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EXHIBIT 99.1
SCHEID VINEYARDS ANNOUNCES TERMINATION
OF AGREEMENT TO SELL CERTAIN VINEYARDS
Marina del Rey, CA - June 6, 2000 - Scheid Vineyards Inc. (Nasdaq:
SVIN) announced today the termination of a Purchase and Sale Agreement whereby
its wholly owned subsidiary, Scheid Vineyards California Inc., had agreed to
sell approximately 1,350 vineyard acres to Coastal Winegrowers, LLC for a
purchase price of $21.3 million. The signing of the Purchase and Sale Agreement
was previously announced on May 17, 2000.
Alfred G. Scheid, Chairman and CEO, stated, "As the closing of the
transaction approached, it became clear that there was not a meeting of the
minds on certain conditions to closing. Both sides amicably agreed to terminate
the agreement and cancel the escrow." Mr. Scheid further stated, "While we are
disappointed that this sale will not close, we are optimistic about the future
of the wine and wine grape industries and intend to follow our plan of producing
the highest quality fruit for our customers."
Scheid Vineyards Inc. 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.
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