SPoT Coffee Announces Ninth Location and Hertel Cafe Operating Partner
Cafe Operating Partnership Used as a Template to Fund Future New Cafe Growth
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/06/11 -- SPOT COFFEE (CANADA) LTD. (TSX VENTURE: SPP) ("SPoT" or the "Company") is pleased to announce that its ninth new cafe is to be located in Western New York along the highly trafficked Transit Road, ideally located in the crossroads between the affluent neighbourhoods of Clarence and Amherst, New York ("SPoT Transit Road").
The new SPoT Transit Road cafe is situated centrally between the communities of Clarence and Amherst, New York, and is part of the expansive Eastgate shopping center development. This development is among the largest retail plazas in New York State and is located within one of the most rapidly developing areas in Western New York. Consistent with the design of all of SPoT's cafes, this new cafe, at approximately 3,000 square feet, will feature various styles of seating for comfort, a slightly raised staged floor to welcome local artist performances, outdoor patio space, and a large wall mural reflecting the vibrance of the surrounding community. Additionally, SPoT's full signature menu including gourmet pizza, signature sandwiches, famous Belgian waffles, and SPoT's award winning in-house micro roasted coffee will be available at this location. Construction is scheduled to begin shortly and the cafe is expected to open during the spring of 2012.
SPoT is also announcing that it has entered into a strategic operating partnership agreement for the Company's previously announced seventh cafe, SPoT Hertel, located in a vibrant and commercial area in Buffalo, New York. This represents SPoT's first third-party operating partnership and will be used by the Company as the business model to create a framework and foundation to optimally finance future aggressive growth and expansion across both North America and other select international markets. This partnership was created with Sean McGirr, a well-established businessman in Buffalo, New York who brings years of industry specific experience to SPoT. SPoT will maintain a 60% majority shareholding in SPoT Hertel with Mr. McGirr acquiring the remaining 40% shareholding. While the partnership will be operated on 60% / 40% basis, both SPoT and Mr. McGirr will equally fund the upfront cafe development and construction costs.
Mr. McGirr spent 19 years at Cliffstar Corporation, North America's largest bottler of store brand juices and drinks. During his time at Cliffstar, Mr. McGirr held a variety of roles including Executive positions in Sales & Marketing, Strategy & Operations, before holding the position of President & CEO for 6 consecutive years. He most recently retired as Vice Chairman of the Cliffstar Corporation. His many accomplishments while at Cliffstar included growing the business from $40 mn annually to approximately $700 mn per year, expanding the Company's manufacturing footprint through the increase of processing plants and bottling plants, and repositioning a division of the Company to improve its overall profitability.
The joint partnership formed with Mr. McGirr is of immense value to both the operations of the SPoT Hertel cafe and the Company's expansion strategy as a whole.
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 three 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: 06.10.2011 - 14:11 Uhr
Sprache: Deutsch
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