ROCKLIN, Calif., March 11, 2004 (PRIMEZONE) -- Peabodys Coffee, Inc. (OTCBB:PBDY), a retailer and marketer of the USDA certified organic brand Black Rhino Coffee(tm), announced today initial sales results for ground Black Rhino Coffee(tm) indicate average weekly sales increases of 6.8% for the 26 weeks ended March 7, 2004. The company also reported sales orders for the certified organic Black Rhino Coffee brand have reached $100,000 for the first 10 weeks of the calendar year 2004.
"The initial sales trends we are seeing with our ground Black Rhino Coffee are solid and clearly show that consumers appreciate the quality of our product," stated Peabodys' President and CEO Todd Tkachuk. "We've done a lot more in recent months with promotional activities aimed at generating consumer trial and those efforts appear to be paying off nicely. We plan to increase the frequency and magnitude of our in-store promotional events in the near future."
Tkachuk said that results back from recent in-store product sampling programs indicated that the overall impression of 90% of those consumers who sampled brewed 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 are optimistic that the recent sales trends we have experienced since introducing our ground Black Rhino Coffee to the market will definitely assist us in securing new supermarket accounts as well as increased distribution from our existing customers," added Tkachuk. "Our growth plans for 2004 are quite ambitious as we now have some very exciting information to share with the supermarket industry."
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 on the shelf of 600-700 supermarkets that are serviced by BI-LO in South 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 Cof fee(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.