SPoT Coffee (Canada) Ltd.
TSX VENTURE : SPP

SPoT Coffee (Canada) Ltd.

December 19, 2011 09:00 ET

SPoT Coffee Appoints BDO Canada LLP as Auditor

TORONTO, ONTARIO--(Marketwire - Dec. 19, 2011) - SPOT COFFEE (CANADA) LTD. (TSX VENTURE:SPP) ("SPoT" or the "Company") is pleased to report that effective December 15, 2011 the Company has changed its auditor from McGovern, Hurley, Cunningham, LLP to BDO Canada LLP ("BDO"). SPoT's audit committee and board of directors have approved the change in auditor.

SPoT is anticipating an upcoming period of accelerated growth. The Company is currently operating and developing nine cafés and actively identifying new locations in its target areas. SPoT is on target to open a minimum of three to four new cafés in 2012 and over the past year has demonstrated strong operational improvements that include consistent applications of company-wide systems for each café, same store sales growth, and operating cost reductions that provide a strong and systematic platform to fuel and effectively manage future growth. SPoT is looking forward to working with BDO which the Company believes has the depth and experience for the Company's next stage of development. As SPoT expands its operations across the United States, Canada and into the Middle East, BDO's cross-border and international experience will be beneficial.

There were no reservations in the former auditor's reports in connection with the two most recently completed fiscal years or for any period subsequent to the most recently completed period for which an audit report was issued. There were also no reportable events between SPoT and the former auditor or the successor auditor including disagreements, unresolved issues or consultations as defined in National Instrument 51-102, continuous disclosure.

All procedures have been properly followed under NI 51-102 regarding the change of auditor and, as required, a notice of change of auditor together with the required letters from the former auditor and the successor auditor are filed via SEDAR with each securities commission in each province or territory in Canada in which SPoT is a reporting issuer.

SPoT would like to thank McGovern, Hurley, Cunningham, LLP for their professional contribution during its engagement.

About SPoT

SPoT (www.spotcoffee.com) designs, builds and operates community-oriented cafés that provide its customers from every lifestyle and culture with the highest quality service, signature light meals and in-house roasted gourmet coffee. The current SPoT management team and directors have been successfully operating company-owned cafés since 2004.

Each SPoT café is a popular and friendly gathering place for its community where specialty coffee, upscale beverages, fresh baked goods, signature sandwiches, soups, salads and gourmet pizza, cakes, pastries and home baked goods are offered and enjoyed by its patrons in a warm, friendly and home-like environment.

The Company currently operates seven cafés that range in size from 2,000 to in excess of 4,000 sq. ft. with two more cafés currently under development. Spot is currently evaluating several locations as part of its North American expansion.

Unlike other conventional gourmet coffee houses and quick service restaurants that are built on uniformity of product and style, each SPoT café maintains several unique and key features, including:

  • Dedication to create a friendly environment that nourishes and intensifies a sense of gathering and of community;
  • In-house roasting and blending SPoT's own award-winning premium Arabica coffee;
  • Unwavering commitment to offer the customers of the Company the highest quality products and services;
  • Innovative and varying café designs that consider both the culture and flavor of the specific communities of each café;
  • Choice of corner locations for each SPoT café at the center of their neighborhoods;
  • Ability to offer intimate and warm ambiances in each café to suit the social and private moods of SPoT's patrons; and
  • Trained and dynamic service staff that are proud to call themselves "Spotters" who enjoy serving their customers and make them feel at home.

Forward Looking Statements

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.

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