Javo Beverage Company Successfully Emerges From Bankruptcy
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SAN DIEGO, May 13, 2011 (GLOBE NEWSWIRE) -- Javo(R) Beverage Company, Inc., a leading provider of premium dispensable coffee and tea-based beverages to the foodservice industry, announced its successful emergence from its Chapter 11 restructuring today. On January 24, 2011, Javo filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the District of Delaware. In less than 100 days, on April 28, 2011, the Honorable Brendan L. Shannon, United States Bankruptcy Judge, entered an order confirming Javo's plan of reorganization. Javo's plan of reorganization received the unanimous support of the creditors voting for the plan. "Emerging from bankruptcy with good liquidity and a stronger capital structure, Javo is well positioned for the future," said Stan Greanias, Javo's Chief Executive Officer. "We worked hard to maximize value for all stakeholders. We cannot thank our dedicated employees, customers, and trade partners enough for making this restructuring a success. It was truly a team effort," Greanias added. As reorganized, Javo is now a private company, no longer subject to the reporting requirements of the Securities and Exchange Act of 1934, with the majority of its stock owned by Coffee Holdings, an affiliate of Falconhead Capital. Under the plan of reorganization, trade creditors will be paid in full. "It is satisfying to see Chapter 11 used as it is intended with a restructuring that rationalizes the balance sheet, preserves jobs and a vibrant business," said Debra Riley of Allen Matkins, counsel for Javo. Falconhead Capital was represented in the reorganization by Charles I. Weissman and Brian E. Greer of Dechert LLP. Further details may be accessed at the Company's restructuring website, www.kccllc.net/JavoBevCo. About Javo(R) Beverage Company, Inc. Based in Vista, California, Javo(R) Beverage Company, Inc. is an innovator and leader in the manufacture of coffee and tea-based dispensed beverages, drink mixes and flavor systems. The company has successfully commercialized a proprietary brewing technology that yields fresh brewed coffees and teas that are flavorful, concentrated and stable, with broad applications in the foodservice, food manufacturing and beverage industries. For foodservice operators, Javo makes it possible to serve great tasting hot coffees and cold specialty coffee beverages from convenient dispenser-based systems. Javo also assists food and beverage processors seeking authentic and robust coffee and tea flavors through its development and supply of customized ingredients for packaged foods and ready-to-drink beverages. The company supplies a growing list of national and international foodservice operations, specialty coffee retailers, restaurant chains and food manufacturers. For information about Javo Beverage Company, please visit www.javobeverage.com. Forward-looking statements This release contains forward-looking statements made by or on behalf of Javo(R) Beverage Company, Inc. All statements that address events or operating performance that the Company expects will occur in the future, including statements relating to revenue growth, dispenser location growth, annual revenue per dispenser, volume growth, share of sales, future profitability or statements expressing general optimism about future operating results, and future financings are forward-looking statements. These forward-looking statements are based on management's current views and we cannot assure that anticipated results will be achieved. These statements are subject to numerous risks and uncertainties, including those set forth in the Company's risk factors contained in the Company's most recent annual report on Form 10-K and in subsequent quarterly reports on Form 10-Q, copies of which are available from the Company without charge and from the SEC's website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements and are encouraged to review the risk factors that could affect actual results. The Company disclaims any intent to update forward-looking statements. CONTACT: Javo Beverage Company, Inc. William Marshall (760) 560 - 5286 ext. 503 firstname.lastname@example.org
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