Peet's Coffee & Tea (Nasdaq:PEET), a specialty coffee roaster and marketer, today announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission (SEC) for an initial public offering of 3,300,000 shares of its common stock with an estimated price range of $10.00 to $14.00 per share. Of the total offering, 2,500,000 shares are being offered by the Company and 800,000 shares are being offered by certain shareholders. In addition, the Company and the selling shareholders have granted the underwriters an option to purchase an additional 495,000 shares to cover over-allotments, if any. The managing underwriters of the offering are WR Hambrecht + Co and Pacific Growth Equities, Inc. The method of distribution of the shares will be through WR Hambrecht + Co's proprietary OpenIPO system.

Founded in Berkeley, Calif. in 1966, Peet's Coffee & Tea is a specialty coffee roaster and marketer focused on selling fresh whole bean coffees through multiple channels of distribution, including specialty grocery and gourmet food stores, online and mail order, offices and restaurant accounts and 57 company-owned stores in four states.

The OpenIPO process is similar to a traditional underwriting except that the pricing and allocation of the shares will be based on the results of a modified Dutch auction. All qualified investors place a bid for the number of shares they want to own and the price they want to pay. To participate in the offering, an investor must meet SEC qualifications and have an account with WR Hambrecht + Co, or a participating broker in the OpenIPO Network. Information regarding the OpenIPO process may be obtained through www.wrhambrecht.com. Copies of the preliminary prospectus relating to the offering may be obtained when available through WR Hambrecht + Co's website, www.wrhambrecht.com, or by contacting WR Hambrecht + Co in writing at 555 Lancaster Avenue, Suite 200, Berwyn, Penn. 19312 or by calling toll free 1-877-673-6476 (1-877-OPENIPO). Copies of the preliminary prospectus may also be obtained when available by contacting Pacific Growth Equities at 415/263-6600.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.