Coffee People acquires two more Hot 'N Now sites for Motor Mokas.PORTLAND, Ore.--(BUSINESS WIRE)--Feb. 3, 1997--Coffee People Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MOKA MOKA Methodology and Software Tools Oriented to Knowledge Based Engineering Applications ), a specialty coffee retailer and operator of coffee houses, is acquiring two additional former Hot 'N Now sites in the Portland metropolitan area The Portland-Vancouver, Oregon-Washington, Metropolitan Statistical Area, also known as the Portland metropolitan area or Greater Portland, is an urban area in the U.S. states of Oregon and Washington centered around the city of Portland, Oregon. which will be converted into Motor Moka(R) drive-through stores. The company also reported that its first store in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, opened for business last week. The acquisition brings to five the number of the former Hot N' Now locations purchased from Taco Bell Taco Bell Corp., a subsidiary of Yum! Brands, Inc., is a Mexican-style quick service restaurant chain based in Irvine, California, United States. The restaurant has locations primarily in the United States and Canada, but also operates outlets in several other markets. . In December, Coffee People announced that it was acquiring three other stores in the Portland vicinity. Under the recent agreement, the company is purchasing the buildings and leasing the land under long term ground leases. "We expect to begin opening these locations as Motor Mokas starting in March," said Jim Roberts Jim Roberts can refer to
The newest neighborhood store opened last week in Huntington Beach Huntington Beach, city (1990 pop. 181,519), Orange co., S Calif., on the Pacific coast, across from Santa Catalina Island, in an oil-producing area; inc. 1909. It manufactures aerospace vehicles, aircraft parts, optical instruments, and heat transfer equipment. , Calif. "We are very pleased with the initial customer response in what is a brand new market for us," said Roberts. A second California store is slated to open in San Diego in March. Coffee People has opened four new stores and announced plans for six others since completing its initial public offering in late September 1996. "We're well on track for meeting our goal of opening 30 new stores by the end of 1997," said Roberts. The planned expansion calls for a total of 48 stores in operation at year end. Roberts said that a number of additional sites are under study in Portland, Denver, Southern California and Chicago. In business since 1983, Coffee People currently owns and operates 23 outlets in Oregon, Colorado and Southern California. For the first nine months of 1996, the company had revenues of $9 million. -0- This news release contains forward-looking statements that involve a number of risks and uncertainties. Actual results may differ materially from projected results. For a complete discussion of the risks associated with forward-looking information, refer to the Risk Factors contained in the company's Registration Statement on Form SB-2 as filed with the Securities and Exchange Commission, effective Sept. 25, 1996. CONTACT: Coffee People Inc. Ken Ross, 503/223-7714 or in.ves'com Dolores Dolores (or Delores) was a common given name (until the 1960s in the USA); it is cognate with the English word "dolorous" (meaning sorrowful) and equivalent in meaning. Chenoweth, 503/291-1924 |
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