Reborn Coffee Closes Master License Agreement for Guangdong Province, China
BREA, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- Reborn Coffee Inc. (NASDAQ:REBN), ("Reborn", or the "Company"), a California-based retailer of specialty coffee, today announced a significant expansion into the China market through a strategic Master License Agreement with IAID Co., Ltd., a visionary architectural and interior design consulting firm. This agreement will introduce a flagship location in Guangzhou #73, situated in a central, historic district bustling with tourists. The site will feature a comprehensive brand center, setting the stage for future expansions into major cities like Shanghai and Shenzhen, China.
The joint venture combines Reborn Coffee's experience in retail coffee operations with IAID Co., Ltd.'s expertise in lifestyle design. Together, they aim to revolutionize the coffee culture in China, particularly in the vibrant Guangdong Province, which boasts a population of over 127.06 million.
Henry Hu, CEO of IAID Co., Ltd., and a well-respected figure in China's furniture design industry, expressed his enthusiasm for the new lifestyle social gathering venture, stating, "We are thrilled to join with Reborn Coffee's robust retail operation capabilities. Our collaboration is set to redefine the coffee scene by introducing a premium specialty coffee experience coupled with a high-quality, design-focused lifestyle social gathering. We are confident that this unique fusion will not only captivate the region but also propel Reborn Coffee to tremendous success in Guangdong Province."
The partnership aims to leverage the strengths of both companies to offer a unique Fourth Wave coffee experience that aligns with the sophisticated tastes and lifestyle aspirations of local consumers. Drawing on the successful model of Reborn Coffee in Malaysia TRX, this collaboration seeks to replicate that success in China. The flagship location in Guangzhou will serve as a model for the forthcoming locations in Shanghai and Shenzhen, showcasing the premium quality and innovative approach of Reborn Coffee.
"We are fully dedicated to ensuring our expansion into China becomes a landmark success. This joint venture with IAID Co., Ltd. is a significant step forward in our strategic endeavors to introduce Reborn Coffee's distinctive coffee culture to new geographies," stated Jay Kim, CEO of Reborn Coffee Inc.
This strategic expansion further exemplifies Reborn Coffee's commitment to global growth and innovation in the coffee industry. The company looks forward to enriching the coffee experience for consumers in Guangdong Province and beyond.
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-K for the fiscal year of 2023, 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
[email protected]
949-491-8235
Company Contact:
Reborn Coffee, Inc.
[email protected]
