Jamba Juice Announces Completion of Refranchise Agreement with Vitaligent, LLC for Sale of 73 Stores in Sacramento & San Fran...
July 28 2015 - 4:01PM
Business Wire
Jamba Juice Company (NASDAQ:JMBA), a leading healthy, active
lifestyle brand announced today the completion of a refranchising
agreement for 73 stores in the San Jose/Easy Bay and Sacramento
markets with Vitaligent, LLC (“Vitaligent”). Under the terms of the
agreement the Company will receive $25 million in cash. The Company
expects to sell the remaining 27 Company locations in the San Diego
market by the end of 2015.
“We see the closing of the first 73 stores as a great
accomplishment for our continued refranchising efforts toward an
asset light business model,” stated James D. White, chairman,
president and chief executive officer of Jamba. “Given the size and
complexity of this transaction we have decided to delay the
refranchising of the San Diego stores to the end of 2015 in order
to complete the Northern California transaction with excellence. We
are still fully on track to close Phase II of our accelerated
refranchising initiative by year end, reaching our goal to move to
a franchise to company-owned store ratio of 90%/10%.”
About Jamba Juice Company
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 June 30, 2015, there were 807 Jamba®
stores system-wide in the United States, of which 601 are
franchise-operated stores, and 206 are Company-owned. 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 (including information incorporated or deemed
incorporated by reference herein) contains “forward-looking
statements” within the meaning of the Private 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 projects as well as the current beliefs
and assumptions of our 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, including estimates,
projections, future trends and the outcome of events that have not
yet occurred, 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. Factors that
might cause or contribute to such differences include, but are not
limited to, those discussed under the section entitled “Risk
Factors” in our reports filed with the SEC. Many of such factors
relate to events and circumstances that are beyond our control. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150728006227/en/
ICRDara Dierks, 203-682-8200investors@jambajuice.comorJamba
JuiceMike Fuccillo, 510-596-0100, ext. 7Dir. Corporate
Communicationsmfuccillo@jambajuice.com
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