TORONTO, ONTARIO--(Marketwired - Dec. 19, 2016) - SPOT COFFEE (CANADA) LTD. (TSX VENTURE:SPP) ("SPoT" or the "Company") is pleased to announce it has signed a new franchise agreement for its SPoT Transit café located in the commercial neighborhood of Transit Road in Buffalo. Under the terms of the agreement, the franchisee has paid the USD 30,000 initial franchise fee along with a further USD 75,000 for the construction of a modern drive-thru system for the location.
"The decision to add a drive-thru to SPoT Transit, SPoT Coffee's first drive-thru, has been made to take full advantage of the large volume of vehicular traffic in the commercial area of Transit Road," said SPoT president Anton Ayoub, "Our goal is to provide the best customer experience, whether it is in our cafés or now in our drive-thru."
Upon satisfaction of the performance of the café with the new drive-thru system, the franchisee has the option to make a final USD 250,000 payment to the Company to complete the acquisition of the SPoT Transit cafe franchise. In the event that the franchisee is not satisfied with the post-expansion performance of the cafe, the USD 75,000 will be returned by SPoT Coffee to the franchisee or a credit will be extended to the franchisee and a new location will be identified and constructed.
The build-out of the SPoT Transit drive-thru is scheduled to commence in March of 2017 when weather conditions are favorable. The Company is presently engaged in the process of securing all of the municipal permits necessary to commence work on the expansion.
About SPoT Coffee
SPoT Coffee trades on the TSX Venture Exchange under the symbol SPP. SPoT designs, builds, operates and franchises community oriented cafés and express cafés in New York State. SPoT's community cafés provide its customers with the highest quality service, signature made-to-order meals and award winning micro-roasted coffee. Each SPoT café is distinctively designed to suit its local neighbourhood, creating a warm and friendly gathering place for the community. SPoT's commercial business focuses on the sale of roasted coffee beans to food service and grocery chains, business offices and third party resellers such as universities and hospitals.
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. In particular, forward-looking information in this press release includes, but is not limited to, the potential use of proceeds of the financing that is the subject of this release. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
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. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company 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.