Jamba, Inc. (NASDAQ:JMBA), a leading health and wellness brand and leading retailer of freshly-squeezed juice noted continued progress in its ongoing effort to transition to an asset-light model with the announcement today of a 13-store refranchising deal. With this deal Jamba is nearing completion of the Company’s current refranchising efforts with 88% of stores now franchise owned and operated.

This latest refranchising agreement encompasses locations in Southern California, including stores in Long Beach, Manhattan Beach, Lakewood and other key SoCal markets. The stores will be owned and operated by RPM Jamba #5, Inc., run byMichael Razipour, Reza Moalej and Pouya Moalej.

Jamba announced the refranchising initiative at the end of 2014, with a stated goal of refranchising “up to 114” stores during 2015. The Company has significantly exceeded its initial goal as the new deal will bring the total stores refranchised in 2015 to 163, with plans to close an additional 1-2 deals before by the end of the year.

“We are pleased with the progress we continue to make in our refranchising efforts,” stated James D. White chairman, president and CEO of Jamba. “As we move ahead on the Company’s commitment to an asset light model, these deals position us well to reach our goal of generating $60 – $70 million of cumulative cash proceeds from refranchising in 2015.”

“We are excited to add these 13 new stores to our current Jamba portfolio,” saidMichael Razipour, president, RPM Jamba#5, Inc. “Our experience as an existingJamba franchisee has been very rewarding, so we look forward to expanding our footprint and offering Jamba’s great-tasting, better-for-you food and beverages to more consumers.”(Original Source)

Shares of Jamba closed yesterday at $14.95. JMBA has a 1-year high of $16.89 and a 1-year low of $11.56. The stock’s 50-day moving average is $14.32 and its 200-day moving average is $15.15.

On the ratings front, Canaccord Genuity analyst Scott Van Winkle reiterated a Buy rating on JMBA, with a price target of $18, in a report issued on July 30. The current price target implies an upside of 20.4% from current levels. According to TipRanks.com, Winkle has a total average return of 5.5%, a 46.2% success rate, and is ranked #729 out of 3765 analysts.

Jamba Inc owns, franchises and operates food stores. The Company is a retailer of blended-to-order fruit smoothies, squeezed-to-order juices, blended beverages and snacks.