Jamba, Inc. Continues to Accelerate Move to Asset-Light Model with Refranchising of Additional Stores in California
April 28 2015 - 9:00AM
Business Wire
Jamba Sells Twenty-One Stores to Existing
Franchise Partners as Refranchising Initiative Continues to Advance
Ahead of Schedule
Jamba, Inc. (NASDAQ:JMBA) a leading health and wellness brand
and leading retailer of freshly-squeezed juice cited an
acceleration of its move to an asset-light model with the
announcement today of two refranchising deals representing
twenty-one stores in California markets. The refranchising was
reached with existing Jamba franchise partners; Hoss Tabrizi will
own seven stores in the Orange County / Los Angeles market, and
Scott Maltz will own fourteen stores in Peninsula / San Francisco
market.
“We are excited with the progress we continue to make in our
refranchising efforts,” stated James D. White chairman, president
and CEO of Jamba. “And we are pleased to extend our partnership
with two existing franchisees as we move ahead on the Company’s
commitment to an asset light model. These and recent deals position
us well to reach our goal of generating $30 - $40 million of
cumulative cash proceeds from refranchising in 2015.”
Earlier this month the Company announced its entry into an
agreement for the refranchising of 100 Company-owned stores to
Vitaligent, LLC. The two deals announced today are part of an
accelerated program through which the Company expects to generate
between $55 - $75 million of cash proceeds in 2015 in the
aggregate. Jamba is on track to close Phase II of its accelerated
refranchising initiative by year end and moving the franchise to
company model to 90/10%.
About Jamba
Founded in 1990, Jamba, Inc. is a leading restaurant retailer of
better-for-you, specialty beverage and food offerings, which
include great tasting, whole fruit smoothies, fresh squeezed juices
and juice blends, hot teas, and a variety of food items including
hot oatmeal, breakfast wraps, sandwiches, Artisan Flatbreads™,
baked goods, and snacks. As of December 31, 2014, there were 862
Jamba Juice store locations globally. Jamba is a proud sponsor of
“Team Up for a Healthy America” in the fight against childhood
obesity and encourages fans to join the Team Up community of
celebrities, athletes, and other leaders committed to getting kids
active and involved at www.myhealthpledge.com. Fans of Jamba Juice
can find out more about Jamba Juice's locations as well as specific
offerings and promotions by visiting the Jamba Juice website at
www.JambaJuice.com or by contacting Jamba's Guest Services team at
1-866-4R-FRUIT (473-7848).
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are those involving future events
and future results that are based on current expectations,
estimates, forecasts, and projections as well as the current
beliefs and assumptions of the Company’s management. Words such as
“outlook”, “believes”, “expects”, “appears”, “may”, “will”,
“should”, “anticipates”, or the negative thereof or comparable
terminology, are intended to identify such forward looking
statements. Any statement that is not a historical fact is a
forward-looking statement. Forward-looking statements are only
predictions and are subject to risks, uncertainties and assumptions
that are difficult to predict. Therefore actual results may differ
materially and adversely from those expressed in any
forward-looking statements. You should not place undue reliance on
forward-looking statements. The Company does not assume any
obligation to update the information contained in this press
release.
ICRDara Dierks, 203-682-8200investors@jambajuice.comorJamba
JuiceMike Fuccillo, 510-596-0100, X-7Dir. Corporate
Communicationsmfuccillo@jambajuice.com
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