Existing Franchise Operators in Oregon Purchase Nine Jamba Juice Restaurants
EMERYVILLE, Calif.--(BUSINESS WIRE)--Jamba, Inc. (Nasdaq: JMBA) announced today the sale of nine restaurants as part of its ongoing strategic refranchising program that was announced May 28, 2009. The overall refranchising initiative is expected to involve about 150 Company-owned restaurant locations primarily outside of California.
The Company completed the sale of nine restaurants in Oregon to The Cinnamon Bums, Inc. ("TCBI"), an existing Jamba Juice franchisee currently operating nine other Jamba Juice restaurants in the Northwest region. With the purchase of these additional restaurant outlets in Oregon, TCBI principals, John Whittaker and Steve Foltz, now own 18 Jamba Juice restaurant locations and have committed to building three new Jamba Juice restaurants in the Oregon market.
"We are always looking for the right opportunities to expand our restaurant portfolio," commented John Whittaker, a principal of TCBI. "We felt the program offered by Jamba, with their dedicated training and support for franchisees, their brand strength, and their commitment to growth, was the right concept in which to further our investment."
"I love this brand because it makes it easy to enjoy a healthy lifestyle --I drink them all the time and have even started running since becoming a Jamba franchisee," added Steve Foltz, a principal of TCBI. "Aside from inspiring healthy living, Jamba is one of the only quick serve restaurant concepts that covers four day parts...breakfast, lunch, dinner and snacks. This is a great addition to our company and for our team."
"John and Steve are multi-franchise operators with over fifty years of restaurant experience between them and we are very pleased to have the opportunity to expand our relationship with such committed and successful business operators," said Thibault de Chatellus, SVP of Global Franchise and Development, Jamba, Inc. "The sale of these restaurants will further consolidate our presence in the market and position our brand for greater growth."
This refranchising transaction builds on the sale of ten Jamba Juice restaurants in Arizona to another existing franchisee in March 2009. "The sale of the Arizona restaurants to an existing franchisee in March and now these restaurants in Oregon to current franchisees John and Steve, is outstanding news," commented James D. White, President and Chief Executive Officer, Jamba, Inc. "It is a testament to the strength of the Jamba Juice brand that our existing franchise operators are seeking expansion opportunities with us when they have so many other alternatives in which to invest their capital."
Jamba, Inc. (Nasdaq:JMBA) is a holding company and through its wholly-owned subsidiary, Jamba Juice Company, owns and franchises JAMBA JUICE® stores. Founded in 1990, Jamba Juice is a leading restaurant retailer of better-for-you food and beverage offerings, including great tasting fruit smoothies, juices, teas, hot oatmeal made with organic, steel cut oats, and baked goods. As of April 21, 2009, JAMBA JUICE had 732 locations consisting of 499 company owned and operated stores and 233 franchise stores.
This press release (including information incorporated or deemed incorporated by reference herein) 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 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.