TORONTO, June 1, 2017 /CNW/ - SPOT COFFEE (CANADA) LTD. (TSX-V: SPP) ("SPoT" or the "Company") is pleased to announce that the location for its first SPoT Coffee franchise café outside the State of New York will be in the heart of the prestigious Blue Back Square development in West Hartford, Connecticut. Parisco Cafés, LLC, the franchisee in this instance, has confirmed to the Company that it agrees with suitability of this ideal 3,800 sq. ft. corner location.
Blue Back Square is a beautifully designed and well-planned open air, mixed use development located in the heart of West Hartford, CT. It boasts unique shopping, dining and entertainment streetscapes with exceptional storefront exposure and ample convenient parking. It comprises five city blocks of luxury condominium apartments, offices and destination retail brands such as Whole Foods, REI Equipment and Apparel, Crate & Barrel and Criterion Cinemas. The development is that of an upscale village center and regional attraction which draws from a densely populated trade area of 325,700 situated in one of the wealthiest markets in the United States with an average household income of US $111,400 and 240,000 employees living within 5 miles.
The Company will commence the architectural design of SPoT West Hartford café in June and will begin construction as soon as a building permit is issued. As previously announced on February 22 of this year, Parisco Cafés, LLC has entered into an agreement with the Company to build a total of five (5) SPoT cafés within the West Hartford, CT, and Saratoga Springs, N.Y., corridor in 2017 and 2018.
SPoT Coffee and Parisco Cafés, LLC share the same strategy of developing a cluster of five franchise cafés within the West Hartford and Saratoga Springs corridor, which includes Pittsfield and Springfield, Massachusetts and Schenectady, New York. Together with the existing two corporate-owned cafés in Saratoga Springs and Glen Falls, N.Y., this cluster will be comprised of seven (7) total operating cafés by the end of 2018. These cafés will not only strengthen the SPoT Coffee brand within this demographically suitable corridor, but will be serviced as well by a new central kitchen facility capable of supplying up to fifteen (15) franchise cafés within the same geographic corridor.
"The selection of the renowned Blue Back Square for our new SPoT West Hartford café marks the beginning of our enterprising franchise campaign for 2017 and 2018 outside the borders of the State of New York and into its neighbouring states," said Anton Ayoub, president of the Company. He also added: "By the same token, our successful franchise program within the State of New York continues to develop at a rapid pace, accelerated by the recognition and popularity of our brand name and our cafés."
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.
For further information: Anton Ayoub, CEO & President, (416) 368-2220 Ext 228, [email protected]