Key Developments For Willamette Valley Vineyards, Inc.
Willamette Valley Vineyards, Inc. (WVVI.O) (Consolidated Issue listed on NASDAQ Capital Market)
Willamette Valley Vineyard Announces Vineyard Acquisitions
Willamette Valley Vineyard announced the acquisition of three new vineyard sites in the Willamette Valley as harvest got underway. Each of the newly acquired vineyard sites are adjacent to the winery's current operations: 15 additional acres at the Estate Vineyard south of Salem, 80 additional acres at the Elton Vineyard in Yamhill County and 6 additional acres at Tualatin Estate Vineyard near Forest Grove. Bernau has also secured an additional 102 acres adjacent to Elton Vineyards on a 34 year lease. These vineyard land acquisitions, with a total up front cost of $1.5 million.
Willamette Valley Vineyard Delays in Filing Form 10-KSB
Willamette Valley Vineyard announced that it has notified The Nasdaq Stock Market Inc. (Nasdaq) that the Company would not be able to file its Annual Report on Form 10-KSB for the year ended December 31, 2007 (Form 10-KSB) by its due date of April 15, 2008. The delay was caused primarily by the Company's need to finalize certain tax provision adjustments and related items with its independent auditors. The Company is finalizing its Form 10-KSB and anticipates filing early in the week of April 21, 2008.
Willamette Valley Vineyard Appoints Jeffrey J. Fox As CFO - Form 8-K
Willamette Valley Vineyard announced in its Form 8-K that has appointed Jeffrey J. Fox as its Chief Financial Officer (CFO)/Controller effective October 1, 2007.
Willamette Valley Vineyard Announces New Business Loan Agreement
Willamette Valley Vineyard announced that it has entered into a business loan agreement with Umpqua Bank, which provides for maximum borrowings of $2,000,000.00 for operations. The interest rate under the loan agreement is equal to Umpqua's Prime Rate. The borrowings are collateralized by the Company's bulk and case goods inventory, and the proceeds from the sales thereof. The new agreement replaced the existing $2,000,000 line of credit the Company had with GE Commercial Distribution Finance Corporation.
Willamette Valley Vineyard to Restate Financial Statements
Willamette Valley Vineyard announced that it will restate certain financial statements contained in previous filings with the Securities and Exchange Commission (SEC) to reflect a positive adjustment to the Company's revenues and earnings per share for the fiscal year ended December 31, 2003 and negative adjustments to the Company's revenues for the fiscal years ended December 31, 2002 and 2001 and to the Company's earnings per share for the fiscal year ended December 31, 2002 due to results from an excise tax audit conducted by the Alcohol and Tobacco Tax and Trade Bureau of the US Treasury Department (ATTTB) earlier this year. As indicated in prior SEC filings, in February and March 2004, the ATTTB audited the Company's excise tax liability for 2003, 2002 and 2001. This audit resulted in an additional amount of excise tax owing for those periods due principally to the Company's incorrect application of the federal small winery tax credit.
