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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contact:
SARATOGA BEVERAGE GROUP, INC.
(518) 584-6363
NORTH CASTLE PARTNERS, L.L.C.
(203) 862-3200
SARATOGA BEVERAGE GROUP, INC. AND NORTH CASTLE PARTNERS, L.L.C.
ANNOUNCE 21 DAY EXTENSION OF CLOSING PERIOD
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Winter Haven, FL and Greenwich, CT, June 1, 2000 - Saratoga Beverage Group, Inc.
and North Castle Partners, L.L.C. announced that they have agreed to extend the
closing period under the Stock Purchase Agreement and Agreement and Plan of
Merger to Wednesday, June 21, 2000, provided that North Castle and the rollover
shareholders can reach agreement by Wednesday, June 7, 2000 on the restructured
post-merger equity of the surviving entity in the merger. North Castle has
requested that the rollover shareholders purchase additional shares of the
surviving entity and agree that a portion of the rollover shares and additional
shares be subject to a limited call. The $6.00 per share cash price payable to
all of the other shareholders would not be affected by the extension.
In order to provide greater assurance that the merger will be completed,
Saratoga and North Castle have agreed to limit North Castle's right to terminate
the agreement due to a material adverse change only to events occurring during
the period between April 1, 2000 and May 31, 2000. Moreover, North Castle has
confirmed to Saratoga that all questions previously communicated by North Castle
to Saratoga concerning Saratoga's 1999 financial statements have been withdrawn.
The consummation of the transactions contemplated by the merger agreement
remains subject to several conditions including the completion of the financing
for the transaction and the absence of material adverse change to the business
of Saratoga during the period between April 1, 2000 and May 31, 2000 only.
Although there can be no assurance that the merger will be completed, Saratoga
and North Castle expect, subject to the satisfaction of all conditions, to
consummate the merger on or before June 21, 2000.
Saratoga Beverage Group, Inc., formerly the Saratoga Spring Water Company, was
founded in 1872. Saratoga produces sparkling and non-carbonated spring water
products and Saratoga Splash and, through its subsidiary The Fresh Juice
Company, Inc., manufactures, markets and distributes fresh squeezed and frozen
fresh squeezed citrus juices, fresh fruit smoothies (blends of juices and
purees) and other non-carbonated beverages marketed under the labels "Fresh
Pik't," "the Fresh Juice Company," "Hansen's Juices," "Ultimate" and "Just
Pik't." Saratoga's Class A common stock is traded on the Nasdaq SmallCap Market
under the symbol TOGA.
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North Castle Partners, with offices in Greenwich, Connecticut and San Francisco,
California, is a leading private equity fund focused on developing healthy
living and aging businesses.
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