Montreal, May 28, 2008 - Legacy Wine and Spirits International Ltd. reports that it has signed an agreement with Legacy Wine and Spirits Merchants Ltd ("Legacy Merchants"), a Hong Kong-based Company, for the rights to a fifteen (15) year general license to import, bottle, blend, manufacture and distribute wine and spirits in China.
Legacy Merchants received 1,000,000 shares of the Company's Rule 144 stock for the rights to the aforementioned license through its agreement with Beijing Nine Dragons Winery Development Co. Ltd ("Nine Dragons"), a China-based company.
Through Legacy Merchants and its agreement with Crown Star Holdings Ltd, an alcoholic beverage sourcing company with offices in Canada and Hong Kong, the Company has access to a wide selection of fine wine and spirits.
The Company will first open at least two (2) wine and spirits retail stores to be located in Beijing, China within the next three (3) months for the distribution of its imported products. These approximate 300 sq/ft, boutique-style retail stores will be named "Legacy Wine and Spirits" and will initially stock imported red and white wines as well as a selection of spirits from choice regions throughout the world.
These initial stores will be a flagship model for a franchising plan designed to further broaden the Company's distribution facilities and gain further market awareness and penetration of the Legacy brand.
Once the Legacy retail stores have been established, the Company will exercise its First Right of Refusal to start up its manufacturing facility in Beijing through Legacy Merchants agreement with Nine Dragons.