Services Acquisition Corp. International and Jamba Juice Company Agree to Further Extend Merger Termination Date
August 30 2006 - 8:30AM
Business Wire
Services Acquisition Corp. International (AMEX:SVI; AMEX:SVI.U;
AMEX:SVI.WT; "SACI") and Jamba Juice Company jointly announce that
they have extended the date upon which either party may terminate
the merger agreement between them to November 17, 2006, from
September 15, 2006. This extension is due to the additional time
needed to update the proxy to include Jamba Juice Company's
recently completed fiscal year-end financial statements and to
respond to Securities and Exchange Commission comments on the
proxy. In addition, SACI announces that investors in its private
placement financings have also approved extending their commitment
date to November 17, 2006, from September 15, 2006. SACI intends to
announce a new record date, previously fixed at the close of
business on July 28, 2006, for the determination of stockholders
entitled to notice of, and to vote at, the special meeting of
stockholders. Steve Berrard and Paul Clayton, the Chief Executive
Officers of SACI and Jamba Juice Company, respectively, jointly
commented, "While we are working on the final stages of completing
the transaction, the Board of Directors of both SACI and Jamba
Juice Company continue to be excited about the opportunities for
the combined company." About SACI SACI is a blank check company
that was formed for the specific purpose of consummating a business
combination. SVI raised net proceeds of approximately $127 million
through its initial public offering consummated in July 2005 and
prior to the merger agreement with Jamba Juice Company had
dedicated its time to seeking and evaluating business combination
opportunities. The management of SACI includes former executives
from organizations such as Blockbuster Entertainment Group,
AutoNation and Boca Resorts. About Jamba Juice Company Jamba Juice
Company is the category-defining leader in healthy blended
beverages, juices, and good-for-you snacks. Founded in 1990 in
California, today Jamba Juice Company has more than 565 company and
franchised stores in 23 states nationwide with 9,000 employees. For
the nearest location or a complete menu including new All Fruit
Smoothies, please call: 1-866-4R-FRUIT or visit the website at
http://www.jambajuice.com Forward-looking Statements This press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, about SACI,
Jamba Juice Company and the proposed merger. Forward looking
statements are statements that are not historical facts. Such
forward-looking statements, based upon the current beliefs and
expectations of SACI's and Jamba Juice Company's management, are
subject to risks and uncertainties, which could cause actual
results to differ from the forward looking statements. The
following factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements: the
failure of SACI's stockholders to approve the plan and agreement of
merger and the transactions contemplated thereby; the number and
percentage of SACI stockholders voting against the proposed merger;
changing interpretations of generally accepted accounting
principles; continued compliance with government regulations;
legislation or regulatory environments, requirements or changes
adversely affecting the businesses in which Jamba Juice Company is
engaged; demand for the products and services that Jamba Juice
Company provides, general economic conditions; geopolitical events
and regulatory changes, as well as other relevant risks detailed in
SACI's filings with the Securities and Exchange Commission. The
information set forth herein should be read in light of such risks.
Neither SACI nor Jamba Juice Company assumes any obligation to
update the information contained in this press release. Additional
Information and Where to Find It In connection with the proposed
merger and related proposals that will be voted on at the Special
Meeting, SACI has filed a preliminary proxy statement, as amended,
with the Securities and Exchange Commission that is pending SEC
approval; a final proxy statement will be mailed to the
stockholders of SACI who are stockholders as of the Record Date.
SACI's stockholders are urged to read the proxy statement and other
relevant materials as they become available as they will contain
important information about the merger with Jamba Juice Company and
the related proposals. SACI stockholders will be able to obtain a
free copy of such filings at the Securities and Exchange
Commission's internet site (http://www.sec.gov). Copies of such
filings can also be obtained, without charge, by directing a
request to SACI, 401 East Las Olas Boulevard, Suite 1140, Fort
Lauderdale, Florida 33301. SACI and its officers and directors may
be deemed to have participated in the solicitation of proxies from
SACI's stockholders in favor of the approval of the merger and
related private placement financing. Information concerning SACI's
directors and executive officers is set forth in the publicly filed
documents of SACI. Stockholders may obtain more detailed
information regarding the direct and indirect interests of SACI and
its directors and executive officers in the acquisition and related
private placement financing by reading the preliminary and
definitive proxy statements regarding the merger and private
placement financing, which will be filed with the SEC.
Services Acquisition (AMEX:SVI)
Historical Stock Chart
From Dec 2024 to Jan 2025
Services Acquisition (AMEX:SVI)
Historical Stock Chart
From Jan 2024 to Jan 2025