8 Million Pounds of Coffee Have Already Arrived for Processing
Youngevity International, Inc. (YGYI), a leading omni-direct lifestyle company, announced today that its wholly-owned subsidiary, CLR Roasters, will begin shipping coffee earlier than expected against its newly entered 5-year sale and processing contract estimated at 250 million dollars. Year one of the contract for the sale and processing of over 41 million pounds of green coffee was scheduled to begin producing revenue in January of 2019. However, due to earlier than normal harvest conditions in Nicaragua, the company announced that first shipments are now forecasted for December of this year.
Marisol Silas, President of Silas Family Plantation Group, a wholly-owned subsidiary of YGYI stated, “I have not seen a harvest this early out of Nicaragua during my 30 plus years growing green coffee. We estimate this harvest is 45 days sooner than normal and we have scaled up our operations and staffing to meet the early arrival of green coffee coming out of the plantations that are servicing our business.”
Ernesto Aguila, President of CLR Roasters, stated, “We have 8 million pounds of coffee now in our physical possession at our mills in Nicaragua and we anticipate that our inventory levels will reach 16 million pounds of green coffee in early November. Our contract provides for early shipments, so we anticipate revenues under this contract by the end of this year. We are excited to reach the point of realizing revenue for the coffee division on this significant contract.”
The contract is predominantly for Strictly High Grown washed Nicaraguan conventional coffee. However, the contract provides that a significant portion may come from various certified coffees, including Organic, Direct Trade, Rain Forest Alliance, UTZ, Bird Friendly. The Siles Family Plantation recently obtained Starbucks Café Practices certification. Pursuant to the contract, coffees will be shipped to the various USA, Canadian, and European ports and the contract will be governed by the Green Coffee Association of NY rules and practices.
About CLR Roaster
Youngevity’s coffee manufacturing division, CLR Roasters, was established in 2001 and is a wholly-owned subsidiary. CLR Roasters is a full-sized coffee roaster that produces gourmet coffees under its own boutique brands — Café La Rica®, Josie’s Java House®, and Javalution®; manufactures a variety of private labels for major national chains; and for the direct selling channel under Youngevity International. The company remains one of the largest suppliers in North America to the cruise line industry. CLR was the first entrant into the fortified coffee niche with its Youngevity JavaFit® brand. In May 2014, CLR acquired a coffee plantation and processing facility in Nicaragua, allowing the entity to control coffee production and quality — from field to cup.
About Youngevity International, Inc.
Youngevity International, Inc. ( NASDAQ: YGYI ), is a leading omni-direct lifestyle company — offering a hybrid of the direct selling business model, that also offers e-commerce and the power of social selling. Assembling a virtual Main Street of products and services under one corporate entity, Youngevity offers products from the eight top selling retail categories: health/nutrition, home/family, food/beverage (including coffee), spa/beauty, fashion, essential oils, photo, as well as innovative services. The Company was formed during the summer 2011 merger of Youngevity Essential Life Sciences with Javalution® Coffee Company (now part of the company’s food and beverage division). The resulting company became Youngevity International, Inc. in July 2013. For investor information, please visit YGYI.com. For general information on products and services, please visit us at youngevity.com. Keep up with our activities by liking us on Facebook and following us on Twitter.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, and includes statements regarding theestimate that the sale and processing contract will generate revenues of 250 million dollars, first shipments being now forecasted for December 2018, inventory levels reaching 16 million pounds of green coffee in early November and realizing revenues under this contract by the end of this year. , These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to generate revenues of $250 million dollars per year under the 5 year contract, our ability to commence first shipments in December 2018, our ability to achieve inventory levels reaching 16 million pounds of green coffee in early November, our ability to realize revenues under the contract by the end of this year, , our ability to continue our financial performance and the other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2017 and our subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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