Jamba, Inc. (NASDAQ: JMBA) today announced that CanBa Investments LLC (“CanBa Investments”), who originally purchased 134,348 shares of the Company's Series B-2 Preferred Stock in June of 2009 with its investment of $15.45 million at the time, has converted the remainder of its shares of outstanding preferred stock into common stock. As a result, as of June 14, 2013, the Company will no longer have the 8% annual dividend expense.
CanBa Investments and Mistral Equity Partners originally purchased $35.0 million in convertible preferred stock in June of 2009. In January of 2013, Mistral Equity Partners converted its remaining shares of outstanding preferred stock into common stock.
“This share conversion has removed our dividend payment as well as over-hang in the Company's stock," said James D. White, Chairman, President and CEO of Jamba, Inc. “The investment in 2009 allowed us greater financial flexibility to execute our BLEND Plan and also provided us great support and guidance from CanBa and Mistral. We thank them for their time and look forward to their continued guidance as we continue to focus on our BLEND Plan 3.0 strategic priorities.”
About Jamba, Inc.Founded in 1990, Jamba Juice Company (NASDAQ: JMBA) is a leading restaurant retailer of better-for-you, specialty beverage and food offerings, which include great tasting, whole fruit smoothies, fresh squeezed juices and juice blends, hot coffee and teas, hot oatmeal, breakfast wraps, sandwiches and mini-wraps, California Flatbreads™, frozen yogurt, and a variety of baked goods and snacks. Jamba-branded products for at-home enjoyment are also available through select retailers across the nation and in Jamba outlets. As of April 2, 2013, there were 820 Jamba Juice store locations globally. Jamba is a proud sponsor of "Team Up for a Healthy America" in the fight against childhood obesity and encourages fans to join the Team Up community of celebrities, athletes and other leaders committed to getting kids active and involved at www.myhealthpledge.com. Fans of Jamba Juice can find out more about Jamba Juice's locations as well as specific offerings and promotions by visiting the Jamba Juice website at www.JambaJuice.com or by contacting Jamba's Guest Services team at 1-866-4R-FRUIT (473-7848).
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