Green Mountain Coffee, Inc. (Nasdaq: GMCR) yesterday announced that its wholly owned subsidiary, Green Mountain Coffee Roasters, Inc., has signed a 5-year exclusive agreement to provide Green Mountain Coffee Roasters® coffee to over 900 Exxon Mobil Corporation (NYSE: XOM) convenience store locations in the United States including On the Run®, Mobil Mart®, Exxon Shop®, Tiger Mart(SM), Tiger Express(SM), and Tigermarket(SM) locations. In addition, Green Mountain Coffee Roasters® coffee is now the recommended coffee for all ExxonMobil dealer and franchise operators. Exxon Mobil reports a total of 13,680 retail facilities in the United States, and has projected new store development in excess of 600 locations by the end of 2002.
Green Mountain coffee is currently distributed to over 1,200 ExxonMobil convenience stores, including 488 corporately owned stores. As this new 5-year agreement is implemented, Green Mountain Coffee Roasters will expand its geographic distribution to new markets. Under the terms of the agreement, the coffee will be made available in the coming months to an additional 500 corporately owned units in the Mid-Atlantic States and in markets including Memphis, Nashville, San Antonio, Dallas, Houston, and additional locations in Florida and California.
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Barry Shull, Group Category Director, said “We have been very pleased by the high level of quality and support that Green Mountain Coffee Roasters has consistently provided in the past. We look forward to offering this fine coffee to new customers in new markets.”
Michael Sabino, Beverage Category Manager, added “Our coffee category sales grew significantly when Green Mountain Coffee Roasters was initially introduced, exceeding our expectations and industry benchmarks. We look forward to maintaining this forward momentum as we continue to grow this important category together.”
Robert Stiller, President and CEO of Green Mountain Coffee, Inc., stated “We are delighted to be working with the new ExxonMobil organization and providing their customers with our great coffee. This agreement provides a clear path to bring our specialty coffees to consumers in new geographic markets over the next several years. The combination of ExxonMobil’s industry-leading convenience stores and our highly-rated coffees will benefit both organizations, and will be a win for coffee lovers wherever we do business.”
Green Mountain Coffee, Inc. is a leader in the specialty coffee industry and has been recognized by Forbes Magazine as one of the “Best 200 Small Companies in America.” The Company roasts high-quality arabica coffees and offers over 60 varieties including single-origin, estate, certified organic, Fair Trade, signature blends, and flavored coffees that it sells under the Green Mountain Coffee Roasters® brand.
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By GlobalDataThe majority of Green Mountain’s revenue is derived from its wholesale operation that serves supermarkets, convenience stores, offices, and other locations where fine coffees are sold. Green Mountain also operates a direct mail business and an e-commerce website (http://www.GreenMountainCoffee.com) with secure on-line ordering for customers from its Waterbury, Vermont headquarters. The Company seeks to make the world a better place for present and future generations by operating in an environmentally and socially conscientious manner.
Certain statements contained herein are not based on historical fact and are “forward-looking statements” within the meaning of the applicable securities laws and regulations. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those set forth in forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, fluctuations in availability and cost of green coffee, competition and other business conditions in the coffee industry and more generally in the food and beverage industry and in the convenience store industry, the Company’s level of success in retaining and attracting customers, economic conditions, variances from budgeted sales mix and growth rate, customer and consumer acceptance of the Company’s new products, the impact of a tighter job market, weather and special or unusual events, as well as other risk factors as described more fully in the Company’s filings with the Securities and Exchange Commission.
