SPoT Coffee Provides Update on New Cafe Openings
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/10/11 -- SPOT COFFEE (CANADA) LTD. (TSX VENTURE: SPP) ("SPoT" or the "Company") is continuing to execute on its strategic North American growth plan and is pleased to provide an update on the Company's current new cafe openings. Construction on SPoT Hertel, SPoT's seventh operating cafe, is progressing on schedule and is expected to open during October 2011. This new cafe is situated on a central prime corner location on Hertel Avenue in Buffalo, New York and incorporates many of SPoT's standard cafe elements including lounge and table style seating, window counters and a stage for live entertainment. In addition to these design aspects, SPoT Hertel will feature both an interior and exterior full wall mural, as well as two large outdoor patios for patrons to enjoy.
Additionally, construction on SPoT's eighth cafe and second in Toronto, SPoT Park Place, is scheduled to begin mid-October 2011 with an anticipated opening for early 2012. This is ahead of the Company's initial planned construction schedule for SPoT Park Place. SPoT Park Place is to be located in the urban development of Concord Park Place in north Toronto and highlights SPoT's exclusive relationship with Concord Adex, a well-known real estate developer, as their cafe of choice for their multi-condo urban development projects. SPoT Park Place will be centrally and exclusively located in the new urban neighbourhood development which is estimated to have a residential population exceeding 290,000.
This announcement comes after SPoT recently announced the closing of $750,000 in financing with the proceeds available to fund SPoT's cafe expansion program. SPoT is continuing to assess future cafe locations and is currently in the final stages of selecting the sites for cafes nine and ten. SPoT anticipates accelerated growth during 2012, leveraging its existing operating infrastructure in Western New York, Southern Ontario and Florida before a broader North American and international expansion commences.
SPoT is also announcing the grant of an aggregate of 2,201,931 options to acquire SPoT common shares at a price of $0.14 per common share to certain officers, directors and employees of the Company. These options will vest in twelve equal monthly installments beginning from the date of their grant. The options expire on the earlier of their fifth anniversary date or the time the optionees cease to serve as officers, directors or employees of the Company.
ABOUT SPOT
SPoT () designs, builds and operates community-oriented cafes that provide its customers from every lifestyle and culture with the highest quality service, signature light meals and in-house roasted gourmet coffee. The current SPoT management team and directors have been successfully operating company-owned cafes since 2004.
Each SPoT cafe is a popular and friendly gathering place for its community where specialty coffee, upscale beverages, fresh baked goods, signature sandwiches, soups, salads and gourmet pizza, cakes, pastries and home baked goods are offered and enjoyed by its patrons in a warm, friendly and home-like environment.
The Company currently operates six cafes that range in size from 2,000 to in excess of 4,000 sq. ft. with two more cafes currently under development. SPoT is currently evaluating several locations as part of its North American expansion.
Unlike other conventional gourmet coffee houses and quick service restaurants that are built on uniformity of product and style, each SPoT cafe maintains several unique and key features, including:
Forward Looking Statements
Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
Contacts:
SPoT Coffee (Canada) Ltd.
Lindsay Cross
Investor Relations Manager
(416) 368-2220
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Datum: 10.08.2011 - 15:30 Uhr
Sprache: Deutsch
News-ID 1029534
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