NATIONAL WINE & SPIRITS INC
10-Q, EX-99, 2000-08-11
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.

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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