NATIONAL WINE & SPIRITS INC
10-Q, EX-99, 2000-11-09
BEER, WINE & DISTILLED ALCOHOLIC BEVERAGES
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                                                                      Exhibit 99

Forward-Looking Statements


     From  time  to  time,  the  Company  may  make or  publish  forward-looking
statements  relating  to such  matters  as  anticipated  financial  performance,
business  prospects,  technological  developments,  new  products,  and  similar
matters. Such statements are necessarily estimates reflecting the Company's best
judgement based on current information. The Private Securities Litigation Reform
Act of  1995  provides  a  safe  harbor  for  forward-looking  statements.  Such
statements  are  usually  identified  by the  use of  words  or  phases  such as
"believes,"  "anticipates,"  "expects,"  "estimates,"  "planned," "outlook," and
"goal." Because forward-looking statements involve risks and uncertainties,  the
Company's  actual results could differ  materially.  In order to comply with the
terms of the safe  harbor,  the  Company  notes that a variety of factors  could
cause the Company's actual results and experiences to differ materially from the
anticipated   results  or  other   expectations   expressed  in  the   Company's
forward-looking statements.

     While  it is  impossible  to  identify  all such  factors,  the  risks  and
uncertainties  that may affect the  operations,  performance  and results of the
Company's business include the following:

(1)  economic  and  competitive  conditions  in the markets in which the Company
     operates;

(2)  strikes  or  other  work  stoppages  affecting  the  Company  or its  major
     customers or suppliers;

(3)  the  Company's  ability  to  continue  to  control  and reduce its costs of
     storage and distribution;

(4)  the level of consumer  demand in the states in which the  Company  operates
     for the Company's line of alcohol-based beverages;

(5)  supplier  consolidation  could result in brand  realignment and the loss of
     certain products and customers;

(6)  the  risks  associated  with  the  reliance  on  one  or a few  significant
     suppliers;

(7)  the impact of significant  price  increases or decreases in availability of
     certain alcohol-based beverages distributed by the Company;

(8)  the  nature  and  extent  of  any  current  or  future  state  and  federal
     regulations regarding the distribution of alcohol-based beverages;

(9)  changes in financial  markets affecting the Company's  financial  structure
     and the Company's costs of capital and borrowed money;

(10) any  other  factors  which  may be  identified  from  time  to  time in the
     Company's periodic SEC filings and other public announcements.


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Should  one or more of  these  risks or  uncertainties  materialize,  or  should
underlying assumptions prove incorrect,  actual results may vary materially from
those described in the forward-looking  statements.  The Company does not intend
to update forward-looking statements.


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