As it turns out, Penn Brewery isn't going anywhere, at least for five years.

In a surprise announcement at a news conference today, president and CEO Len Caric said the North Side brewery will remain at its Vinial Street location under a new 5-year lease.

Mr. Caric had said in November that the company decided not to renew its lease after the rent was effectively more than tripled by E&O Partners. E&O later said Penn owes it money for a disputed water bill.

The lease was to expire today. Mr. Caric told employees at a meeting yesterday afternoon the brewery would remain open but didn't provide details.p>

However, today he said a new lease had been worked out and Penn would remain a fixture on the North Side.