Coffee People to enter southern California market with two stores.PORTLAND, Ore.--(BUSINESS WIRE)--Dec. 23, 1996--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 expanding its operations into 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 the siting of new stores 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. "These will be our first stores in California and are well located for our initial entry into this market," said Jim Roberts, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . The Huntington Beach store, which the company plans to have open in January 1997, is in the heart of the downtown area and one block from the beach. In San Diego, the Coffee People store will occupy space in the historic U.S. Grant Hotel which is situated in an active retail and restaurant environment. Opening of the San Diego site is scheduled for February 1997. Both Huntington Beach and San Diego attract a large number of visitors from throughout California and the United States. Roberts pointed out that the visibility for Coffee People and its products and level of customer service in these locations should help build market awareness for the company which is involved in a major expansion program. "Our strategic plan calls for opening 30 new stores by the end of 1997," said Roberts. "With the addition of the southern California sites, we will have opened or announced five of those 30 since our initial public offering in late September 1996." In mid-November, Coffee People opened its first stores outside Oregon in the Denver area. "Based on that experience, we have learned a great deal about launching our store concept in new markets which will be invaluable as we continue to grow," Roberts noted. Among cities being investigated as potential sites for new stores are Chicago, Dallas, Houston and San Francisco. In business since 1983, Coffee People currently owns and operates 22 outlets in Oregon and Colorado including coffee houses, drive-through Motor Mokas(R) and Aero Moka(TM) kiosks at the Portland International Airport
. For the first nine months of 1996, the company had revenues of $9 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 Ken Ross, CFO See Chief Financial Officer. , 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, IR, 503/291-1924 |
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