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 info@khrysosglobal.com.
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
investors@ygyi.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/youngevity-international-inc-nasdaqygyi-officially-breaks-ground-on-hemp-grow-project-in-nicaragua-301057303.html
SOURCE Youngevity International, Inc.
