Exhibit 99.1

Jamba, Inc. Announces Fourth Quarter 2011 and Fiscal Year 2011 Financial Results

Jamba Achieves Strategic Priorities; Completes Turnaround

Comparable Company-Owned Store Sales Up 7.7%, Fifth Consecutive Quarter of Positive Comp

Store Sales, Total Revenues Increased 5.4%

First Fiscal Year of Positive Comparable Store Sales Growth since end of Fiscal 2007

Global Growth Launched with Openings in South Korea, Philippines and Canada

EMERYVILLE, Calif., March 7, 2012 — Jamba, Inc. (NASDAQ:JMBA) today reported financial results for the fourth quarter and fiscal year ended January 3, 2012.

For the quarter, the Company recorded a fifth consecutive quarter of positive Company-owned comparable store sales growth, a significant increase in store-level margin, ongoing expansion of international stores and growth of Jamba-branded CPG products with a new partnership and added retail distribution.

For the year, Jamba delivered on the Company’s strategic objectives and moved from the turnaround to the transformation phase of its efforts. Jamba’s new strategic objectives, introduced in January, are focused on transforming and growing Jamba from a smoothie company to a globally recognized lifestyle brand.

Highlights for the 13 weeks ended January 3, 2012, compared to the 12 weeks ended December 28, 2010:

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Highlights for the 53 weeks ended January 3, 2012, compared to the 52 weeks ended December 28, 2010.

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“Fiscal 2011 was a year of significant progress for Jamba. We had our first fiscal year of positive same store sales at the Company and franchisee level since the end of fiscal 2007. We also expanded our beverage and food portfolio across all day parts, extended our CPG distribution to 30,000 outlets, and completed our refranchise initiative, while accelerating the development of franchise and non-traditional stores,” said James D. White, chairman, president, and CEO of Jamba Inc. “Importantly, we delivered on all of our strategic and plan objectives, which marked the completion of the turnaround phase of our efforts. Our new strategic priorities in our BLEND Plan 2.0 are to broaden and extend our efforts to move from a smoothie company to the leading global healthy, active lifestyle brand.”

“Our BLEND Plan 2.0 priorities are to make Jamba a top-of-mind healthy food and beverage brand, embody a healthy, active lifestyle throughout our entire enterprise, accelerate global retail growth through new and existing formats, build a global CPG platform in Jamba-relevant categories and reduce our costs and increase productivity,” continued Mr. White.

Results for the Fourth Quarter of Fiscal 2011

Revenue

For the fourth quarter ended January 3, 2012, total revenues increased 5.4% to $44.3 million from $42.1 million in the fourth quarter ended December 28, 2010. The increase is primarily due to the 53^rd week in fiscal 2011, partially offset by the reduction in the number of Company-owned stores as a result of the Company’s refranchising initiative. During the fourth quarter of 2012, Company-owned comparable store sales increased 7.7%, system-wide comparable store sales increased 5.7% and franchise-operated comparable store sales increased 4.0%, compared to the prior year period⁽²⁾. Franchise and other revenue increased 24.8% to $2.8 million from $2.2 million in the fourth quarter ended December 28, 2010. The increase was driven primarily by the increase in the number of franchise-operated stores. Jamba’s CPG license revenue was $0.3 million in the fourth quarter of fiscal 2011 and $0.4 million in the same prior year period. CPG license revenue for the year ended December 28, 2010, included a one-time receipt of $0.3 million.

General and Administrative (G&A)

For the fourth quarter ended January 3, 2012, G&A expenses were $11.9 million and included $0.5 million related to the 53^rd week of fiscal 2011, $0.8 million related to settlement of outstanding litigation and related costs and $2.4 million for performance-based compensation.

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Non-GAAP Adjusted Operating Profit⁽⁵⁾ and Non-GAAP Adjusted Operating Profit Margin⁽⁵⁾, Non-GAAP Adjusted Operating Profit (excluding refranchising)⁽⁶⁾ and Non-GAAP Adjusted Operating Margin (excluding refranchising)⁽⁶⁾

Jamba’s non-GAAP adjusted operating profit margin⁽⁵⁾ increased to 12.2% for the fourth quarter of 2011 on a year-over-year basis and on a dollar basis increased $5.5 million from the fourth quarter of 2010 reflecting the increase in Company-owned comparable store sales and the impact of the Company’s cost savings initiatives⁽⁵⁾. Non-GAAP adjusted operating profit (excluding refranchising)⁽⁶⁾ reflected an increase of $4.7 million and on a non-GAAP adjusted operating profit margin (excluding refranchising)⁽⁶⁾ rate reflected a 1,006 basis point improvement to 11.5% in the fourth quarter of 2011 as compared to the prior year period. Quarterly comparisons excluding the effects of the refranchising initiative from non-GAAP adjusted operating profit will be provided until the end of the first quarter of fiscal 2012, which represents the last refranchising year-over-year comparable quarter. As a result of Jamba’s positive Company-owned comparable store sales increase, the Company has been able to improve the leverage of its fixed costs.

Non-GAAP Net Loss

Jamba’s non-GAAP net loss decreased to $(8.5) million or $(0.13) loss per share for the fourth quarter of 2011⁽¹⁾. The non-GAAP net loss excludes the impact related to the following non-routine items; 1) litigation settlement expenses of $0.8 million and 2) an expense adjustment made to other operating, net of $0.6 million related to prior years.

Results for Fiscal Year 2011

Revenue

For the fiscal year ended January 3, 2012, total revenues decreased 13.8% to $226.4 million from $262.7 million in the fiscal year ended December 28, 2010. The decrease is primarily due to the reduction in the number of Company-owned stores as a result of the Company’s refranchising initiative, partially offset by the 53^rd week in fiscal 2011. During the fiscal year ended January 3, 2012, Company-owned comparable store sales increased 4.0%, system-wide comparable store sales increased 3.7% and franchise-operated comparable store sales increased 3.4%, compared to the prior year period⁽²⁾. Franchise and other revenue increased 42.1% to $11.6 million from $8.2 million in the fiscal year ended December 28, 2010. The increase was driven primarily by the increase in the number of franchise-operated stores. Jamba’s CPG license revenue increased to $1.1 million in fiscal 2011 from almost $0.6 million in the prior year due primarily to the commercialization and sale of licensed Jamba consumer packaged goods products at approximately 30,000 retail points of distribution.

General and Administrative (G&A)

For the fiscal year ended January 3, 2012, G&A expenses were $37.8 million and included $2.9 million relating to performance-based compensation, $1.0 million related to the settlement of outstanding litigation and related costs and $0.5 million related to the 53^rd week of fiscal 2011.

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Non-GAAP Adjusted Operating Profit⁽⁵⁾ and Non-GAAP Adjusted Operating Profit Margin⁽⁵⁾, Non-GAAP Adjusted Operating Profit (excluding refranchising)⁽⁶⁾ and Non-GAAP Adjusted Operating Margin (excluding refranchising)⁽⁶⁾

Jamba’s non-GAAP adjusted operating profit margin⁽⁵⁾ increased by 500 basis points to 19.9% for fiscal 2011 on a year-over-year basis and on a dollar basis increased $5.9 million from fiscal 2010 reflecting the impact of the Company’s cost savings initiatives⁽⁵⁾. Non-GAAP adjusted operating profit (excluding refranchising)⁽⁶⁾ reflected an increase of $10.9 million and on a non-GAAP adjusted operating profit margin (excluding refranchising)⁽⁶⁾ rate reflected a 430 basis point improvement to 19.9% for fiscal 2011 as compared to the prior year. As a result of Jamba’s positive Company-owned comparable store sales increase, the Company has been able to improve the leverage of its fixed costs.

Non-GAAP Net Loss

Jamba’s non-GAAP net loss decreased to $(6.6) million, or $(0.14) loss per share for fiscal 2011⁽¹⁾. The non-GAAP net loss excludes the impact related to the following non-routine items: 1) litigation settlement expenses of $1.0 million and 2) an expense adjustment made to other operating, net of $0.7 million related to a prior year.

Change in the Fiscal Quarter

Effective for Fiscal 2012, which began on January 4, 2012, the Company will change the end of its fiscal quarters. Each quarter will have 13 weeks, resulting in a 12 period fiscal year. Prior to fiscal 2012, the first quarter had 16 weeks and the three subsequent quarters had 12 weeks. The Company’s year-end continues to be the Tuesday closest to December 31. The supplemental tables include the proforma consolidated statement of operations in which the results of fiscal 2011 are presented on a 13-week quarter basis.

The change in fiscal quarter-end is intended to improve comparability with industry peers on a quarterly basis, align Jamba’s reporting cycle with a more traditional fiscal calendar and provide more consistent quarter to quarter comparison. The quarter-ends for fiscal 2012 are set forth in the following table:

Outlook for 2012

The Company continues to expect to achieve the following results for fiscal 2012:

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Liquidity

On January 3, 2012, the Company held $19.6 million in cash and cash equivalents as compared to $29.0 million cash and cash equivalents at December 28, 2010. On January 3, 2012, the Company held $1.4 million in restricted cash compared to a balance of $1.8 million on December 28, 2010.

Webcast and Conference Call Information

The conference call can be accessed live over the phone by dialing (877) 941-1427 or for international callers by dialing (480) 629-9664. A replay will be available at 8:00 p.m. EST and can be accessed by dialing (877) 870-5176 or (858) 384-5517 for international callers; the pin number is 4511608. The replay will be available until March 28, 2012. The call will be webcast live from the Company’s website at www.jambajuice.com under the Corporate Investor Relations section or directly at http://ir.jambajuice.com.

About Jamba, Inc.

Jamba, Inc. is a holding company which owns and franchises, on a global basis, Jamba Juice stores through its wholly-owned subsidiary, Jamba Juice Company. Jamba Juice Company is a leading restaurant retailer of better-for-you specialty beverages and food offerings which include great tasting fruit smoothies, fresh squeezed juices, hot teas, hot oatmeal made with organic steel cut oats, fruit and veggie smoothies, Fit’n Fruitful^TM smoothies with Weight Burner Boost^TM, Whirl’ns™ Frozen Yogurt, breakfast wraps, side salads, sandwiches, California Flatbreads™, and a variety of baked goods and snacks. As of January 3, 2012, there were 769 store locations globally, consisting of 307 Company-owned and operated stores (“Company Stores”) and 443 franchise-operated stores (“Franchise Stores”) in the United States and 19 international stores (“International Stores). As of January 3, 2012, Jamba Juice also had ten license agreements in place covering a variety of consumer packaged goods.

Forward-Looking Statements

This press release (including information incorporated or deemed incorporated by reference herein) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company’s management. Words such as “outlook”, “believes”, “expects”, “appears”, “may”, “will”, “should”, “anticipates”, or the negative thereof or comparable terminology, are intended to identify such forward looking statements. Any statement that is not a historical fact, including the statements made under the caption “Outlook for 2012” and any other estimates, projections, future trends and the outcome of events that have not yet occurred, is a forward-looking statement. Forward-looking statements are only predictions and are subject to risks, uncertainties and

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assumptions that are difficult to predict. Therefore actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to factors discussed under the section entitled “Risk Factors” in the Company’s reports filed with the SEC. Many of such factors relate to events and circumstances that are beyond the Company’s control. You should not place undue reliance on forward-looking statements. The Company does not assume any obligation to update the information contained in this press release.

CONTACT:

For Jamba, Inc., Investor Relations

Don Duffy, ICR

203-682-8200

investors@jambajuice.com

Non-GAAP Financial Measures

The Company provides certain supplemental non-GAAP financial measures to its investors as a complement to the most comparable GAAP measures. The GAAP measure most directly comparable to non-GAAP adjusted revenue is total revenue. The GAAP measure most directly comparable to non-GAAP adjusted operating profit and non-GAAP adjusted operating profit (excluding refranchising) is net income (loss). An explanation and reconciliation of each of these non-GAAP financial measures to GAAP information is set forth below.

The Company believes that providing these non-GAAP measures to its investors, in addition to corresponding GAAP income statement measures, provides investors the benefit of viewing the Company’s performance using the same financial metrics that the management team uses in making many key decisions and understanding how the Company’s core business operations may perform and may look in the future. The Company’s core business operations are comprised of Company-owned and franchise-operated stores and consumer packaged goods (CPG) licensing operations. The Company believes its core business performance represents the Company’s on-going performance in the ordinary course of its operations. Management excludes from the Company’s core business performance those items, such as impairment charges, income taxes, restructuring and severance programs and costs relating to specific major projects which are non-routine, expenses or income from certain legal actions, settlements and related costs, general and administrative expense, including non-cash compensation related to stock and options. Management does not believe these items, including non-cash items, are reflective of the Company’s ongoing core operations and accordingly excludes those items from non-GAAP adjusted operating profit and non-GAAP operating profit (excluding refranchising). Additionally, each non-GAAP measure has historically been presented by the Company as a complement to its most comparable GAAP measure, and the Company believes that the continuation of this practice increases the consistency and comparability of the Company’s earnings releases. The non-GAAP adjustments are discussed further below.

Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States of America. Non-GAAP measures should not be considered in isolation from or as a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from non-GAAP measures used by other companies.

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Footnotes

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JAMBA, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

JAMBA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

JAMBA, INC.

Reconciliation of GAAP General & Administrative (G&A) Expense to Non-GAAP General & Administrative Expense adjusted

(Unaudited)

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Operating Profit, Non-GAAP Adjusted Operating Profit Margin, Non-GAAP Adjusted Operating Profit (Excluding Refranchising) Non-GAAP Adjusted Operating Profit Margin (Excluding Refranchising) and GAAP Revenue to Non-GAAP Adjusted Total Revenue

(Unaudited)

JAMBA, INC.

STORE COUNT

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COMPARABLE STORE SALES

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JAMBA, INC.

PROFORMA CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)