NEW ORLEANS, March 27, 2013 /PRNewswire/ -- Orpheum Property, Inc. (OTCQB: PLFF), a company specializing in the purchase, development, and management of commercial properties, today announced the acquisition of Coscina Brothers Coffee Company, LLC.
Orpheum Property, Inc.'s CEO, Morris Kahn, is pleased to announce the re-acquisition of Honolulu based Coscina Brothers Coffee Company, LLC (CBCC). In June 2010, CBCC had been sold to a former director of the company who jointly worked with the CBCC's management in order to reorganize its focus and operations. These efforts have led to increased profitability and sales growth.
CBCC offers private labeling services on custom coffee roasts and pancake mixes for its customers. These customers include many Hawaii based retailers, hotels and restaurants. CBCC also boasts a large distribution chain in Japan, South Korea, Vietnam, Taiwan, Cambodia and Thailand. CBCC is looking to add a third product line within the next two months, once additional product tests have concluded. CBCC's third product line is highly anticipated by distributors.
Tyrus C. Young, CFO and Director of Orpheum, and a former part owner of CBCC, reported, "Gross Sales have grown from $569,509 in 2011, to $792,728 in 2012. For the first two months of 2013 Gross Sales have been $160,560 and are anticipated to surpass $1,000,000 in 2013. Net Income on those sales were $58,410 for 2011, $120,050 for 2012, and $32,743 for the two months ended February 28, 2013. We are projecting Net Income for 2013 in excess of $160,000."Mr. Young stated, "The addition of CBCC brings a more operational mix into Orpheum, to complement the real estate holdings the Company currently has, including the Orpheum Theater, a New Orleans commercial building, and several undeveloped properties in California, Nevada, Oklahoma and Arkansas. In addition to the purchase of CBCC, the Company is reviewing other product based entities that can take advantage of the distribution network built throughout the Pacific Rim." In addition, Mr. Young stated, "Plans are in motion to officially change the name of our company from Orpheum Property, Inc. to Axiom Global Properties in order to more appropriately identify with our more diverse business model. This news of the acquisition of CBCC is the first of many exciting developments that will be coming from this early stage public company."