ROSEVILLE, Calif., July 27, 2004 (PRIMEZONE) -- Peabodys Coffee, Inc. (OTCBB:PBDY), owner of the USDA certified organic brand Black Rhino Coffee(TM), announced today that a full-service specialty coffee kiosk is in final construction phase and scheduled to open the week of August 9th at the University of California - Davis Medical Center located in Sacramento. The new kiosk will be branded Black Rhino Coffee(TM) and will operate under an independent license agreement. The company also reported that the UC-Davis kiosk operation will donate $1 to the Auburn Community Cancer Endowment Fund ("ACCEF") from the sale of every bag of packaged Black Rhino Coffee sold at the location. All proceeds generated by the ACCEF flow directly to UC-Davis cancer research.
"The UC Davis Medical Center is the largest and most prestigious healthcare facility in the region," stated Peabodys' President and CEO Todd Tkachuk. "There is close to 7,000 professionals and support staff associated with the medical center that will be exposed to our certified organic Black Rhino Coffee brand. This is a great brand building opportunity and we are thrilled to facilitate a program that generates funds for cancer research."
The UC-Davis Medical Center ranks among the top 50 hospitals in America, according to an annual survey published by U.S. News & World Report.
Peabodys has developed the Black Rhino Coffee(TM) brand for marketing packaged certified organic coffee in retail markets. Currently, Black Rhino Coffee(TM) is on the shelf of supermarkets serviced by BI-LO, Ingles (Nasdaq:IMKTA), Wal-Mart, and SuperValu (NYSE:SVU). 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 hand-roasted blends 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.
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.
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.