Tully's Forms Asia Joint Venture with Founder of Tully's Coffee Japan

Seattle, United States -- Business Wire (Business Wire India)

Tully's Coffee Corporation (Tully's) announced that it has established a new joint venture for development of the Tully's business in Asia and that it has settled the lawsuit with its former licensee for Asia.

On January 7, 2008, Tully's Coffee Asia Pacific, Inc. (TCAP), a wholly-owned subsidiary of Tully's, and Asia Food Culture Management Pte, Ltd (AFCM) entered into a limited partnership agreement that established a new joint venture called Tully's Coffee Asia Pacific Partners, LP (Tully's Coffee Asia). The new joint venture will seek to develop the Tully's brand in Asia (excluding Japan), Australia and New Zealand through franchising and licensing activities, retail store operations, coffee roasting, wholesale distribution and other business activities. AFCM is a newly established enterprise managed by Mr. Kouta Matsuda, the founder and former chief executive officer of Tully's Coffee Japan.

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