INDUSTRY VETERANS ANTHONY P. FOGLIO AND KEITH GREGGOR AQUIRE MAJORITY POSITION IN PREISS IMPORTS

Preiss Imports, a foremost specialist beverage alcohol importer, announced today that spirits industry veterans Anthony P. Foglio and Keith Greggor have taken a majority position in the company for an undisclosed sum.

Henry Preiss, the founder, will retain a significant interest and continue as President and CEO. The company imports hundreds of top-quality spirits, from around the world, as well as impressive niche brands of beer and wine.

"Twenty-two years of success have given Preiss Imports a strong reputation and an incredible range of high-quality premium brands," said Henry Preiss. "Looking ahead I saw that Tony and Keith had the experience and track record to help grow our business."

Foglio and Greggor flourished at International Distillers and Vintners, the forerunner of industry giant Diageo. In 1998 they left to develop a small startup company, Skyy Spirits, which has subsequently grown ten-fold. Now, a decade later, their next move is to Preiss Imports.

Foglio said, "We will continue to witness the steady march of consolidation across the industry. Medium-sized companies will face an increasingly competitive environment-but smaller, niche companies will have an opportunity to prosper."

"Long established consumer trends are creating opportunities for niche brands," said Keith Greggor. "Our focus is on satisfying the increasing demand for authentic quality products that reflect fine artisanal efforts from around the world."

Preiss, together with the new leadership, intends to make the Preiss name synonymous with premium, niche brands so that retailers and on premise accounts will know who to turn to when they want to provide their customers with a richer experience.

"My father, a spirits importer, introduced me to the delights of so many different high quality products from around the world," said Preiss, "and since then I've seen consistent growth in the number of consumers who share that same delight."

"I feel very fortunate that such experienced industry veterans understand and appreciate what we do," said Preiss. "Keith and Tony's seasoned perspective will benefit our suppliers, their brands and our customers."

"Today's big companies are simply not structured to manage a plethora of niche brands where product intimacy and knowledge counts more than managing big budgets," Foglio stated. "Our focus will not be on economies of scale, or portfolio rationalization, but rather a celebration of choice."

In anticipation of future growth Preiss Imports is relocating in November from Ramona in Southern California to larger premises in San Diego where it can benefit from access to a larger labor pool and can offer greater convenience to its many suppliers.