Ms. Valerie Brive-Turtle reports

CORBY SPIRIT AND WINE ANNOUNCES CLOSING OF ACE BEVERAGE GROUP TRANSACTION

Corby Spirit and Wine Ltd. has closed the previously disclosed 90-per-cent acquisition of the outstanding shares of Ace Beverage Group Inc. The purchase price was paid using available cash and financing from Pernod Ricard, Corby's majority shareholder. In connection with closing of the transaction, Corby also signed a guarantee in favour of Canadian Imperial Bank of Commerce of payment of amounts owing under Ace's continuing operating loan.

About Corby Spirit and Wine Ltd.

Corby is a leading Canadian manufacturer, marketer and distributor of spirits and imported wines. Corby's portfolio of owned brands includes some of the most renowned brands in Canada, including J.P. Wiser's, Lot 40 and Pike Creek Canadian whiskies, Lamb's rum, Polar Ice vodka and McGuinness liqueurs, as well as the Ungava gin, Cabot Trail maple-based liqueurs and Chic Choc spiced rum, and Foreign Affair wines. Through its affiliation with Pernod Ricard, a global leader in the spirits and wine industry, Corby also represents leading international brands such as Absolut vodka, Chivas Regal, The Glenlivet and Ballantine's Scotch whiskies, Jameson Irish whisky, Beefeater gin, Malibu rum, Kahlua liqueur, Mumm champagne, and Jacob's Creek, Wyndham Estate, Stoneleigh, Campo Viejo, and Kenwood wines. Corby is a publicly traded company based in Toronto, Ont., and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B.