By Richard Gray on April 27, 2004 at 2:58 PM EST

High Falls Brewing Company has announced that plans for a Steve Austin beer have been "put on hold until further developments." In other words, WWE no longer wishes to move forward with the project without a signed contract from Austin.

"It's unfortunate for us, it's disappointing, but when you are dealing in the entertainment world, things can change pretty quickly," High Falls Chief Executive Tom Hubbard said.

The company plans to debut two new brews this summer.

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