Ten Peaks Coffee Company (Formerly Swiss Water Decaffeinated Coffee Income Fund) Announces Completion of Conversion to Corporation

Ten Peaks Coffee Company Inc.
TRADING SYMBOL: The Toronto Stock Exchange - TPK

VANCOUVER, Jan. 4 /CNW/ - Ten Peaks Coffee Company Inc. ("Ten Peaks" or "the Company") today announced that the plan of arrangement ("the arrangement") between Ten Peaks, the Swiss Water Decaffeinated Coffee Company Income Fund ("the Fund"), and Swiss Water Decaffeinated Coffee Company Inc. ("SWDCC") to effect the conversion of the Fund into a corporation has been completed. Accordingly, the Fund has been wound up into Ten Peaks, and SWDCC, which will continue to conduct the SWISS WATER® Process decaffeination business as before, has become a wholly owned subsidiary of Ten Peaks.

Ten Peaks is listed on the Toronto Stock Exchange and began trading today under the symbol (TPK). Ten Peaks is expected to pay an initial quarterly dividend to shareholders of $0.0625 ($0.25 per annum) per share, beginning with a dividend for the quarter ended March 31, 2011.

Unitholders approved the conversion at a special meeting held on December 9, 2010, with 99.55% of votes cast in favour of the resolution. As part of the arrangement, unitholders of the Fund received one common share of Ten Peaks in exchange for each unit of the Fund held at the time of conversion.

Concurrently, the corporation adopted a new name, reflecting management's intent to continue enhancing and growing SWDCC's existing business, while exploring related growth opportunities.

The conversion to a corporation is a result of the changes to the taxation of income funds which became effective January 1, 2011, and which make the income fund form of business enterprise less advantageous. An information circular describing the conversion, as well as the Canadian tax implications, is available on SEDAR at www.sedar.com.

Company Profile

Ten Peaks is a publicly traded company that owns all of the interests of the Swiss Water Decaffeinated Coffee Company Inc. (SWDCC), a premium green coffee decaffeinator located in Burnaby, BC. Currently, Ten Peaks' business and financial results are wholly based on the business and financial results of SWDCC.

Established in 2000, SWDCC is one of the few chemical free coffee decaffeinators in the world. It employs the SWISS WATER® Process, a proprietary, chemical free decaffeination method. Accordingly, SWISS WATER® Process decaffeinated green coffees are distinct from approximately 80% of the world's decaffeinated coffees, which are exposed to chemical solvents such as methylene chloride and ethyl acetate during decaffeination.

Certified organic by the Organic Crop Improvement Association, the SWISS WATER® Process is the world's only branded decaffeination process and enjoys substantial recognition in the specialty coffee trade and with consumers.

SWISS WATER® Process decaffeinated green coffees are sold to many of North America's leading specialty roaster retailers, specialty coffee importers and commercial coffee roasters. SWDCC also sells coffees internationally through regional distributors.

Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements may include such words as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance as well as management's current estimates, but which are based on numerous assumptions and may prove to be incorrect. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties, including, but not limited to, risks related to processing volumes and sales growth, operating results, supply of coffee, general industry conditions, commodity price risks, technology, competition, foreign exchange rates and general economic conditions.

The forward-looking statements and financial outlook information contained herein are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Except to the extent required by applicable securities law, Ten Peaks Coffee Company Inc. undertakes no obligation to publicly update or revise any such statements to reflect any change in management's expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those described herein.

SOURCE Ten Peaks Coffee Company Inc.

For further information:

Sherry Tryssenaar, Chief Financial Officer

Ten Peaks Coffee Company Inc.

Phone: 604.444.8780    Fax: 604.420.8711

Email: sherry.tryssenaar@tenpeakscoffee.ca

Website: www.tenpeakscoffee.ca

Organization Profile

Ten Peaks Coffee Company Inc.

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