Services Acquisition (AMEX:SVI)
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From Feb 2020 to Feb 2025
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.