Two Corporate-Owned Stores to be Purchased and Operated by Former CFO
SAN FRANCISCO, Dec. 17 // PRNewswire-FirstCall // -- Java Detour, Inc. (Pink Sheets: JVDT) is proud to announce that it has sold two of its corporate-owned stores, in Yuba City and Marysville, to a new franchisee, Java NorCal LLC. The two stores were sold for a total of $1.5 million, of which $1.2 million was paid in cash. Java NorCal LLC is operated by Java Detour's former CFO Ronald Sands.
"We are pleased and fortunate to have somebody with as much experience and knowledge with our brand owning and operating these two new franchise stores. This is a strong move for Java Detour as we continue to expand our franchise operations," said Michael Binninger, CEO of Java Detour.
"We are very excited to be part of the Java Detour franchise system. We see tremendous opportunity with this brand. We will continue the high standards of these successful stores and plan to be an integral part of Java Detour's franchise expansion. We hope these are the first two of many franchised stores that we will operate in the future," said Ronald Sands, managing member of Java NorCal and former CFO of Java Detour.
Java Detour now has 21 stores, 10 of which are operated by franchisees. Java Detour has stores in California, Nevada, Minnesota, Wisconsin and China. The company expects to open additional stores in 2009 in the United States and overseas.
Java Detour(R) is an upscale boutique brand. Java Detour stores sell the world's finest gourmet coffees, fruit smoothies and selected baked goods from retail facilities that specialize in speed and convenience. Java Detour's objective is to establish the Java Detour concept and brand as one of the most recognized and successful gourmet beverage retailers in the world.
This press release contains forward-looking statements that are subject to a number of risks, assumptions and uncertainties that could cause our actual results to differ from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the failure to develop and maintain our brand, changes in consumer preferences, competitive pressures, ability to develop franchises and other risks referenced in our filings with the Securities and Exchange Commission. We disclaim and do not undertake any obligation to update or revise any forward-looking statements.
SOURCE Java Detour, Inc.