TORONTO, Ontario, Canada – SPOT COFFEE (CANADA) LTD. is pleased to announce that the Company has received two additional franchise deposits for locations in the greater Buffalo area.
The two franchises include a full SPoT café and a SPoT Express café. The Company is presently in the process of negotiating leases for these cafés.
Furthermore, SPoT Kenmore, the Company’s newest franchise café, which is located in the heart of Kenmore Village, is nearing completion and is on track to be open for its community in Q4 2016.
SPoT’s newest operating franchise café, SPoT Hamburg, which opened in Hamburg, New York, has been achieving excellent results.
The operations of SPoT’s central kitchen, roasting facility, and its corporate, licensed and franchise cafés, continue to show significant strength.
The Company reported record revenues of $2,932,664 for the quarter ending June 30th, 2016, a 26.5% increase from the same period in 2015, as well as positive café-level EBITDA of $452,967 (9.7% operating margins) for the same period.
Subsequent to the June 30th, 2016 financials, the Company has reduced its liabilities by over $780,000 from July to August, including a total of $400,000 principal reduction on the Company’s secured promissory note, convertible debenture and long-term debt.
“The third quarter to date of 2016 has been transformational for SPoT Coffee, with a significant amount of long term debt reduced, new franchisees coming onboard, and continued strength in our core business,” said Anton Ayoub, president of SPoT Coffee.
