Jamba refranchises 100 California stores

Emeryville, Calif. - Jamba, Inc. has entered into an asset purchase agreement with Vitaligent LLC to refranchise 100 company-owned restaurants in the San Francisco, Sacramento and San Diego markets. Under the terms of the agreement, Jamba will receive a purchase price of $36.0 million in cash.



“This is a significant step toward our achieving the company’s commitment to an asset light model and positions us well to reach our goal of generating $30 million - $40 million of cumulative cash proceeds from refranchising in 2015,” said James D. White chairman, president and CEO of Jamba. “We remain focused on increasing shareholder value and will be using a portion of these proceeds to return capital to shareholders through stock repurchases.”



Jamba remains on track to complete its accelerated refranchising program within the first half of 2015. Discussions are underway with interested parties to sell an additional 14 locations in California.