SPoT Cafe Development and Business Update
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 04/16/12 -- SPOT COFFEE (CANADA) LTD. (TSX VENTURE: SPP) ("SPoT" or the "Company") is providing an update on its new cafes currently under construction in Toronto, Buffalo and Saratoga. The update also covers key developments of SPoT's operations which include Cafe Operations Manuals to support its five-year plan and strategy for international growth, in general, and regional growth in Toronto and upstate New York, in particular.
Both, SPoT Concord Park Place in North York, Toronto, and SPoT Transit Road in Buffalo are currently under construction and are expected to open for business in early summer of this year. SPoT will be receiving possession of its new cafe location in Saratoga Springs in June of this year. Construction of SPoT Saratoga Springs will commence immediately thereafter with a target date for completion in early fall of this year. Mr. Sean McGirr, SPoT's partner in Buffalo's SPoT Hertel, will partner with SPoT in its new and first cafe in Saratoga Springs on the same terms and conditions of the SPoT Hertel partnership. This third party operating partnership is in keeping with SPoT's business model and framework to selectively finance the development of future SPoT cafes as more particularly described in SPoT's news release of November 14, 2011.
Pursuant to its strategic alliance with Concord Adex Developments Corporation ("Concord Adex"), SPoT has been granted right of first refusal to lease a prime location in Concord Adex's development known as "Concord Parade" situated east of Bathurst Street, north of Toronto's Lakeshore Blvd. Completion of construction of Concord Parade is anticipated later this year. Mr. Ayoub, new president of SPoT, reported: "In keeping with my mandate and growth plan for SPoT, I have adopted a dynamic leasing strategy to secure more prime locations this year for the development of new SPoT cafes in Saratoga Springs, Albany, Syracuse and Ithaca so that we may constitute SPoT cafe centres that will tie up with our cafes in Buffalo and Rochester to consolidate our targeted regional growth and brand in upstate New York before moving into the outskirts of the City of New York in 2014." Mr. Ayoub also noted: "We have now completed SPoT's Cafe Operations Manuals and reporting procedures which we adequately named "SPoT in a Box" in anticipation of our regional and international growth. We will be completing next month the development of our new central kitchen facility as well as coffee roasting plant to adequately and efficiently supply and service 20 SPoT cafes in preparation for our planned regional growth in upstate New York. Development of similar facilities to service the Toronto SPoT cafes will commence later this year."
Notwithstanding its plan for regional growth, SPoT is now actively engaged in discussions with a leading cafe and restaurant developer who has been introduced to SPoT by one of its major shareholders from Dubai and who has offered to assist, financially and operationally, in setting up the infrastructure for SPoT's international licensing and in the preparation of its business plan for its international operations.
Mr. Ayoub finally stated: "I intend to keep our shareholders regularly informed with similar updates on our regional and international operations and financial performance so that they may share with us the unfolding of our business plan and growth."
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 seven 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: 16.04.2012 - 07:00 Uhr
Sprache: Deutsch
News-ID 1103161
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