Jamba, Inc. (NASDAQ:JMBA), a leading health and wellness brand and
leading retailer of freshly-squeezed juice, announced today the
completion of a refranchising deal for nine stores in California. The
refranchising transaction was reached with existing Jamba franchise
partner, Blended Star Norcal. Inc. Jamba expects to close six to seven
additional refranchising transactions by the end of the third fiscal
quarter of 2015, involving approximately 90-100 stores for expected
additional proceeds between $22 million and $25 million. Also, Jamba
expects to close the refranchise for 100 stores to Vitaligent by the end
of the second quarter of fiscal 2015.
The company has completed the refranchising of 34 Company-owned stores
since the beginning of 2015 and announced the refranchising of 100
Company owned stores to Vitaligent. The completed deals include the
transaction of nine stores announced today, the 21 stores to Hoss
Tabrizi and Scott Maltz in April in addition to four Company-owned
stores that were refranchised during the first quarter of 2015.
“We are excited with our continued progress in our refranchising efforts
and are still fully on track to close Phase II of our accelerated
refranchising initiative by year end, reaching our goal to move to a
franchise to company-owned store ratio of 90%/10%,” stated James D.
White chairman, president and CEO of Jamba. “We are well positioned to
reach our goal of generating between $60 million and $70 million of
cumulative cash proceeds from refranchising in 2015.”
About Jamba
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).
Forward-Looking Statements
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.
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