WATERSOUND, Fla.--(BUSINESS WIRE)--Dec. 5, 2018--
The St. Joe Company (NYSE: JOE) (“St. Joe”) and Johnson & Johnson, Inc.
(“Johnson & Johnson”) today announced their intent to pursue formation
of a joint venture to construct, own and manage a Busy Bee branded fuel
station and convenience store at the corner of Nautilus Street and
Panama City Beach Parkway (Highway 98) in Panama City Beach, FL.
The Nautilus Busy Bee station is currently expected to include an
approximately 13,000 square foot convenience store with an anticipated
14 fuel pumps and a carwash and will be constructed on approximately 2.6
acres owned by St. Joe. Johnson & Johnson, a 3rd generation family-owned
business doing business as “Busy Bee”, which owns and operates Busy Bee
stores in Florida and Georgia, is intended to be part owner in the
Nautilus Busy Bee and manage the day to day operations of the joint
venture and the Nautilus Busy Bee station. It is anticipated the
Nautilus Busy Bee will be the largest convenience store in the region
and is intended to be the first of multiple Northwest Florida Busy Bee
stores as part of the joint venture with additional specific locations
to be determined in the future.
Busy Bee stores are known for their unique selection of gourmet foods
and merchandise, as well as their impeccably clean and well outfitted
facilities and restrooms. Busy Bee has created a loyal customer
following, and due to popular demand of its Busy Bee branded products,
launched an online store: www.shopthebusybee.com.
Located at the signalized intersection of Panama City Beach Parkway and
Nautilus Street, approximately 1 ½ miles East of the lifestyle and
entertainment centers of Pier Park and Pier Park North as well as in
close proximity of the new Panama City Beach Sports Complex, the parties
believe the Nautilus Busy Bee, once developed, will be well positioned
to meet the fuel and convenience needs of traveling families and local
residents.
“We are thrilled to partner with The St. Joe Company to bring a Busy Bee
fuel station and convenience store to Northwest Florida,” said Elizabeth
Waring, Principal and Chief Executive Officer of Johnson and Johnson,
Inc. Ms. Waring added, “We look forward to serving the residents and
travelers of this beautiful region and showing them why so many people
love our Busy Bee stores.”
“The Busy Bee joint venture is another advancement of our strategy to
pursue recurring operating income in a risk managed way for the creation
of long term shareholder value,” said Jorge Gonzalez, President and
Chief Executive Officer of The St. Joe Company. Mr. Gonzalez added, “We
believe Busy Bee has created a successful operation and an incredible
brand following. We look forward to forming a great partnership and
introducing Busy Bee to Northwest Florida.”
The project is expected to commence construction mid 2019.
Important Notice Regarding Forward-Looking
Statements
This press release contains “forward-looking statements,” within the
meaning of Section 21E of the Securities Exchange Act of 1934, including
statements regarding Johnson and Johnson’s and St. Joe’s future intent
to enter into a joint venture to construct, manage and own a new fuel
station and convenience store, the anticipated success of that joint
venture and prospective interest in a fuel station and convenience store
in Bay County, and the possibility of future Busy Bee locations in the
future as part of the potential joint venture. At this point, St. Joe
and Johnson and Johnson have not reached any sort of agreement, and the
parties have not entered into any definitive documentation with respect
to the joint venture for the Nautilus location or any other location,
meaning that neither party is bound to move forward at this stage. This
press release is a disclosure of an intent of Johnson & Johnson and St.
Joe to pursue a joint venture and either party may decide not to pursue
the joint venture or, if any joint venture is pursued, to open any
additional locations than the Nautilus location These forward-looking
statements are qualified in their entirety by cautionary statements and
risk factors set forth in St. Joe’s filings with the SEC, including its
Annual Report on Form 10-K for the year ended December 31, 2017, its
Quarterly Reports on Form 10-Q for the periods ended March 31, 2018,
June 30, 2018 and September 30, 2018 as updated by subsequent current
report filings, as well as the following: (1) the ability of St. Joe and
Johnson & Johnson to mutually agree to a joint venture structure and
joint venture documents, (2) the ability of St. Joe and Johnson &
Johnson to successfully complete the proposed project and obtain the
necessary approvals for the project, and (3) the ability of St. Joe and
Johnson & Johnson to identify future locations and construct and operate
additional potential Busy Bee locations in Northwest Florida.
About St. Joe
The St. Joe Company, together with its consolidated subsidiaries, is a
real estate developer and manager. The Company owns land concentrated
primarily in Northwest Florida and has significant residential and
commercial land-use entitlements in hand or in process. The Company also
owns various commercial, resort, and club properties. More information
about the Company can be found on its website at www.joe.com.
About Johnson & Johnson/Busy Bee
Johnson & Johnson, Inc. owns and operates convenience stores in Florida
and Georgia under the trademark name Busy Bee. Johnson & Johnson, Inc.
sells branded and un-branded fuel under the Shell, Marathon and Busy Bee
names. In addition, Johnson & Johnson, Inc. is a franchisee of Burger
King, Dunkin Donuts, Hardee’s, and Subway.
“Busy Bee®”and the Busy Bee logo are
registered trademarks of Johnson & Johnson, Inc.
©The St Joe Company 2018. “St. Joe®”, “JOE®”,
the “Taking Flight” Design®, “St. Joe (and
Taking Flight Design) ®”, are service marks
of The St. Joe Company or its affiliates.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181205005851/en/
Source: The St. Joe Company
St. Joe Investor Relations Contact:
Marek Bakun
Chief
Financial Officer
1-866-417-7132
marek.bakun@joe.com
