EMERYVILLE, Calif. (BUSINESS WIRE) -- Jamba Juice, (NASDAQ: JMBA), a highly recognized healthy, active lifestyle brand, announced today the signing of a purchase agreement for 41 stores in the mid-West region predominantly in the Chicago and Minneapolis markets with J J Maa, Inc. and J J Mata Inc, whose principals are Zeena Patel, Anand Patel, Amrit Patel, and Mafatlal Patel. This is the largest refranchising transaction Jamba has entered into since announcing the refranchising program in early 2009.
The Patel's are well-established members of the Chicago community and are highly-regarded business owners and operators. They have a tremendous depth of experience in successfully launching and leading multiple companies in a variety of industries including specialty retail grocery, quick serve and traditional restaurants, ethnic and specialty food import and manufacturing. Their most recent business undertaking is in specialty and homeopathic health and wellness services.
In conjunction with this agreement, the Patel's have committed to further expand the Jamba Juice brand by developing, at least, 20 additional Jamba Juice stores over the next six years. This development activity will significantly expand Jamba's brand presence in the Midwest market, providing even more customers with access to Jamba's portfolio of great tasting, better-for-you, on-the-go, meal options. The transaction is expected to close in November 2010.
"The team has done outstanding work to substantially complete the refranchising program and this purchase agreement, the largest to date with 41 stores, is a significant achievement," stated James D. White, chairman, president and CEO, Jamba Juice Company. "I am exceptionally impressed with the Patel family and their outstanding track record of success as business owners and entrepreneurs. Their investment in the Jamba brand speaks strongly to their belief in our business proposition and we look forward to working together to grow this market."
"We love the fact that Jamba Juice is focused on health and wellness and creating differentiated products that are healthier-for-you, convenient, and great tasting," stated Anand Patel, principal of J J Maa, Inc. and J J Mata, Inc. "We are passionate about leading healthy, active lifestyles ourselves and given Jamba's twenty year history of inspiring and simplifying healthy living it's an easy brand to endorse and promote."
This transaction represents the latest step in Jamba's program to increase overall store growth, particularly franchise store growth. Jamba is currently awarding franchise opportunities in select markets across the country. For more information about joining the Jamba Juice team visit www.jambafranchise.com.
Jamba, Inc. (NASDAQ: JMBA) is a holding company and through its wholly-owned subsidiary, Jamba Juice Company, owns and franchises JAMBA JUICE(R) 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(TM), and a variety of baked goods and snacks. As of July 13, 2010, Jamba Juice had 743 locations consisting of 432 company-owned and operated stores and 311 franchise stores. For the nearest location or a complete menu, visit the Jamba Juice website at www.jambajuice.com or call 1-866-4R-FRUIT (473-7848).
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 projections 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.
SOURCE: Jamba, Inc.