TORONTO, Jan. 14, 2019 /CNW/ - SPOT COFFEE (CANADA) LTD. (TSX-V: SPP) ("SPoT" or the "Company") is pleased to report the combined gross annual sales revenue of its corporate-owned, franchise and license cafés for the year 2018.
The Company's quarterly interim financial statements and annual audited financial statements clearly show the gross sales revenue generated by the Company's corporate-owned cafés, as well as its revenue from coffee and other product sales to its franchise and license cafés. However, for the first time, Spot's management would like to share the total annual combined gross sales revenue of its corporate-owned cafés, and of its franchise and license cafés, with the shareholders of the Company.
The 2018 gross annual sales revenue of the corporate-owned cafés alone amounted to $8,754,505, while the gross annual sales of the Spot franchise and license Full and Express cafés amounted to an additional $8,383,564. Accordingly, the combined 2018 gross sales revenue of Spot's corporate-owned cafés, and its franchise and license Full and Express cafés, reached a total of $17,138,069.
Having already signed five deposit agreements for new Full Spot franchise cafés in January of this year, coupled with management's focus and goal which anticipates arriving at a total of 50 franchise Full and Express Spot cafés by year end 2020, the Company anticipates reaching a combined profitable annual gross sales revenue that will exceed $30 million.
In the first 9 months of the previous year, 2018, the Company's operations generated net profit or earnings of $141,655. This year, with the continued efforts of management to reduce operating costs, together with a projected increase in the sales of its corporate-owned cafés as well as sales to an increased number of franchise cafés and franchise royalties, Spot is well positioned to continue its trend of generating greater profits.
"Year after year, we continue to intensify our focus and exert our best efforts on building upon the strong foundations we have built so far, a Company with higher revenues, sustainable profit and inimitable growth for the benefit of our shareholders and stakeholders" stated Mr. John Lorenzo, Executive Chairman of the Company.
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 the northeastern United States. 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 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. 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.
SOURCE Spot Coffee (Canada) Ltd.
For further information: Anton Ayoub, President & CEO, (416) 368-2220 EXT 228, [email protected]