Jamba Offers Update on Refranchising Initiative: Near Completion

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Jamba, Inc.
JMBA
a leading health and wellness brand and leading retailer of freshly-squeezed juice today posted an update of its ongoing efforts to transition to an asset-light model. With the closing of a multi-market deal announced yesterday, Jamba has completed a significant portion of its ongoing refranchising initiative. Jamba announced the refranchising initiative at the end of 2014, with a stated goal of refranchising "up to 114" stores during 2015. The Company has significantly exceeded its initial goal with closed deals today representing 150 stores. The Company expects that deals for 74 additional stores will be refranchised for three California markets by the end of 2015 and the Chicago/Midwest market by the first quarter of 2016. At the end of 2015 we expect to be at 90%+ franchise organization. "We are pleased with the progress we continue to make in our refranchising efforts," stated James D. White chairman, president and CEO of Jamba. "As we move ahead on the Company's commitment to an asset light model, these deals position us well to reach our goal of generating $60 - $70 million of cumulative cash proceeds from refranchising in 2015."
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