Youngevity International, Inc. (Nasdaq:YGYI) Officially Breaks Ground on Hemp Grow Project In Nicaragua
Plans Approved and Rendering of Project Released
SAN DIEGO, May 12, 2020 /PRNewswire/ -- Youngevity International, Inc. (Nasdaq: YGYI), today announced that its wholly-owned subsidiaries, CLR Roasters LLC and Khrysos Industries, Inc. which are US Partners along with its Nicaraguan Partners have officially broken ground on the hemp grow and oil extraction joint venture project taking place on the 2,200 acre Chaguitillo Farms in Sebaco-Matagalpa, Nicaragua. The company announced the signing of the venture on April 21, 2020. The first phase of the development includes plans to run electricity that will power the 15,000 AMP electrical service that is necessary to power the project. The official electrical permits have been approved and the joint venture released a rendering of the project as an update to stakeholders and the community. To view the rendering of the project click Nica Hemp Project Rendering.
"It is impressive to see how quickly this project is getting off the ground and we are grateful for the collaboration between our Hemp Enterprise, our Coffee Enterprise and our strategic business partners in Nicaragua. We are proud to share our first of what will be many updates to all stakeholders," said Dave Briskie, President and CFO of Youngevity.
"We are enthusiastic about our opportunity to become a lead player in the hemp industry in Nicaragua and what this project means to the people here. To witness this groundbreaking is very satisfying as this is the first of many steps planned as we work to bring this project to fruition," said Alain Piedra Hernandez, President of H&H Export Y CIA. LTDA.
About CLR Roasters
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 Khrysos Industries, Inc.
Khrysos Industries is a leading manufacturer of commercial hemp-based CBD extraction, post processing equipment, and end-to-end processor of CBD isolate, distillate, water soluble Isolate, and water-soluble distillate. Its subsidiary, INX Laboratories provides a broad range of testing services including potency analysis for its supply partners of hemp derived CBD products. Khrysos provides hemp growers, feedstock suppliers, and CBD crude oil producers the use of equipment, intellectual capital, production consultancy, tolling services, and wholesale CBD channel sales capabilities. Khrysos Industries was acquired by Youngevity International (NASDAQ: YGYI) on February 12th, 2019. Be sure to visit us at khrysosglobal.com, like us on Facebook and follow us on Twitter, or contact us at [email protected].
About Youngevity International
Youngevity International, Inc. (NASDAQ : YGYI), is an multi-channel lifestyle company operating in 3 distinct business segments including a commercial coffee enterprise, a commercial hemp enterprise, and a multi-vertical omni direct selling enterprise. The Company features a multi country selling network and has assembled a virtual Main Street of products and services under one corporate entity, YGYI offers products from the six top selling retail categories: health/nutrition, home/family, food/beverage (including coffee), spa/beauty, apparel/jewellery, as well as innovative services. For investor information, please visit YGYI.com. Be sure to like us on Facebook and follow 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 include statements regarding steps being taken to construct the hemp grow and oil extraction joint venture project on the 2,200 acre Chaguitillo Farms in Sebaco-Matagalpa, Nicaragua, plans to run electricity that will power the 15,000 AMP electrical service that is necessary to power the project and becoming a lead player in the hemp industry in Nicaragua. 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 complete the project as anticipated, our ability to complete plans for the electrical service to be delivered to the property as scheduled, our ability to become a lead player in the growing hemp industry in Nicaragua, , our ability to expand and continue our coffee segment and hemp segment growth, our ability to continue our international growth, our ability to leverage our platform and global infrastructure to drive organic growth, our ability to improve our profitability, expand our liquidity, and strengthen our balance sheet, our ability to continue to maintain compliance with the NASDAQ requirements, the acceptance of the omni-direct approach by our customers, our ability to expand our distribution, 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, 2018 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.
Contacts
Youngevity International, Inc.
Dave Briskie
President and Chief Financial Officer
1 800 982 3189 X6500
Investor Relations
YGYI Investor Relations
[email protected]
SOURCE Youngevity International, Inc.
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