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Copyright © 2003 Express Publishing Inc.
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Wednesday, July 7, 2004

News

Trinity Springs stock offered

National distributor gains Ketchum-based water company


By MATT FURBER
Express Staff Writer

Now a subsidiary of the Nebraska-based distributing company, AMCON, Ketchum-based Trinity Springs Ltd. has finalized the sale of its assets to its new parent company.

AMCON is now the owner of Trinity brands, real estate, water rights and equipment.

Headquarters for the subsidiary will remain in Ketchum.

In order to facilitate the purchase of Trinity Springs, AMCON last month made a private offering of 100,000 shares of stock at $25 per share. The Series A Convertible Preferred Stock is convertible by the holders of AMCON common stock at a conversion price of $30.31 per share.

"We are extremely pleased to complete the acquisition of the Trinity Springs brand and all related assets. Trinity Springs is truly a unique water," said William F.Wright, chairman and CEO of AMCON. "We believe that this special water is well positioned to continue to fuel the growth of our beverage segment. We expect that all employees and management of Trinity Springs will continue with the new subsidiary."

Under the new ownership the company will still retain local leadership. Last month as details of the sale were being confirmed, Trinity Springs Board of Directors promoted two executives within the company. Dean Barney was named CEO, and Andrew S. Mitchell was named president. Barney and Mitchell were formerly CFO and national sales director, respectively. Former Trinity Springs President and CEO, Ron Lloyd subsequently announced his resignation.

Barney, 57, has been working with Trinity Springs since August 2003 to establish managerial, administrative and financial procedures for the company, said company spokeswoman Sharon Egan. He has a 30-year background in managing businesses in a variety of industries, including construction and telecommunications, with four years as CEO for the successful Northwest cable company, Rock Associates. Prior to joining Trinity Springs, Barney was the CFO for a number of Northwest arts and humanities nonprofit organizations. Barney resides in both Seattle, Wash., with his wife and two children, and in Ketchum.

Mitchell, 38, has been leading the sales efforts at Trinity Springs for the past year and a half, establishing new channels of distribution and creating a national sales team. Under his leadership company sales have exceeded expectations, growing 40 percent over last year, Egan said. The industry average growth rate is 20 percent. Mitchell has 15 years of beverage marketing experience, formerly leading teams at Ravenswood Winery and Pete’s Brewing Company. He and his wife currently live in Petaluma, Calif.

Both men are committed to continuing the company’s current success rate, moving the company forward to sustainability, and delivering on their commitment to shareholders, Egan said.

"We are having our most successful year," Barney said. "We will focus on empowering our team so they can continue to do their jobs well in bottling and marketing Trinity."

Trinity Springs bottles water from one of the world’s deepest spring sources in Paradise, west of Ketchum near Featherville. The Trinity Springs source is the only source in the United States to receive the elite seal of natural purity, Certified Source, from the leading global organic certifier, Quality Assurance International.


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The Idaho Mountain Express is distributed free to residents and guests throughout the Sun Valley, Idaho resort area community. Subscribers to the Idaho Mountain Express will read these stories and others in this week's issue.





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