Coffee People sites first stores in Chicago; Readies third store in Southern California.PORTLAND, Ore.--(BUSINESS WIRE)--March 4, 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, today announced plans to open three new stores, continuing its aggressive national expansion. The company is moving eastward with the siting of two stores in Chicago and is expanding its market presence 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, with an initial store in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . "We're extremely excited about the Chicago locations," said Jim Roberts Jim Roberts can refer to
The Los Angeles store, which becomes the company's third in Southern California, is located in the Larchmont area of the city. Other Southern California stores are 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. and San Diego. The Huntington Beach store opened in February and the San Diego store, located in the U.S. Grant Hotel, is set to open in late March. The Chicago and Los Angeles stores are all scheduled to begin operating by late April. These three additions bring to 13 the number of stores that Coffee People has opened or announced since Sept. 1996, following the company's initial public offering of common stock. "Our strategic growth plan calls for opening a total of 30 new stores between Sept. 1996 and the end of 1997," Roberts said. "In the past four months, we've expanded into three new market areas -- Colorado, Southern California and now Illinois." At the same time, Coffee People is launching new stores in Oregon. The first of five additional Motor Moka(R) drive through stores in the Portland area began operating on March 1st and the company expects to open the others on a one-per-week schedule during the month. In business since 1983, Coffee People currently owns and operates 24 outlets in Oregon, Colorado and California including coffee houses, drive-through Motor Mokas and Aero Moka(TM) kiosks at the Portland International Airport
. In 1996, the company had annual revenues of $12.3 million. 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, 503/672-3300 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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