Jamba Juice Achieves Milestone in Refranchising Initiative
Jamba Sale of Seven Stores in Las Vegas Includes Eight Store Development Agreement
EMERYVILLE, Calif. --(BUSINESS WIRE)-- Jamba, Inc., (NASDAQ:JMBA) today announced the sale of seven restaurants in Las Vegas, Nevada to a multi-concept owner and operator of stores throughout the Las Vegas Valley, Jeffrey Fine, principal of Fine Concepts, LLC. The agreement includes a commitment to expand the Jamba Juice brand by developing eight additional stores in the Las Vegas market.
"We are excited to officially be a part of the Jamba Juice family," said Jeffrey Fine, Chief Executive Officer, Fine Concepts, LLC. "Jamba Juice complements our portfolio of retail concepts and we are looking forward to extending our commitment to customers of providing excellent quality, healthy products and premier customer service. We take pride in being able to offer a healthy option for locals and visitors who come to our city and have plans to expand those options by opening our first Jamba Juice location on the Las Vegas Strip this fall."
Fine Concepts, LLC has plans to expand ownership of the Jamba brand into non-traditional venues, like casinos, making Jamba Juice even more accessible to the millions of visitors who come to have fun in Las Vegas.
"Jeff's acquisition of these stores is significant as his plans to expand the Jamba brand, will more than double our presence in Las Vegas over the next three to five years," said Thibault de Chatellus, Senior Vice President, Global Franchise and Development, Jamba Juice Company. "Las Vegas is one of America's most popular tourist destinations and this planned expansion creates an outstanding opportunity to grow global awareness of the Jamba brand."
"The team has achieved a significant milestone in our refranchising initiative. With the close of this transaction, we have accomplished more than two-thirds of our goal to refranchise up to 150 stores," said James D. White, Chairman, President and CEO, Jamba, Inc. "Not only do we continue to attract outstanding franchise operators, like Fine Concepts LLC, we continue to move closer to the completion of our refranchising target."
The Company is committed to strategically growing the Jamba brand and refranchising is one component of a broader plan for achieving that goal. The overall refranchising initiative, announced in June of 2009, is expected to involve the refranchising of up to 150 company-owned restaurant locations and be completed by the close of 2010. This recent franchise development activity reflects the accelerated growth of the Company and supplements the 287 currently operating franchise stores.
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 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.