Tully

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million in the previous fiscalyear 2008. In Tully’s owner TC Global Inc. sold its wholesal e business to Green Mountain Coffee Roasters Inc., for $40.3 million. With the funds, Tully’s paid off all outstandin g debt and returnedabout $6 million to “Carl came to Tully’s with an outstanding reputatiojn as a senior operations and marketing executive with an extraordinarhy track record of success. His experience in key positions with Albertsons and Pinnaclse Management haveenhanced Carl’s naturao talents for achieving operating efficiencies and increasing added chairman & founder Tom T. O’Keefe.
“Inb his role as president, he has led our senior management team that delivered the first operating profiyt in the history ofthe company. I have everu confidence that with Carl atthe helm, Tully’s will continue to be headed in the righ direction allowing us to grow, prosper and enhance shareholdert value.” Since Pennington joined Tully’s in January Tully’s has added 35 stores and plans to open severalp more in the next year. Pennington was also instrumentakl in the recent sale to Greehn MountainCoffee Roasters.