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Jamba Juice nearing refranchise completion

November 2, 2010

Jamba Juice has signed a purchase agreement for 15 stores in Denver with existing multiunit franchise operators Scott Maltz, David Wagonfeld and Larry Kaufman. The group currently operates 15 other Jamba Juice outlets in the Central California region.

Maltz, Wagonfeld, and Kaufman joined the Jamba Juice franchise in February 2010 with the purchase of eight stores. They subsequently invested in the purchase of seven additional stores. With the close of this transaction, they will own a total of 30 Jamba Juice locations in central California and Colorado.

"Jamba Juice has a very strong health and wellness platform and continues to innovate with new better-for-you food and beverage offerings that truly position them as a leading healthy, active lifestyle brand," Maltz said. "It is a testament to our belief in the Jamba Brand that we have chosen to invest in our third market with Jamba Juice."

Maltz, Wagonfeld, and Kaufman, in conjunction with this agreement, have committed to further expansion of the Jamba Juice brand by developing four additional stores in Colorado. The planned development activity will contribute to Jamba's plans to accelerate franchise store growth and expand market share.

The company also has appointed Michael A. Depatie to its board of directors and as an independent member of its Audit Committee, effective Nov. 2.

Depatie is chief executive officer of Kimpton Hotels and Restaurants LLC and also is a member of Kimpton's board of directors.

"With his successful experience in finance, brand building, the public markets and hospitality we believe Michael will be a great addition to our Board," said James D. White, chairman, president, and chief executive officer of Jamba Inc.