ROCKLIN, Calif., March 31, 2004 (PRIMEZONE) -- Peabodys Coffee, Inc. (OTCBB:PBDY), owner of the USDA certified organic brand Black Rhino Coffee(TM), announced today that Ingles Markets, Incorporated (Nasdaq:IMKTA), a leading supermarket chain in the Southeast has ordered the brand for its 200 supermarkets located in Georgia, North Carolina, South Carolina, Tennessee, Virginia and Alabama. Ingles will carry all three varietals of ground Black Rhino Coffee(TM).
"This is further evidence that the Black Rhino brand is accelerating down the runway and ready for take off," stated Peabodys' President and CEO Todd Tkachuk. "We are now approaching the 1000 supermarket mark -- a key milestone we identified a year ago, and one that we look as though we will be leaving behind us shortly." Tkachuk added that results back from recent in-store sampling indicated that the overall impression of 90% of those consumers who tasted Black Rhino Coffee(TM) was either very favorable or favorable.
According to Packaged Facts, organic food sales totaled $11 billion in 2002 and continue to show an annual growth rate equal to 20% or more annually. This growth is fueled, in part, due to increased distribution via traditional grocery outlets. The USDA reports that as of 1999, conventional food stores began outselling natural products supermarkets in several key categories.
"We continue to believe that our recent supermarket sales trends with Black Rhino Coffee will be a big positive in securing new supermarket accounts as well as in increasing business in our existing customers," added Tkachuk.
Ingles Markets, Incorporated, a leading supermarket chain in the Southeast, operates 198 supermarkets in Georgia (81), North Carolina (60), South Carolina (33), Tennessee (21), Virginia (2) and Alabama (1). Ingles locates its supermarkets primarily in suburban areas, small towns and rural communities. Ingles supermarkets offer customers a wide variety of nationally advertised food products, including grocery, meat and dairy products, produce, frozen foods and other perishables and non-food products, including health and beauty care products and general merchandise, as well as quality private label items. In addition, Ingles focuses on selling high-growth, high-margin products to its customers through the development of book sections, media centers, floral departments, bakery departments and prepared foods including delicatessen sections. More information about Ingles is available at www.ingles-markets.com.
About Peabodys Coffee:
Peabodys has developed the Black Rhino Coffee(TM) brand for marketing packaged certified organic coffee in retail markets. Currently, Black Rhino Coffee(TM) is set to be on the shelf of 800-900 supermarkets serviced by BI-LO in South Carolina, Ingles (Nasdaq:IMKTA) in North Carolina, and SuperValu (NYSE:SVU) in Virginia and Pennsylvania. With organic coffee being one of the fastest growing segments of the specialty coffee market, Black Rhino Coffee(TM) has uniquely positioned itself in the high growth natural foods category. Its three hand-roasted blends -- Alma, Spiritu and French Roast -- are grown chemical-free under strict, totally natural conditions. All Black Rhino Coffee(TM) is independently certified under the United States Department of Agriculture's National Organic Program.
This news release may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the safe harbor provisions of the U.S. federal securities laws. These include, among others things, statements about expectations of future business, revenues, cash flows and capital requirements. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to further develop its business, the company's ability to generate revenues, develop appropriate strategic alliances and successful development and implementation of technology, acceptance of the company's services, competitive factors, new products and technological changes, and other such risks as the company may identify and discuss from time to time, including those risks disclosed in the company's periodic reports filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the company's plans will be achieved.