Jamba Inc 8-K Shows Company Refranchising Group Of Co.-Owned Stores In SoCal, Transferring Machinery, Equipment, & Computer Hardware Plus Other Tangibles To RPM Jamba #5
- RPM Jamba #5 purchased assets for $4.5M Plus Payment For Cash On Hand At Each Store. RPM Jamba Entered 10-Year standard franchise Agreement in connection with entering transaction.
Comments From 8-k:
On September 23, 2015, Jamba Juice Company, a California corporation and wholly-owned subsidiary of Jamba, Inc. (the “Company”), completed the refranchising of a group of Company-owned stores located in Southern California as part of the Company’s refranchising initiative. In connection with the refranchising transaction, Jamba Juice Company transferred to RPM JAMBA #5, Inc. all machinery, equipment, computer hardware (including point of sale equipment), furniture, fixtures, tools, signs, other tangible personal property, all marketable inventory and all goodwill associated with the stores for a purchase price of $4,500,000 plus payment for cash on hand at each of the stores. RPM JAMBA #5, Inc. agreed to enter into the Company’s standard franchise agreement with a ten-year term in connection with entering into the transaction.
The accompanying unaudited pro forma condensed consolidated financial statements give effect to the disposition of the assets in the above referenced refranchising transaction and updates financial statements previously provided in the Company’s Forms 8-K filed on July 13, 2015 and August 3, 2015 and the Company’s Form 8-K/A filed on August 7, 2015.
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