News
SACRAMENTO, Calif., Dec. 1 /PRNewswire/ -- Java Centrale, Inc. (Nasdaq: JAVC - news), and its subsidiary, Paradise Bakery & Cafe, operators and franchisers of specialty coffee and bakery cafes, announced that its annual meeting of shareholders was held on November 25, 1997 in Sacramento, California. All of management's recommendations were approved, including the election of directors; an increase in the authorized shares of common stock; creation of a new class of preferred stock; a one-for-ten reverse split of the outstanding shares; a change in the company's state of incorporation from California to Delaware, which will include a change of the Corporate name to Paradise Bakery & Cafe. Those elected to the board for the ensuing year are Phillip E. Pearce, Richard J. Crosby, Gary C. Nelson, and Bradley B. Landin. Mr. Pearce is a former Chairman of the Board of Governors of the NASD (National Association of Securities Dealers) and a former member of the Board of Governors of the New York Stock Exchange. Mr. Crosby is a CPA and President of Stoneridge Capital Ltd.; a San Diego based investment-banking firm. Mr. Nelson and Mr. Landin are two of the company's corporate officers.
Jeffrey W. Dudley, the company's Chief Financial Officer, stated, ''The shareholders who cast votes have overwhelmingly supported and passed all proposals recommended by management allowing the company to move forward with the capital required to focus on growing the system through company-owned and new franchised locations nationwide.''
A Board of Directors meeting followed the shareholders meeting at which Richard J. Crosby was elected to serve as Chairman of the Board.
The Paradise Bakery & Cafe subsidiary has 55 locations, with one additional cafe scheduled to open this year in San Diego, California. There are currently 30 Java Centrale Cafes operating nationwide with new openings scheduled for Long Beach, Chino Hills and Chatsworth, California, Hartford, Connecticut and Virginia Beach, Virginia. |
