Java Detour (Pink Sheets: JVDT - News) has sold two of its corporate-owned stores, in Yuba City and Marysville, California, to a new franchisee, Java NorCal LLC. The two stores were sold for a total of $1.5 million, of which $1.2 million was paid in cash. Java NorCal LLC is operated by Java Detour's former CFO Ronald Sands.
"We are pleased and fortunate to have somebody with as much experience and knowledge with our brand owning and operating these two new franchise stores. This is a strong move for Java Detour as we continue to expand our franchise operations," says Michael Binninger, CEO of Java Detour.
Java Detour has 21 stores, 10 of which are operated by franchisees. Java Detour has stores in California, Nevada, Minnesota, Wisconsin, and China. The company expects to open additional stores in 2009 in the U.S. and overseas.
News and information presented in this release has not been corroborated by WTWH Media LLC.