Ten Peaks Coffee Company Inc.
TRADING SYMBOL: The Toronto Stock Exchange - TPK
VANCOUVER, Jan. 4 /CNW/ - Ten Peaks Coffee Company Inc. ("Ten Peaks" or
"the Company") today announced that the plan of arrangement ("the
arrangement") between Ten Peaks, the Swiss Water Decaffeinated Coffee
Company Income Fund ("the Fund"), and Swiss Water Decaffeinated Coffee
Company Inc. ("SWDCC") to effect the conversion of the Fund into a
corporation has been completed. Accordingly, the Fund has been wound up
into Ten Peaks, and SWDCC, which will continue to conduct the SWISS
WATER® Process decaffeination business as before, has become a wholly
owned subsidiary of Ten Peaks.
Ten Peaks is listed on the Toronto Stock Exchange and began trading
today under the symbol (TPK). Ten Peaks is expected to pay an initial
quarterly dividend to shareholders of $0.0625 ($0.25 per annum) per
share, beginning with a dividend for the quarter ended March 31, 2011.
Unitholders approved the conversion at a special meeting held on
December 9, 2010, with 99.55% of votes cast in favour of the
resolution. As part of the arrangement, unitholders of the Fund
received one common share of Ten Peaks in exchange for each unit of the
Fund held at the time of conversion.
Concurrently, the corporation adopted a new name, reflecting
management's intent to continue enhancing and growing SWDCC's existing
business, while exploring related growth opportunities.
The conversion to a corporation is a result of the changes to the
taxation of income funds which became effective January 1, 2011, and
which make the income fund form of business enterprise less
advantageous. An information circular describing the conversion, as
well as the Canadian tax implications, is available on SEDAR at www.sedar.com.
Ten Peaks is a publicly traded company that owns all of the interests of
the Swiss Water Decaffeinated Coffee Company Inc. (SWDCC), a premium
green coffee decaffeinator located in Burnaby, BC. Currently, Ten
Peaks' business and financial results are wholly based on the business
and financial results of SWDCC.
Established in 2000, SWDCC is one of the few chemical free coffee
decaffeinators in the world. It employs the SWISS WATER® Process, a
proprietary, chemical free decaffeination method. Accordingly, SWISS
WATER® Process decaffeinated green coffees are distinct from
approximately 80% of the world's decaffeinated coffees, which are
exposed to chemical solvents such as methylene chloride and ethyl
acetate during decaffeination.
Certified organic by the Organic Crop Improvement Association, the SWISS
WATER® Process is the world's only branded decaffeination process and
enjoys substantial recognition in the specialty coffee trade and with
SWISS WATER® Process decaffeinated green coffees are sold to many of
North America's leading specialty roaster retailers, specialty coffee
importers and commercial coffee roasters. SWDCC also sells coffees
internationally through regional distributors.
Certain statements in this press release may constitute
"forward-looking" statements which involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by such forward-looking statements.
When used in this press release, such statements may include such words
as "may", "will", "expect", "believe", "plan" and other similar
terminology. These statements reflect management's current expectations
regarding future events and operating performance as well as
management's current estimates, but which are based on numerous
assumptions and may prove to be incorrect. These statements are neither
promises nor guarantees, but involve known and unknown risks and
uncertainties, including, but not limited to, risks related to
processing volumes and sales growth, operating results, supply of
coffee, general industry conditions, commodity price risks, technology,
competition, foreign exchange rates and general economic conditions.
The forward-looking statements and financial outlook information
contained herein are made as of the date of this press release and are
expressly qualified in their entirety by this cautionary statement.
Except to the extent required by applicable securities law, Ten Peaks
Coffee Company Inc. undertakes no obligation to publicly update or
revise any such statements to reflect any change in management's
expectations or in events, conditions, or circumstances on which any
such statements may be based, or that may affect the likelihood that
actual results will differ from those described herein.
SOURCE Ten Peaks Coffee Company Inc.
For further information:
Sherry Tryssenaar, Chief Financial Officer
Ten Peaks Coffee Company Inc.
Phone: 604.444.8780 Fax: 604.420.8711