USA: Peabodys Coffee Withdraws From Caffe Diva Acquisition
Peabodys Coffee Inc., (OTCBB:PBDY) announced today that it has withdrawn from its intended acquisition of the coffee-related assets of Caffe Diva Inc. Peabodys CEO, Todd Tkachuk commented, "We have ambitious growth targets - both from building our core business and from potential merger and acquisition activity in the US specialty coffee market. As to the latter, there are a number of options we are exploring, and it is important for our investors that we get it right, not fast. As we looked at the Diva opportunity in more depth, we simply felt that there was a better fit for us elsewhere." Barry Gibbons, former Chairman and CEO of Burger King, and a director of Peabodys, added "We have worked hard to get ourselves into a strong position in this exciting market. All our own operating trends are positive, and we are now a fully reporting company. It may make sense for us to partner-up in the near future, but we think we'll take another walk around the dance floor at this stage." 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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