Reborn Coffee Closes Master License Agreement for Sichuan Province, China
Strategic Partnership with Chengdu Octaday Entertainment Group to Introduce Reborn Coffee's Specialty Experience to Sichuan's 83 Million People
BREA, Calif., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Reborn Coffee Inc (Nasdaq: REBN), a leading global specialty coffee brand, is pleased to announce a significant expansion into the China market through a strategic Master License Agreement with Chengdu Octaday Entertainment Group, facilitated by Reborn China. This transformative partnership will establish Reborn Coffee's premier locations in Chengdu, the bustling capital of Sichuan Province, a region known for its rich cultural heritage and home to over 83 million people.
This joint venture combines Reborn Coffee's expertise in retail coffee operations with Chengdu Octaday Entertainment Group's extensive influence in the region. Together, they aim to transform the coffee culture in Sichuan, introducing Reborn Coffee's unique and distinguished specialty coffee experience to this vibrant and dynamic province.
"We are particularly excited to highlight our flagship store in the iconic New Century Global Center, located in the heart of the megacity of Chengdu," said Jay Kim, CEO of Reborn Coffee. "New Century Global Center, known as the world's largest shopping center, features a world-class indoor water park, two 5 star hotels, skating rink, movie theaters, and a museum, making it a prime location for our flagship store. This store will serve as a key milestone in our expansion strategy, setting a new standard for future expansions across Sichuan and beyond."
Reborn Coffee continues executing its strategy for global expansion with licenses already secured in both Liaoning and Guangdong provinces, and now in Sichuan. Over the next two years, the company is targeting the opening of 100 new locations across these key regions, driven by its innovative standardized concept that seamlessly integrates Coffee, Tea, and Bakery into one unparalleled brand experience.
Reborn Coffee’s ambitions extend beyond the provincial level, with the company aiming to achieve global prominence. The company has established a target of over 300 locations worldwide within the next two years designed to establish Reborn Coffee as a household name across continents, from Asia to the Americas. As Reborn Coffee continues to penetrate new markets, it is poised to redefine the future of specialty coffee on a global scale.
About Chengdu Octaday Entertainment Group
Chengdu Octaday Entertainment Group is a Chinese company that operates in the entertainment and cultural industries. The company is based in Chengdu, a major city in southwestern China, and is involved in various aspects of the entertainment business, including theme parks, cultural tourism, and media production.
The company is known for developing and managing large-scale entertainment projects, such as theme parks and attractions that often incorporate elements of Chinese culture and history. Chengdu Octaday is also involved in creating multimedia content, including films, television programs, and digital media, aimed at both domestic and international audiences.
The Sichuan flagship store will set a new benchmark for future expansions throughout the province and beyond, reflecting Reborn Coffee's continuous commitment to quality, innovation, and community connection. This flagship location, with its comprehensive brand center, lays the foundation for broader expansion across China, reinforcing Reborn Coffee's position in one of the world's fastest-growing coffee markets.
About Reborn Coffee
Reborn Coffee, Inc. (NASDAQ: REBN) is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn believes they differentiate themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. For more information, please visit www.reborncoffee.com.
Forward-Looking Statements
All statements in this release that are not based on historical fact are “forward-looking statements.” While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our recent filings with the Securities and Exchange Commission (“SEC”) including our Form 10-Q for the second quarter of 2024, which can be found on the SEC’s website at www.sec.gov. Such risks, uncertainties, and other factors include, but are not limited to, the Company’s ability to continue as a going concern as indicated in an explanatory paragraph in the Company’s independent registered public accounting firm’s audit report as a result of recurring net losses, among other things, the Company’s ability to successfully open the additional locations described herein as planned or at all, the Company’s ability to expand its business both within and outside of California (including as it relates to increasing sales and growing Average Unit Volumes at our existing stores), the degree of customer loyalty to our stores and products, the impact of COVID-19 on consumer traffic and costs, the fluctuation of economic conditions, competition and inflation. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contacts
Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ North America
REBN@mzgroup.us
949-491-8235
Company Contact:
Reborn Coffee, Inc.
ir@reborncoffee.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/063e755f-5e53-435d-a91d-6ab3787be3b3
© Copyright Globe Newswire, Inc. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Globe Newswire, Inc.
