Coffee People opens first store in Chicago; Thirtieth in expanding retail chain.PORTLAND, Ore.--(BUSINESS WIRE)--May 20, 1997--The first store in Chicago for 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, opened for business yesterday. The store, which will be joined by a second one in Chicago due to open in June, is the 12th store opened by Coffee People in the past eight months. Three other new stores have been added 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, ; two in Denver, Colorado, and six in Portland, Oregon under the company's expansion program. "In addition to the new stores opened by development, we are acquiring 15 Coffee Plantation stores in the Arizona market, " said Jim Roberts Jim Roberts can refer to
The Chicago store, located at N. State and Chestnut Streets, brings to 30 the number of Coffee People stores in operation -- up from 19 in late September 1996 when the company completed its initial public offering. Coffee People recently closed a smaller store which was located in close proximity to one of the company's largest stores in the Portland, Oregon market. The planned closure was timed to coincide with expiration of the store lease. "With the stores recently opened and the stores being acquired from Coffee Plantation, we will soon have 45 stores in operation in five markets, with one additional store under construction," said Roberts. "We are continuing to look for store development and acquisition opportunities that fit our strategic growth objective." For the most recent 12 months ended March 31, 1997, Coffee People had revenue of $12.6 million. The company has been in business since 1983 and currently has 30 outlets open including coffee houses, drive-through Motor Mokas(R) and Aero Moka(R) kiosks at the Portland International Airport
. Coffee People's stores feature a menu of more than 200 coffee drinks, shakes, pastries and other coffee-related products. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 10-K-SB for 1996 and the Registration Statement on Form SB-2 as filed with the Securities and Exchange Commission effective September 25, 1996. CONTACT: Coffee People or in.ves'com Ken Ross 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 503/672-3300 503/291-1924 |
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