APPROVED THE MERGER BETWEEN VALPANTENA WINERY AND CUSTOZA WINERY

From the union of the two Veronese cooperatives, Cantine di Verona was born, a new reality with a turnover of 65 million. President Turco: "An increasingly competitive reality"

During the extraordinary shareholders' meeting of Cantina di Custoza which took place today, Saturday 20 March, the approval of the merger with Cantina Valpantena arrived, with 118 votes in favor out of 156 valid.

The shareholders of Cantina Valpantena had already expressed their favorable opinion during the meeting held on Friday 18 December, where the proposal for the merger with Cantina di Custoza had obtained 97% approval (196 out of 202 voters). On the other hand, the Custoza assembly had already expressed itself in favor on Saturday 12 December with 89 yeses out of 157 voters, but had not reached the quorum of two thirds necessary for approval.

Following this second vote, with a positive outcome, with the merger of the two cooperative wineries, Cantine di Verona was born, a reality with around 30 million euros of assets, with a turnover of 65 million, an endowment of contributions of 300 thousand quintals of grapes and a hundred employees.

"It is a satisfaction that the members of the Cantina di Custoza - declares the president of Cantina Valpantena Luigi Turco - have welcomed the merger, a historic operation of enormous value for the territory, which will reveal its fruits over time. I also hope that those who legitimately voted against can realize the goodness of the initiative. We thought of it with respect for the two participating realities, with the desire to further enhance the territories to which they belong and the respective denominations".

Cantina Valpantena and Cantina di Custoza have established the guidelines that establish the economic and commercial development process of the post-merger company, which provides for the maintenance of the employment levels existing up to now.

"The new reality, born from the meeting of two historic and recognized Cooperatives of Verona - continues Turco - invites us to greater responsibility towards the shareholders, employees and their families. We are convinced that, with everyone's involvement, we will be able able to present ourselves on the market with an increasingly competitive and structured company, capable of supporting the commercial investments necessary to conquer the markets once we emerge from the pandemic. The change of name underlines our deep bond with the city of Verona: Cantina Valpantena has been years the cellar of the Verona area and now that we have chosen to call ourselves Cantine di Verona this link will be even more evident".

"I am very satisfied - declares the president of Cantina di Custoza Giovanni Fagiuoli - with the result we have achieved today. The merger with Cantina Valpantena is the culmination of many years of work that have seen me as president of this reality: I am convinced of the validity of the operation and the positive repercussions it will have on our shareholders".