Starbucks to source coffee from China
SHANGHAI (Reuters) - Starbucks Corp (SBUX.O: Quote, Profile, Research), the world's biggest coffee-shop chain, said it planned to source coffee from China for the first time as it expands in a country with more than 5,000 years of tea-drinking culture.
Starbucks has been working with coffee farmers in China's southwestern Yunnan province to help them meet sourcing standards and has sent coffee shipments to the United States for testing, Starbucks China President Wang Jinlong said at the Reuters China Century Summit on Tuesday.
"China does produce some quality coffee," Wang said at the summit, held at the Reuters office in Shanghai.
More >>
posted by Robert @ 9/05/2007
1 Comments
1 Comments:
Coffee Pacifica Announces Entry into China Coffee Market with Joint Venture Partner
Las Vegas, Nevada, Coffee Pacifica, Inc. (OTCBB:CFPC) announced today that is has entered into a joint venture agreement with China Capital Partners Inc. (“CCP”) to establish coffee shops in China. The joint venture anticipates opening first coffee shop during the 4th quarter of 2007. The joint venture shops will be featuring specially created artisan roasted coffee blends by Uncommon Grounds Inc.
Jon Yogiyo, Vice Chairman of Coffee Pacifica and Chairman of PNG Coffee Growers Federation Ltd stated: “Entry into retail coffee market enables our 100% owned subsidiary an opportunity to greatly increase sales of it’s roasted coffees and new coffee blends created specifically for the Chinese market. Several coffee buyers from China have already visited our farms in PNG. This venture completes our “Growers Direct” strategy from “Tree to Cup” coffee company. We are positioning in the latest Chinese trend of drinking coffee.”
Sean Tan of China Capital Partners said: “We agreed to establish a joint-venture with Coffee Pacifica, due to its unique business model, competitive advantages and strengths over the competition, and access to premium quality green coffee beans. Owning their own roaster allows Coffee Pacifica the ability to select finest coffees from the trees and custom roast and offer in our shops daily “Berkeley Freshly Roasted” coffees. Control of premium quality green beans provides stability for our coffee shop build out plan in the world’s fastest growing coffee market. We project a profitable business venture and plan to unveil our first shop before end of 2007, with 5 more slated to open first quarter 2008. Based on our aggressive growth plans, we anticipate opening approximately 300 coffee shops in China within the next 5 years.”
Coffee Pacifica, Inc. is a distributor and a marketer in the United States, Canada and Europe of the green bean coffee grown in Papua New Guinea and “Penlyne Castle” brand “Jamaican Blue Mountain” coffee grown by Blue Mountain Coffee Co-Operative Society Ltd (“BMCC”) of Jamaica. Green bean coffee in Papua New Guinea is grown by Coffee Pacifica’s shareholder-farmers in the Highland region’s rich volcanic soils between the altitudes of 4,000 and 6,000 feet above sea level. Papua New Guinea exports approximately 2% of the annual world green bean production. Papua New Guinea coffee is well regarded by consumers for its uniqueness, consistency and special flavor characteristics. For more information about our coffee products, visit our website at www.coffeepacifica.com. Coffee Pacifica’s wholly owned subsidiary, Uncommon Grounds Inc., established in 1984, is a coffee roasting and wholesale company based in Berkeley, California. Visit their website at www.uncommongrounds.net to purchase our roasted coffee beans.
Except for the historical matters contained herein, statements in this press release contain “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the Company's current and future business and prospects. Actual results could differ materially, as a result of various risk factors including but not limited to such as: (1) competition in the markets for the Company's coffee; (2) the ability of the Company to execute its plans; and (3) other factors detailed in the Company's public filings with the SEC. By making these forward-looking statements, the Company can give no assurances that transactions described in this press release will be successfully completed, and undertakes no obligation to update these statements for revisions or changes after the date of this press release. This release should be read in conjunction with our Annual Report on Form 10-KSB and our other filings with the SEC through the date of this release, which identifies important factors that could affect the forward-looking statements in this release. In addition, factors that could cause actual results to differ materially from those contemplated in the statements include, without limitation, overall economic conditions, and other risks associated generally with green bean coffee business. These forward-looking statements are not guarantees of future performance.
Malone & Associates, LLC, Corporate Relations, Rico Stubbs or Stacey Salanoa, Tel: 888 739 9477
Or visit website: www.opportunitiesforthefuture.com
Post a Comment
Subscribe to Post Comments [Atom]
<< Home