifying it for the special “Best of Class North-Central Coast
Appellation” award.
Scheid Vineyards has been an integral part of the Monterey
County premium wine landscape for close to 30 years. It developed over 2,000 acres of vineyards in the area between
1972 and 1974 and was among the early pioneers promoting Monterey County as a
high quality grape growing region.
Monterey County’s vineyard acreage grew at a steady but
moderate pace until the early 1990s, when consumer demand for premium wine
began to surge. The County now has approximately 45,000 acres of planted
vineyards; a 30 percent increase in acreage in just six years.
“This increasing consumer demand for premium wines, coupled
with a recognition that Monterey County can produce top quality wine grapes,
has not gone unnoticed by established wineries,” noted Scheid. “Add the fact
that there’s little undeveloped vineyard land left in the northern California
wine country, the demand for Monterey County wine grapes will likely continue.”
“With the move of our executive offices, Scheid Vineyards is
better able to service our winery clients and take advantage of the growing
demand for premium wines of the Monterey appellation,” concluded Scheid.
Scheid Vineyards Inc. (www.scheidvineyards.com) is a
leading independent producer of premium wine grapes and operates approximately
6,000 acres of vineyards, primarily in Monterey County, California. The Company
sells most of its grape production under long-term contracts to wineries
producing primarily premium quality table wines, and the Company also produces
a small amount of ultra premium wine under its own labels.
Note: This
press release contains forward-looking statements, such as those concerning the
Company’s relocation of its executive offices, the future of the Monterey
County wine grape business generally and the Company’s expectations regarding
opportunities for growth. These
forward-looking statements can generally be identified as such because the
context of the statement will include such words as the Company “believes”,
“anticipates”, “expects”, or words of similar import. Such forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those contemplated by
these forward-looking statements. For
further details and a discussion of the risks and uncertainties that may affect
the Company, please see the Company’s disclosures in its publicly available
filings with the Securities and Exchange Commission, including registration
statements and periodic reports. In
particular, attention is drawn to the cautionary statements included under
“Business – Cautionary Information Regarding Forward-Looking Statements” in the
Company’s annual report on Form 10-KSB for the fiscal year ended December 31,
2000. Stockholders, potential investors
and other readers are urged to consider these factors carefully in evaluating
the forward-looking statements and are cautioned not to place undo reliance on
such forward-looking statements. The
forward-looking statements made herein are only made as of the date of this
press release and the Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances.
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