VINEYARDS COMBINE TO FORM ONE OF THE LARGEST WINE COMPANIES IN NEW ZEALAND

The New Zealand Wine Fund has acquired Goldwater Estate wine company for $10 million with the deal set for completion in April. Goldwater owners, Kim and Jeanette Goldwater, are set to receive a third of the payment in cash and the remainder in NZWF shares. Mr. Goldwater will join the New Zealand Wine Fund board but will have no direct involvement in overseeing the business. NZWF also owns the Marlborough winery Vavasour Wines which will combine with Goldwater for a production rate of 220,000 cases within the next two to three years.