TORONTO, ONTARIO--(Marketwire - Feb. 28, 2013) -
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SPOT COFFEE (CANADA) LTD. (TSX VENTURE:SPP) ("SPoT" or the "Company") is continuing to execute on its aggressive North American growth plan and is pleased to provide an operational update. In-line with its growth plan, SPoT opened its tenth café on February 6th 2013, SPoT Saratoga Springs, located on the west bank of the Hudson River in the State of New York. From the first day of its operation, SPoT Saratoga Springs has been strongly embraced by its community to the extent that its sales performance has paralleled the sales performance of a successful cafe in its second year of operation. It has instantly become the warm gathering place where the community savors fresh made-to-order meals and an award winner cup of brewed or gourmet coffee. SPoT Saratoga Springs is emerging as one of the Company's top performing cafés and a successful model that adds to the collective experience of all management levels of SPoT.
SPoT is also proud to report that the completion of the remodeling of its new coffee roasting facility which will be operating at full capacity to fulfill the in-store increasing demand for the Company's award-winning gourmet roasted coffee as well as supply the demand that is being created by the new Business to Business (B2B) sales and distribution program that has been prioritized and strongly pursued by management this year. The new coffee roasting facility has been remodeled throughout, boasting new and additional state-of-the-art roasting equipment. A hand painted mural depicting a map of all the coffee producing regions and a double door separating the coffee roasting facility from the adjoining SPoT Deleware café, allow coffee enthusiasts and patrons alike to enjoy a premium cup of coffee in a warm atmosphere that shows SPoT's mastery in coffee roasting.
The Company's main objective in undertaking the renovations has been to increase capacity to adequately support its planned growth of cafes and distribution for 2013 and throughout 2014.
SPoT has recently finished a management realignment which focused on cost savings of $15,000 to $20,000 per month. The Company believes it is now well positioned to leverage internal resources to grow corporate catering, the wholesale and retail distribution of the Company's award-winning gourmet roasted coffee and profitable cafés.
SPoT is continuing with its café expansion for 2013. The build out of SPoT Glen Falls in Upstate New York, the Company's eleventh café, continues to progress on schedule and the Company anticipates this location to open in mid-summer. SPoT's build out of the Coral Gables café, its twelfth café located in South Miami and adjoining the University of Miami will commence shortly to be ready for operation in the summer of 2013. The Company is currently in the process of evaluating and negotiating a lease for its thirteenth location in central New York State, in the heart of a picturesque and energetic historic community. SPoT will provide more details on its thirteenth location and other future locations once lease negotiations are finalized. In order to fund the corporate expansion plan for 2013, management is diligently pursuing debt and equity financing opportunities with its founders and major shareholders. The Company will report further financing details once negotiations are finalized, regulatory approvals are obtained and agreements are signed.
About SPoT Coffee
SPoT Coffee trades on the TSX Venture Exchange under the symbol SPP. SPoT designs, builds and operates community oriented cafés that provide its customers with the highest quality service, signature made-to order meals and the world's finest in-house roasted gourmet coffee. Each SPoT café is distinctively designed to meet the uniqueness of the local neighborhood, creating a warm and friendly gathering place for the community. SPoT's commercial business focuses on retail stores, business accounts and third party resellers such as universities and hospitals.
Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.