CRIMSON WINE GROUP, LTD. COMPLETES SPIN-OFF FROM LEUCADIA NATIONAL CORPORATION
NAPA, Calif., Feb. 25, 2013 /PRNewswire/ -- Crimson Wine Group, Ltd. ("Crimson") announced today that its spin-off from Leucadia National Corporation ("Leucadia") had been completed. Crimson, which held all of Leucadia's wine operations, was distributed to Leucadia's shareholders through a pro rata dividend of all of the shares of Crimson common stock.
Crimson is now a separate public company. Crimson's common stock is not listed on any securities exchange. Trading in Crimson's common stock is expected to occur on OTC Link under the symbol "CWGL." The CUSIP number for Crimson's common stock is 22662X 100.
Holders of record of Leucadia's common shares as of the close of business on February 11, 2013, the record date for the spin-off, that did not subsequently trade the entitlement to their shares of Crimson common stock, received one share of Crimson common stock for every 10 Leucadia common shares held on the record date, with cash in lieu of fractional shares to be later distributed.
The Crimson spin-off has been structured to qualify as a tax-free distribution to Leucadia and Crimson shareholders for U.S. federal income tax purposes. Crimson stockholders are urged to consult with their tax advisors with respect to the U.S. federal, state, local and foreign tax consequences of the Crimson spin-off.
Crimson, a Delaware corporation, produces and sells premium, ultra-premium and luxury wines. Crimson is headquartered in Napa, California and through its wholly-owned subsidiaries owns four wineries: Pine Ridge Vineyards, Archery Summit, Chamisal Vineyards and Seghesio Family Vineyards.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations that are not historical facts. These matters are subject to risks and uncertainties that could cause actual events and results to differ materially from those projected, anticipated or implied. Crimson is subject to additional risks and uncertainties as described in Crimson's registration statement on Form 10, as amended and exhibits thereto as filed with the Securities and Exchange Commission. Except to the extent required by applicable law, Crimson undertakes no obligation to update or revise any forward-looking statement.
SOURCE Crimson Wine Group, Ltd.