VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 11, 2016) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ten Peaks Coffee Company Inc. (“the Company” or “Ten Peaks“) (TSX:TPK) is pleased to announce that, further to its press release of October 3, 2016, the Convertible Debenture (“Convertible Debenture”) transaction with Mill Road Capital II, L.P. (“Mill Road Capital“), has closed.
Pursuant to the transaction, Mill Road Capital subscribed for an unsecured subordinated Convertible Debenture in the amount of $15,000,000. The Convertible Debenture bears interest at a rate of 6.85% over its 7-year term and is convertible into Common Shares of the Company at a conversion price of $8.25 per Common Share.
Further details about the transaction can be obtained from Ten Peaks’ October 3, 2016 press release available on the Company’s website and on SEDAR.
Company Profile
Ten Peaks is a publicly traded company that owns all of the interests of the Swiss Water Decaffeinated Coffee Company Inc. (SWDCC), a premium green coffee decaffeinator located in Burnaby, BC. It also owns and operates Seaforth Supply Chain Solutions Inc. (Seaforth), a green coffee handling and storage business located in Metro Vancouver.
About SWDCC
SWDCC employs the proprietary SWISS WATER® Process to decaffeinate green coffee without the use of chemicals, leveraging science-based systems and controls to produce coffee that is 99.9% caffeine free. The SWISS WATER® Process is a 100% chemical free water process for coffee decaffeination, as well as the world’s only consumer-branded decaffeination process. It is certified organic by the Organic Crop Improvement Association.
SWISS WATER® Process decaffeinated green coffees are sold to many of North America’s leading specialty roaster retailers, specialty coffee importers and commercial coffee roasters. SWDCC also sells coffees internationally through regional distributors.
About Seaforth
Seaforth provides a complete range of green coffee handling and storage services, including devanning coffee received from origin; inspecting, weighing and sampling coffees; and storing, handling and preparing green coffee for outbound shipments. Seaforth’s warehouse and handling operation is certified organic by Ecocert Canada.
About Mill Road Capital
The following information has been provided by Mill Road Capital: Mill Road Capital is a private investment firm focused on investing in and partnering with publicly traded micro-cap companies in the U.S. and Canada. Among its investments are PRT Growing Services Ltd., the British Columbia based leader in container grown tree seedlings for replanting forests, and Mother’s Market & Kitchen, Inc., a pioneer in the natural and organic grocery retail industry. The firm has flexible, long-term capital with the ability to purchase shares in the open market, buy large block positions from existing shareholders, provide capital for growth or acquisition opportunities, or execute going-private transactions. The firm has raised approximately $875 million of aggregate equity capital commitments and has offices in Greenwich, CT and the San Francisco Bay Area. More information can be found at http://www.millroadcapital.com.
Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements which involve known and unknown risks, uncertainties and other factors which may cause the actual events or achievements to be materially different from any future events or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements may include such words as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. These statements reflect management’s current expectations regarding future events. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties, including, but not limited to, risks related to (a) obtaining the approval of the Toronto Stock Exchange for the transaction announced by this press release, including the issue of Common Shares upon conversion of the Convertible Debenture and the exercise of the option to pay interest in kind and increase the principal sum owing under the Convertible Debentures, (b) completion of all conditions precedent to the closing of the issue of the Convertible Debenture and (c) whether or not the holder of the Convertible Debenture exercises the conversion feature in whole or in part. Except to the extent required by applicable securities law, Ten Peaks Coffee Company Inc. undertakes no obligation to publicly update or revise any such statements to reflect any change in management’s expectations or in events or circumstances on which any such statements may be based.
Chief Financial Officer
Ten Peaks Coffee Company Inc.
604.444.8780
[email protected]
www.tenpeakscoffee.ca
