Oct 24, 2017, 07:00 ET
TORONTO, Oct. 24, 2017 /CNW/ - SPOT COFFEE (CANADA) LTD. (TSX-V: SPP) ("SPoT" or the "Company") has noted an increased demand from its shareholders for information concerning where the Company stands in terms of the total number of SPoT cafes.
SPoT currently has a total of 26 locations presently operating, in development or under construction in the states of New York and Connecticut.
SPoT's 26 cafe locations are broken down as follows:
- Six (6) Operating Corporate-Owned Cafes which include SPoT Elmwood, SPoT Delaware, SPoT Rochester, SPoT Glen Falls, SPoT Saratoga Springs and SPoT Clarence.
- Six (6) Operating Franchise Cafes which include SPoT Hamburg, SPoT Kenmore, SPoT Orchard Park, SPoT Hertel and SPoT Williamsville and SPoT Waterfront Village.
- Five (5) Express Cafes Operating Under License to Dash's Supermarkets and to Chartwells at the Buffalo State College.
- Nine (9) Franchise Locations Being Developed and Under Construction which include SPoT Roswell Park, SPoT Amherst, SPoT West Hartford, SPoT Larkin and SPoT West Seneca. Furthermore, SPoT's agreement with one of its franchisees, namely Parsico Cafes LLC ("PCL"), includes (in addition to SPoT West Hartford, CT) four (4) more cafes in CT and NYS to be developed, built and opened by the end of 2018. The Company is currently in the process of finding the most suitable locations to lease for PCL's next 4 cafes.
SPoT is currently negotiating new café locations with a new franchisee in Warwick, NYS, and multi-unit franchises with individual franchisees in Canada and the USA. The Company considers these prospective franchises as serious outstanding franchise proposals which have passed the Company's franchise selection criteria and are pending final franchise agreements.
SPoT's management will continue its focus now and in 2018 on the growth of its franchise operations, the repayment of debt, and the growth of net earnings.
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]
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