USA: Peabodys Coffee Enters Agreement with Capitol Coffee
Peabodys Coffee Inc., (OTCBB:PBDY) announced that the company has entered in to a Letter of Intent to acquire the specialty coffee operating units of Sacramento based Capitol Coffee. Capitol Coffee has contracts with the Los Rios Community College District which include two high-performance coffee kiosks at American River College in Sacramento. Todd Tkachuk, President/CEO of Peabodys said, "This is right in line with our core business strategy. It not only adds two highly profitable sites at a local college with over 24,000 students, but also brings the potential of additional units along with two key people in Mark Barbaccia and Edgar Gosalvez. These are two pioneers in the institutional specialty coffee market, and have long-standing relationship with key institutional companies and a proven track record of securing "high-quality" locations." Details of the transaction were not disclosed other than the acquisition involves a combination of cash and shares. Director Barry Gibbons, former Burger King Chairman/CEO said, "This is another piece in the jig-saw. We are always looking for quality locations, and to land these and the future services of two people of such profile in our industry makes this a red letter day for us." This release contains forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Readers should not place undue reliance on forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
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