TORONTO, ONTARIO -- (Marketwired) -- 06/13/13 -- SPOT COFFEE (CANADA) LTD. (TSX VENTURE: SPP) ("SPoT" or the "Company") is pleased to announce that the municipality of South Miami has finally approved the 'change of use' permit for SPoT Coffee South Miami. The Company is now applying for the building permit to commence its full cafe development. Furthermore, SPoT has secured the funding from its licensee, Valshire, LLC, for the build-out of the cafe; its second licensed cafe in Florida State.
The Company is also pleased to announce the completion of the preliminary construction of SPoT Glens Falls in preparation for its leasehold improvements and build-out, which includes finishes and murals, as well as the installation of fixtures, the coffee bar and the kitchen. The cafe is expected to be open in Q4 of 2013. The Company believes that this location will perform in line with all of its strong New York State locations as it continues to capitalize on its growth model in the development of new cafes.
Smaller communities in Upstate New York continue to offer operational advantages for SPoT such as lower rents, lower labour costs, less transient workforces, and habitual community cafe gatherings that defines SPoT's vision of nurturing a sense of community. The Company is carefully and extensively studying the demographics of targeted communities that meet SPoT's cafe requirements and embrace the SPoT concept. The entire portfolio of cafes continues to perform extremely well with the result of profitable revenue.
The Company is also pleased to announce that its new 50 lb coffee roaster has been installed in its previously renovated coffee roasting facility, which is now fully operational. The new coffee roaster utilizes state-of-the-art technology, allowing SPoT's Coffee Roast Master to digitally monitor every aspect of the coffee roasting process, which ensures production of the finest quality coffee beans. The old coffee roaster will be put on display at SPoT Rochester to enhance the overall ambiance of the cafe.
The Company is proud to announce that it will commence the distribution of its award winning roasted premium gourmet coffee beans to American Natural in the first week in July, 2013. The Company will also be distributing the appropriate equipment to American Natural C-Store locations. Commercial sales are expected to significantly increase in the 2nd half of this year. The installation of the new coffee roaster in the roasting facility has increased SPoT's capacity to deliver product to commercial accounts.
In order to fund the corporate expansion plan for 2013, management has been diligently pursuing different financing opportunities. Management is currently in the final phase of negotiating the terms of its financing with previously identified strategic investors. The Company will report further financing details once negotiations are finalized, regulatory approvals are obtained and agreements are signed.
About SPoT Coffee
SPoT Coffee trades on the TSX Venture Exchange under the symbol SPP. SPoT designs, builds and operates community oriented cafes that provides its customers with the highest quality service, signature made-to order meals and the world's finest in-house roasted gourmet coffee. Each SPoT cafe is distinctively designed to meet the uniqueness of the local neighborhood, creating a warm and friendly gathering place for the community. SPoT's commercial business focuses on retail stores, business accounts and third party resellers such as universities and hospitals.
Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
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