EMERYVILLE, Calif. - (BUSINESS WIRE) - Mar. 16, 2015 - Jamba, Inc. (NASDAQ:JMBA) announced that the Company filed a Form 12b-25 with the Securities and Exchange Commission providing for a 15 calendar day extension for its Annual Report on Form 10-K for the fiscal year ended December 31, 2014. The Company anticipates to file its Form 10-K prior to the expiration of the extension and expects that the financial information contained in the Form 10-K will be consistent with previously reported financial results reported in the Company’s earnings release on March 12, 2015.
The Company filed the Form 12b-25 because it has not yet completed the assessment of the Company’s internal control over financial reporting and, as a result, its independent registered public accounting firm has not completed their audit and assessment of the Company’s internal control over financial reporting. The Company plans to report in its Form 10-K that as of December 30, 2014, a material weakness existed in its control over financial reporting due to an insufficient complement of finance and accounting resources within the organization, in part attributable to employee turnover related to recently implemented cost reductions and infrastructure changes, to ensure the proper application of GAAP with respect to the Company’s non-routine transactions. The Company is determining steps necessary to remediate the material weakness, but expects that the financial information contained in the Form 10-K will be consistent with the previously reported financial results reported in the Company’s earnings release on March 12, 2015.
Founded in 1990, Jamba, Inc. is a leading restaurant retailer of better-for-you, specialty beverage and food offerings, which include great tasting, whole fruit smoothies, fresh squeezed juices and juice blends, hot teas, and a variety of food items including hot oatmeal, breakfast wraps, sandwiches, Artisan Flatbreads™, baked goods, and snacks. As of December 31, 2014, there were 862 Jamba Juice store locations globally. Jamba is a proud sponsor of “Team Up for a Healthy America” in the fight against childhood obesity and encourages fans to join the Team Up community of celebrities, athletes, and other leaders committed to getting kids active and involved at www.myhealthpledge.com. Fans of Jamba Juice can find out more about Jamba Juice's locations as well as specific offerings and promotions by visiting the Jamba Juice website at www.JambaJuice.com or by contacting Jamba's Guest Services team at 1-866-4R-FRUIT (473-7848).
This press release 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 the Company’s 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 the statements made with respect to the filing of the Form 10-K within the extension period provided and the expectation that the financial information in the Form 10-K will be consistent with previously reported financial results in March 12, 2015 earnings release, 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. 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.