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8-K - FORM 8-K - TC GLOBAL, INC. | d8k.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Media Contact:
Amina Suchoski, The Fearey Group for TC Global, Inc.
206.343.1543; asuchoski@feareygroup.com
TULLYS FOUNDER AND CHAIRMAN TOM TULLY OKEEFE RETIRES AFTER 18 YEARS
SEATTLE, Wash. March 26, 2010 TC Global, Inc., dba Tullys Coffee (Tullys), a leading specialty coffee retailer, today announced that Mr. Tom Tully OKeefe, founder, chairman and head barista, and the man responsible for building the Tullys Coffee brand, made the decision to retire from his post as chairman of the board, effective June 30, 2010. A successor will be selected over the next 90 days by the Tullys Board, based on recommendations from the nominating and governance committee.
I have the greatest respect for our employees and shareholders. While I have poured my heart and soul into Tullys for nearly two decades, I have done so with great joy and satisfaction because of all the lives weve touched, said OKeefe. Ive made this decision to retire at this time because I am confident that our operating team, led by president & CEO Carl Pennington, is well positioned to continue to grow the business and increase shareholder value.
OKeefe started Tullys in 1992 with one store in Kent, Wash. and grew the business into a strong, specialty-coffee retailer with stores in Washington, Oregon, California, Arizona, Idaho, Montana, Colorado, Wyoming, and Utah. In 1997, OKeefe negotiated the license agreement to establish Tullys Coffee Japan. OKeefe was the driving force behind the building of the Tullys brand, widely regarded as one of the top gourmet brands in the coffee world.
In 2009, after a robust investment banking process, OKeefe led the sale of the Tullys brand and wholesale business to Green Mountain Coffee Roasters, Inc. for $40.3 million. This transaction strengthened the companys balance sheet, returned capital to shareholders and set the company on the road to profitability. Additionally, OKeefe, as managing director of Tullys Coffee International, has spearheaded Tullys strategic investment and expansion in the Asian markets. Currently, Tullys has 183 stores in the U.S. Including the Tullys Coffee International stores in Singapore and South Korea and the stores of its global alliance partner, Tullys Coffee Japan, there are more than 570 Tullys retail locations worldwide.
We are extremely grateful for the extraordinary leadership and commitment that Tom has provided to Tullys since the very beginning, first as its founder and CEO and over the past 9 years in his role as Chairman, said president & CEO Carl Pennington. His vision and passionate commitment to Tullys performance, employees and partners have been the cornerstones of our success. We will surely miss him but know that, as the founder of his namesake company, and its largest shareholder, he will never be too far away.
About TC Global, Inc.
TC Global, Inc., dba Tullys Coffee, is a leading specialty coffee retailer and wholesaler. Through company owned, licensed and franchised specialty retail stores in Washington, Oregon, California, Arizona, Idaho, Montana, Colorado, Wyoming and Utah, throughout Asia with Tullys Coffee International, and with its global alliance partner Tullys Coffee Japan, Tullys premium coffees are available at more than 570 Tullys retail locations globally. TC Global also has the rights to distribute Tullys coffee through all wholesale channels internationally, outside of North America, the Caribbean and Japan. TC Globals corporate headquarters is located at 3100 Airport Way S. in Seattle, WA. For more information: (800) MY-TULLY or www.tullyscoffeeshops.com.
Forward Looking Statement
Statements made in this release concerning the Companys or managements intentions, expectations, or predictions about future results or events are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are necessarily subject to risks and uncertainties that could cause actual results to vary from stated expectations and such variations could be material and adverse. Factors that could result in such variations include, but are not limited to, the inherent unreliability of earnings and revenue growth predictions due to numerous factors, including many beyond the Companys control; potential difficulties, delays and unanticipated expenses inherent in the development and marketing of new products and services; competitive factors; and the numerous risks and potential additional costs, disruptions and delays associated with the establishment of new business initiatives. Additional information concerning these and other factors that could cause actual results to differ materially from the Companys current expectations is contained in Tullys Quarterly Report on Form 10-Q for the fiscal quarter ended December 27, 2009 and its Annual Report on Form 10-K for the fiscal year ended March 29, 2009.