EMERYVILLE, Calif. - (BUSINESS WIRE) - May 12, 2015 - Jamba, Inc. (NASDAQ:JMBA), a leading healthy, active lifestyle brand, today announced that its Board of Directors increased its share repurchase authorization from $25 million to $40 million.
The company has repurchased approximately $21.8 million of the original $25 million authorized in November of 2014. The increased authorization leaves approximately $18.2 million of unspent authorization. The authorization expires May 4, 2016 and share repurchases may be made from time to time in the open market or in negotiated transactions depending on share price, market conditions and other factors.
“We are pleased that the Board agreed to increase our share repurchase program by $15 million,” said James D. White, chairman, president and CEO of Jamba, Inc. “We plan to use some of our proceeds from the refranchise initiative to repurchase shares.”
Jamba, Inc. owns and franchises Jamba Juice® stores through its wholly-owned subsidiary, Jamba Juice Company. Jamba Juice Company 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, Energy Bowls™, hot oatmeal, breakfast wraps, sandwiches, Artisan Flatbreads™, baked goods and snacks. As of December 30, 2014, there were 868 store locations globally. There were 263 Company-owned and operated stores and 543 franchise-operated stores in the United States, and 62 franchise-operated international stores. Jamba Juice Company expands the Jamba® brand by direct selling of consumer packaged goods (“CPG”) and licensing its trademarks. CPG products for at-home enjoyment are available online, through select retailers across the nation and in Jamba® outlets in the United States. 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 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.
Dir. Corporate Communications