Jamba Juice Nearing Completion of Refranchising Initiative
Jamba Enters Into 15 Store Purchase Agreement in the Denver Market
EMERYVILLE, Calif., Nov 03, 2010 (BUSINESS WIRE) -- Jamba Juice, (NASDAQ: JMBA), a highly recognized, healthy active lifestyle brand, announced today the signing of a purchase agreement for 15 stores in Denver, Colorado with existing multi-unit franchise operators, Scott Maltz, David Wagonfeld, and Larry Kaufman, who currently operate 15 other Jamba Juice outlets in the Central California region. This recent transaction is expected to close by the end of the fourth quarter 2010.
Franchise operators, Maltz, Wagonfeld, and Kaufman joined the Jamba Juice franchise in February 2010 with the purchase of eight stores. They subsequently invested in the purchase of seven additional stores. With the close of this transaction, they will own a total of 30 Jamba Juice locations in central California and Colorado. They are exceptional operators who, in a short period of time, have had tremendous success in owning and operating Jamba Juice restaurants.
"Jamba Juice has a very strong health and wellness platform and continues to innovate with new better-for-you food and beverage offerings that truly position them as a leading healthy, active lifestyle brand," commented Mr. Maltz. "It is a testament to our belief in the Jamba Brand that we have chosen to invest in our third market with Jamba Juice."
Maltz, Wagonfeld, and Kaufman, in conjunction with this agreement, have committed to further expansion of the Jamba Juice Brand by developing four additional stores in Colorado. The planned development activity will contribute to Jamba's plans to accelerate franchise store growth and expand market share.
"Our refranchising initiative is nearing completion and I am pleased with the success we have had with this program," stated James D. White, chairman, president, and CEO, Jamba Juice Company. "Especially in attracting highly qualified and very experienced operators, many of whom, like Scott, David, and Larry, have subsequently chosen to further their investment by purchasing additional stores."
This recent 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.
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(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.