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PBDY -- Peabodys Coffee, Inc.
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PEABODYS COFFEE INC - Secures Organic Coffee Supply
New York, New York, Dec 18, 2001 (Market News Publishing via COMTEX) -- Peabodys Coffee Inc. announced Dec 17, 2001 that it has entered into an agreement to source 100% certified organic coffee from Terranova Coffee, a Sacramento, California specialty coffee roaster. The company also confirmed that all its specialty coffee will now be organic.
Terranova will trade in organic coffee futures to ensure the company's coffee requirements are secured. In addition, the company reports that Terranova will roast the company's organic coffee to its exact quality specifications and will package the coffee under the company's brand name to meet the packaging demands of the retail marketplace.
Peabodys Chairman and CFO, Todd Tkachuk commented, "This is a clearly a MAJOR step for us. Not only have we secured our own independent supply of the highest quality organic coffee - we get "cutting edge" retail packaging capabilities to support our growth plans through mass market retailers." Peabodys President and CEO, Cliff Young stated, "I've seen a lot of coffee roasters over the years and I'm most impressed with the Terranova plant. They are passionate about the quality and consistency of every single coffee bean that goes through their facility - they can do it all."
Terranova President, Stan Affonso, commented, "I've been in the coffee business for over 25 years and it is now crystal clear that the demand for certified organic coffee is on the rise - showing much faster growth rates than the conventional specialty coffee market. We are a perfect match for Peabodys. Both of us are driven by the highest quality standards. We see this partnership as a HUGE opportunity and are very excited to be a part of Peabodys growth plans."
This release contains forward-looking statements regarding the Company's anticipated plans in the organic coffee market. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. Among the factors that could cause actual results to differ materially are consumer acceptance of the Company's organic coffee products; the Company's ability to fund and manage any further expansion of its organic coffee market efforts; the seasonality of coffee sales; and the effects of competition. Investors are advised to consult the Company's periodic reports to the SEC for additional discussion of the Company's business risks. Readers should not place undue reliance on forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
CONTACT: TEL: 941/698-0158 Peabodys Coffee Inc., Rocklin
Investor Relations, Tony Francel
EMAIL: pbdy-ir@home.com
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