USA: Peabodys Coffee Announces That Beantrees Merger Will Not Be Completed
ROCKLIN, Calif.--(BUSINESS WIRE)--Peabodys Coffee Inc. (OTCBB:PBDY - news) announced today that the merger with Beantrees Inc. will not be completed. Peabodys is reserving all legal rights with respect to the matter. Cliff Young, President and CEO of Peabodys Coffee, commented, ``Although this merger will not be completed, our core business remains strong and we are committed to the organic coffee market.'' The Company reports that its core business continues to show strong growth. Sales for the month of October 2001 showed a 31 percent increase to $321,000, as compared to October 2000. For the month of November 2001, a month subject to seasonal Thanksgiving closures at university venues, sales showed a 54 percent increase to $320,000, as compared to November 2000. ``The October and November sales figures are 100% Peabodys generated,'' commented Peabodys' Chairman and CFO Todd Tkachuk.
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