USA: Green Mountain Coffee, Inc. and Keurig, Inc. Sign New 10-Year Agreements
Green Mountain Coffee K-Cups contain a filter and a single-cup portion of freshly roasted and ground Green Mountain coffee. When placed in Keurig's patented coffee brewer, a pressurized process guides near-boiling water through the K-Cup to brew a single delicious cup of Green Mountain coffee in thirty seconds. Keurig Brewed(TM) coffee has been gaining popularity in offices and other venues throughout the country. Consumers may choose to brew any of 11 different Green Mountain coffees, including many of the Company's most popular varieties such as Nantucket Blend®, Rain Forest Nut®, and Hazelnut.
Keurig and Green Mountain Coffee first began working together in 1994 on the revolutionary Keurig single cup brewing system. After extensive research, development, and testing, Green Mountain Coffee began manufacturing K-Cups in late spring of 1998. Since then, Green Mountain Coffee has produced and sold over 50 million K-Cups, making Green Mountain Coffee Keurig's largest producer of K-Cups.
Nick Lazaris, CEO of Keurig, Inc. commented, "We will always be appreciative of Green Mountain's unwavering support during the development and introduction of our revolutionary coffee system, and are very pleased to solidify our long-term relationship with Green Mountain through the signing of these agreements. Keurig Brewed Green Mountain coffees set the standard of excellence in taste and consistency that is unsurpassed in the coffee industry."
Robert Stiller, President and CEO of Green Mountain Coffee, Inc. said, "We always strive to provide our customers with the best and most innovative products available. When used with Green Mountain Coffee K-Cups, the Keurig Premium Coffee System brews an excellent cup of coffee in half a minute. Over the past six years, Green Mountain Coffee and Keurig have worked closely together to perfect this state-of-the-art brewing system that consistently provides consumers with an innovative and easy way to sample Green Mountain Coffee, often for the first time. I am very pleased that our long-term relationship with Keurig has resulted in the new 10-year agreements. The agreements lay the groundwork for continued growth and cooperation with the Keurig organization that I believe will benefit both organizations as well as all the coffee lovers who enjoy our products."
Steve Sabol, Vice President of Sales for Green Mountain Coffee added, "The Keurig system has helped continue to grow our very successful office coffee program. It complements our fractional package program, and fits in well with our support materials and sales training. We believe that with these components, GMCR provides the best value for our office coffee distributors."
Green Mountain Coffee, Inc. is a leader in the specialty coffee industry. The Company roasts high-quality arabica coffees and offers over 60 varieties including single-origin, estate, certified organic, Fair Trade, proprietary blends, and flavored coffees that it sells under the Green Mountain Coffee Roasters® brand. The majority of Green Mountain Coffee's revenue is derived from its wholesale operation which services restaurant, supermarket, specialty food store, convenience store, food service, in-room hotel hospitality, university, airline, train, and office coffee service customers. Green Mountain Coffee also operates a direct mail operation and e-commerce website, www.greenmountaincoffee.com, with secure on-line ordering for customers from its Waterbury, Vermont headquarters.
Keurig's single-cup coffee brewing system is creating a revolution in how coffee is viewed and brewed in offices and food service locations across North America. The patented "Coffee House Taste by the Cup"(TM) brewing system insures that fresh gourmet coffee is brewed consistently every time in 30 seconds with no messy grounds to clean up. Keurig licenses specialty coffee roasters to package their branded gourmet coffees in Keurig's patented K-Cups so that a wide variety of coffees are available to satisfy virtually every coffee drinker's taste preference. For more information about the Keurig system, visit the Keurig website at www.keurig.com or contact Keurig via E-mail at email@example.com
Certain statements contained herein are not based on historical fact and are "forward-looking statements" within the meaning of the applicable securities laws and regulations. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those set forth in forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, fluctuations in availability and cost of green coffee, competition and other business conditions in the coffee industry and more generally in the food and beverage industry, the impact of the loss of one or more major customers, economic conditions, variances from budgeted sales mix and growth rate, the impact of a tighter job market, weather and special or unusual events, as well as other risk factors as described more fully in the Company's filings with the Securities and Exchange Commission.
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