Tully's Coffee Corporation has established a new joint venture
for development of the firm's business in Asia and has settled the
lawsuit with its former licensee (UCC Ueshima Coffee Co. Ltd) for Asia.
Tully's Coffee Asia Pacific, Inc. (TCAP), a wholly-owned
subsidiary of Tully's, and Asia Food Culture Management Pte, Ltd
(AFCM) entered into a limited partnership agreement that established a
new joint venture called Tully's Coffee Asia Pacific Partners, LP
(Tully's Coffee Asia). The new joint venture will seek to develop
the Tully's brand in Asia (excluding Japan), Australia and New
Zealand through franchising and licensing activities, retail store
operations, coffee roasting, wholesale distribution and other business
activities. AFCM is a newly established enterprise managed by Kouta
Matsuda, the founder and former CEO of Tully's Coffee Japan.
"We believe that the rapidly growing Asia markets offer great
opportunities for Tully's," said Tom T. O'Keefe, chairman
and founder of Tully's, "we are partnering once again with
Kouta Matsuda, whose credentials include the founding and successful
rapid expansion of Tully's Coffee Japan, as well as the development
of other premium food concepts in Asia."
For more information, visit www.tullys.com.
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