StonePoint announces letter of intent to partner with North Carolina Water Company

StonePoint Group Limited is pleased to announce that it has signed a Letter of Intent to purchase 33% of North Carolina Spring Water Co.

VANCOUVER, BRITISH COLUMBIA, May 17, 2001 — StonePoint Group Limited is pleased to announce that it has signed a Letter of Intent to purchase 33% of North Carolina Spring Water Company (NCSW), a North Carolina based bottled water company.

NCSW owns and operates a manufacturing facility in Linville Falls, NC and sells bottled water to regional and national customers.

The terms of the purchase, subject to a successful due diligence process, are as follows: StonePoint will acquire 33% of the company for USD$ 1.65 million to be entirely bank financed.

"North Carolina Spring Water is strategically located to service the Eastern Seaboard." stated StonePoint VP Ted Konyi. "With bottled water sales growing at double-digit growth rates, vertically integrating into manufacturing assures StonePoint supply and increased profitability."

StonePoint Group Limited is a fully integrated brand management company that develops, produces and markets premium beverages for the private label and branded markets.

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