Jamba Juice and Venus Williams Sign Letter of Intent
April 20, 2011
EMERYVILLE, Calif.--(BUSINESS WIRE)-- Jamba Juice Company (NASDAQ:JMBA - News) and Venus Williams announced today the signing of a non-binding letter of intent to form a joint venture to develop up to five Jamba Juice stores in the Washington D.C./Maryland marketplace over the next two years. The venture will also provide a platform for a long-term relationship, which would provide Ms. Williams’ organization with the certain exclusive rights to franchise the Jamba Juice brand throughout the Washington D.C./Maryland marketplace. The terms of the arrangement are expected to be finalized within the next 60 days and the first store to open later this summer.
The two organizations’ goal in establishing this partnership is to leverage the strength of their respective brands to promote health and wellness in the D.C. area and to work together to help promote lifestyle changes to fight childhood obesity. In addition, the expansion of Jamba stores in this marketplace will help promote economic development and provide job opportunities for local residents.
“I have been a long-time fan of Jamba Juice and its mission to help inspire and simplify healthy living,” said Venus Williams, tennis star and entrepreneur. “Regardless of the venue -- whether I am on the tennis court or on an interior design project - keeping fit and eating healthy are critical to ensuring I maintain peak performance. Jamba offers a fantastic line-up of tasty, better-for-you products that I can feel good about eating. I am excited to be a part of Jamba and, through that partnership, to be bringing a healthy lifestyle brand to the D.C. METRO area that can offer others an easy way to maintain their focus on staying active and eating right.”
“Venus is a legend in the sports world, an entrepreneur, and a role model who serves as an inspiration for anyone seeking to achieve new heights in their personal or professional lives. In her we found a partner as committed as we are to enabling people to lead healthier, more active lifestyles and who wants to help people find simple solutions to eating better,” stated James D. White, chairman, president and CEO, Jamba Juice Company. “Regardless of her endeavor, Venus goes after everything with gusto and a motivation to win. And she is committed to helping others succeed too. Her support for a brand like Jamba that brings great tasting, better-for-you, convenience to eating healthier is a win for everyone.”
Jamba sells a variety of food and beverage products including whole fruit smoothies, fresh squeezed juices, hot beverages, wraps, salads, sandwiches, frozen yogurt, and a variety of baked goods.
White noted, “This partnership is a perfect match between two brands that are both passionate about creating viable and healthy communities while helping people achieve their lifestyle goals of being more active and eating better.”
Jamba Juice Company plans to develop 50 to 70 traditional and non-traditional store locations in 2011 and is currently awarding franchise opportunities to passionate individuals who desire to be a part of a popular and sought-after healthy, active lifestyle brand.