COLLECTIVE Owns and Operates a Wholesale Distribution Network with Specialty Cafe in Malaysia
Joint Venture MOU Signed to Launch Reborn Brand Retail Locations in Southeast Asia
BREA, Calif., Jan. 19, 2023 (GLOBE NEWSWIRE) -- Reborn Coffee, Inc. (NASDAQ: REBN) (“Reborn”, or the “Company”), a California-based retailer of specialty coffee, today announced it has signed a Memorandum of Understanding with COLLECTIVE PROJECT SDN BHD (“COLLECTIVE”), an owner and operator of a wholesale distribution network with various specialty cafes in Malaysia, on January 15, 2023 to establish an equity joint venture to expand and develop Reborn’s coffee brand throughout Southeast Asia.
COLLECTIVE has been sourcing, roasting and distributing specialty coffees for more than 7 years to cafes throughout Malaysia, establishing itself as leading specialty coffee roaster by sourcing transparent, traceable, and sustainable coffees from farmers, and providing exceptional coffee experiences to consumers. COLLECTIVE’s expansion plan includes long-term partnerships with processing facilities and farms at origin, most recently in Indonesia, that will ensure a consistent supply of high-quality coffees and volume for the Southeast Asian market. This partnership includes improving processing methods and introducing innovations such as anaerobic and aerobic fermentation to increase quality score and flavor.
In retail, COLLECTIVE is partnering with other artisanal producers specifically in gelato and pastries to expand their specialty product offerings. The company is opening its first flagship store in Damansara Heights, an upscale suburb of Kuala Lumpur, Malaysia, in February, with plans to open three additional outlets in Kuala Lumpur and Jakarta later this year.
Barrie Nasim, Founder and CEO of COLLECTIVE, has over 10 years’ experience in specialty coffee and distribution. Educated at the London School of Coffee, he founded COLLECTIVE to focus on educating, roasting and supplying quality coffees to independent cafes and consumers. In its first year, he had expanded his customer base to more than 50 cafes across Malaysia. Certified by SCAE (Specialty Coffee Association of Europe) in Roasting and Sensory science and a Q Arabica Grader by CQI (Coffee Quality Institute), Barrie continues to work closely with practitioners on industry developments in the sensory field.
“We have found an ideal partner with COLLECTIVE and its founder Barrie Nasim to launch our brand into the Southeast Asian market,” said Jay Kim, Chief Executive Officer of Reborn. “As an increasing number of people in Southeast Asia advance into the middle-class with higher spending powers, coffee culture and consumption has skyrocketed. COLLECTIVE is at the forefront of a new generation of consumers who are enthusiastic about specialty and sustainable coffee.
“We will work together to bring the new Reborn Coffee Malaysia Sdn Bhd, incorporated in Malaysia, to engage high profile real estate agents and identify potential strategic locations to open Reborn branded outlets in Singapore and Jakarta. We have also identified profitable companies with synergy for potential acquisition in Malaysia and Jakarta to contribute to Reborn earnings. We believe with a strong partnership with COLLECTIVE and the flagship store in Malaysia, Reborn’s growth and expansion for the Southeast Asia market will be exponential. Taken together with new locations in California, expansion into South Korea and the upcoming launch of our e-commerce platform, we are well-positioned to reach our goals for sustained operational execution and year-over-year revenue growth,” concluded Kim.
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 section of our recently filed Registration Statement on Form S-1, as amended, and in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of our recently filed Quarterly Report on Form 10-Q, 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 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
REBN@mzgroup.us
949-491-8235
Company Contact:
Reborn Coffee, Inc.
ir@reborncoffee.com
