ROSEVILLE, Calif., July 22, 2004 (PRIMEZONE) -- Peabodys Coffee, Inc. (OTCBB:PBDY), owner of the USDA certified organic brand Black Rhino Coffee(TM), announced today the first phase of a two-part extension to their brand range with the introduction of a certified organic ground decaffeinated coffee. The Company reports that its decaf coffee is processed using the 100% chemical free Swiss Water(R) method. The Swiss Water(R) decaffeination process is classified "Organic" by the USDA.
"Throughout the coffee industry, decaf sells because of what it is, and not because it tastes like quality coffee," stated Peabodys' President and CEO Todd Tkachuk. "We have developed an outstanding product to meet the demand for decaf coffee without compromising quality, and believe the time is right for us to bring the results to market," added Tkachuk. "We are now in roughly 800 US supermarkets, and believe this new product will help us secure and extend our business in those locations -- and equip us to grow that distribution base quickly."
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.
Black Rhino Decaffeinated organic coffee will be available to stores this fall, and is the first of a two-part product range extension planned for 2004.
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.