Jamba, Inc and Core-Mark Holdings Company, Inc sign a Memorandum of Intent to Sell Jamba-Branded Products through Core-Mark Serviced Retail Convenienc
EMERYVILLE, Calif.--(BUSINESS WIRE)--Jamba, Inc. (NASDAQ:JMBA) and Core-Mark Holding Company, Inc. (NASDAQ:CORE) announced today that they signed a non-binding memorandum of intent to establish a relationship to offer and deliver health-oriented Jamba branded food and beverage consumer products to Core-Mark serviced convenience retail locations.
The parties aim through this collaboration to strengthen Core-Mark's fresh and health-oriented food and beverage product offering to its convenience store customers and expand Jamba's consumer product offerings in support of Jamba's strategic goal of building a consumer products growth platform.
The intent of this memorandum is to provide an outline for the establishment of a three year relationship, which would give Core-Mark the generally exclusive distribution rights of the Jamba-branded products to the convenience store retail channel. The parties intend for the Jamba-branded products to be manufactured by Jamba's existing and new licensees, joint venture partners, and co-manufacturers.
"We believe there is an untapped opportunity to satisfy the convenience store customer looking for fresh and healthy food and beverage products," said J. Michael Walsh, Chief Executive Officer, Core-Mark Holding Company, Inc. "A Jamba Juice consumer products line will help us capture this opportunity." Core-Mark services approximately 24,000 convenience retail locations throughout the United States and Canada.
"We look forward to expanding Jamba's brand accessibility and product usage occasion by offering unique, great tasting, and health-oriented food and beverage consumer products through this channel," stated James D. White, President and Chief Executive Officer, Jamba, Inc. "Core-Mark, in their position as a major broad-line distributor to the convenience retail channel, offers Jamba the opportunity to reach thousands of new customers."
About Jamba, Inc.
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, and teas, hot oatmeal made with organic steel cut oats, wraps, salads, sandwiches, and California Flatbreads™, and a variety of baked goods and snacks. As of October 6, 2009, Jamba Juice had 742 locations consisting of 488 company-owned and operated stores and 254 franchise stores.
About Core-Mark Holding Company, Inc.
Core-Mark Holding Company, Inc. (NASDAQ:CORE) is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. Founded in 1888, Core-Mark provides distribution and logistics services as well as marketing programs to over 24,000 retail locations in 50 U.S. states and five Canadian provinces through 26 distribution centers, two of which Core-Mark operates as third party logistics providers. Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, and other stores that carry consumer packaged goods.
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