TORONTO, May 1, 2017 /CNW/ - SPOT COFFEE (CANADA) LTD. (TSX-V: SPP) ("SPoT" or the "Company") has released its financial and operating results for the year ended December 31, 2016. All dollar values are expressed in Canadian dollars. The Company's Audited Consolidated Financial Statements, together with the notes related thereto, as well as Management Discussions and Analysis for the years ended December 31, 2016 and 2015 are available on SEDAR under the Company's name.
The Company is pleased to report the following financial results in 2016:
The Company's financial plan for 2017 calls for, among other things: (i) further reduction of debt and related interest carrying charges; (ii) greater revenue as new franchise cafés and SPoT Express outlets presently under contract are being developed and will commence operations this year; (iii) sale and franchise of SPoT Coffee Transit café upon completion of its drive-thru component this summer. Proceeds of this sale of $450,000 have been earmarked to pay for the drive-thru improvements and to further reduce the Company's debt; (iv) further improvements in the cost of goods sold resulting from an efficient purchasing department and higher volumes of goods and services; and, most importantly, (v) reporting net profit for 2017.
Mr. John Lorenzo, Chairman of the Company, concluded this brief financial report by saying: "The financial results of 2016 evidence management's tireless efforts to continually improve each and every single aspect of the Company's operations. I can safely say for myself and on behalf of the Company's directors that we are all pleased, as major shareholders as well, with the Company's controlled growth, careful and progressive build-up of the Company's franchise operations on the sound and tested foundations demonstrated by the Company's financially successful full café and Express models. We are all equally enthused with this year's increased demand for SPoT's franchises in New York State, and we look forward to announcing many more throughout the U.S.A. and Canada during this year and the coming year."
About SPoT Coffee
SPoT Coffee trades on the TSX Venture Exchange under the symbol SPP. SPoT designs, builds, operates and franchises community oriented cafés and express cafés in New York State. SPoT's community cafés provide its customers with the highest quality service, signature made-to-order meals and award-winning micro-roasted coffee. Each SPoT café is distinctively designed to suit its local neighbourhood, creating a warm and friendly gathering place for the community. SPoT's commercial business focuses on the sale of roasted coffee beans to food service and grocery chains, business offices and third party resellers such as universities and hospitals.
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. In particular, forward-looking information in this press release includes, but is not limited to, the potential use of proceeds of the financing that is the subject of this release. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
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. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company 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.
SOURCE Spot Coffee (Canada) Ltd.
Anton Ayoub, CEO & President, (416) 368-2220 Ext 228, [email protected]
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