TORONTO, Jan. 12, 2018 /CNW/ - SPOT COFFEE (CANADA) LTD. (TSX-V: SPP) ("Spot" or the "Company") is pleased to announce that its first drive-thru, located at Spot Transit Café in Clarence, NY, opened for business on December 28, 2017. The drive-thru is proving to be a successful initiative, with daily revenue steadily increasing since its opening. As a result, the Company now conservatively anticipates an increase in Spot Transit's annual revenue of US $250,000.
Spot is also pleased to report that its new franchise café in West Hartford, Connecticut, will be open for business in March of this year. Construction has begun on the location, and Spot is presently training the new management team from the café's franchisee, Parisco Cafés LLC. The Company's other new franchise cafés, Spot Roswell Park and Spot Amherst, both of which are located in New York State, will open in March and April of this year, respectively. The addition of these three new Full Café and Express locations to Spot's growing franchise operations is anticipated to add a combined approximately US $300,000 to the Company's bottom line.
Furthermore, in keeping with its policy of maintaining a high standard of ambience, cleanliness and functionality, the Company has been making key renovations to its Spot Rochester and Spot Delaware cafés. Spot is pleased to report that the landlords of these corporate-owned cafés are sharing the cost of these renovations.
In February, the Company will be reporting on other franchise openings in Q2 and Q3.
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]