EMERYVILLE, Calif. --(BUSINESS WIRE)-- Jamba, Inc (NASDAQ:JMBA) today announced the sale of nine restaurants in California and Arizona, and the signing of purchase agreements for 28 restaurants primarily outside of California. The purchase agreements include commitments to further expand the Jamba Juice brand by developing an additional six new stores. The 37 restaurants represented by the sales and purchase agreements supplement the sale of 47 previously announced restaurants and will lead to the achievement of almost 60 percent of the Company's refranchising program. The overall refranchising initiative, announced in June 2009, is expected to involve the refranchising of up to 150 company-owned restaurant locations and be completed by the close of 2010.
"We are very pleased with our refranchising efforts and the continued strong interest in the Jamba brand," said James D. White, Chairman, President and CEO, Jamba, Inc. "We are on track to complete our refranchising goal in 2010, which will be an accomplishment given the current challenges of the existing credit markets. I look forward to reporting on our continued progress throughout the coming year."
The Company is committed to strategically growing the Jamba brand and refranchising is one component of a broader plan for achieving that goal.
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 April 20, 2010, Jamba Juice had 745 locations consisting of 458 company-owned and operated stores and 287 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.