Youngevity International, Inc. (NASDAQ: YGYI), wholly owned subsidiary CLR Roasters is Granted Exclusive Rights from The National and Regional Regulating bodies of Nicaragua for Hemp Grow and Hemp Oil Extraction In Nicaragua
The Deal Expands YGYI's Partnership with H&H Coffee Group Export to Include Hemp Grow and Leverages YGYI's Extraction Technology Developed by Wholly owned Subsidiary Khrysos Industries
SAN DIEGO, Nov. 12, 2019 /PRNewswire/ -- CLR Roasters, a Miami, Florida based company and wholly owned subsidiary of Youngevity International, Inc. (NASDAQ:YGYI), announced today an expansion of their operating partnership with H&H Coffee Group Export as the parties have entered into an exclusive arrangement to cultivate hemp grow and the extraction of hemp derived cannabinoids into hemp-based crude oil in the Chagüitillo, Sebaco - Matagalpa region of Nicaragua for sales and distribution of hemp derived ingredients abroad. The program will leverage the intellectual property of YGYI's Khrysos Industries, which manufactures Hyper Super Critical CO2 extraction systems, with CLR Roasters and H&H Coffee Export Group's expertise in agriculture and the creation of field to finish products.
This project has been approved by the Nicaraguan Investment Authority, and is being fully supported by all agricultural ministries, as well as national and regional regulatory bodies. The designated hemp grow areas will have oversight from the National Compliance Bureau of Nicaragua to ensure that the hemp crop complies with all government approved specifications.
The new partnership will consist of YGYI making the necessary investment in providing the initial purchase and installation of the required CO2 Hyper Super Critical Extraction Systems while H&H Coffee Group Export will contribute the initial land for the program. As the project scales, H&H Coffee Group Export will contribute up to 1,000 acres of fertile lands with proper water rights in Chagüitillo, Sebaco - Matagalpa for the Hemp grow and harvest and the partnership will finance equipment needs as necessary.
"H&H Coffee Group has always been committed to the welfare of the community, and we are proud to continue expanding our presence in Sebaco - Matagalpa. Moreover, we are overwhelmed with gratitude to the state entities that have made this investment possible," says Alain Piedra Hernandez, Owner and CEO, H&H Coffee Group Export.
This new venture will have an immediate economic impact, including significant investment in infrastructure by local and regional Government Agencies of Nicaragua as they provide road improvements, expanded electrical services and oversight, security, and social improvement programs which is estimated to bring over 1,000 new jobs to the people in the Sebaco - Matagalpa region.
Marisol Siles, President, H&H Coffee Group Export C.I. LTD. added, "We are incredibly grateful and excited to have been given an opportunity to develop a new industry with both social and economic benefits for the people of Nicaragua."
Dave Briskie, President and CFO of Youngevity stated, "We have invested heavily in our Nicaragua based operations over the last several years. We believe we are now beginning to recognize sustainable returns on this investment. We have immense gratitude for the hard work and dedication provided by Ernesto Aguila, the President of our Coffee operations, and with our loyal partners Alain Piedra Hernandez and Marisol Siles of H&H. We strongly believe that this new venture will further strengthen our partnerships in Nicaragua and anticipate that this project will open up opportunities for other countries in Central America."
Dr Dwayne Dundore, the President of Khrysos Industries, stated, "We just received our Hemp Seed Dealer License from the State of Florida last week and it looks like we will be putting it to good use on this project. We believe the climate in Nicaragua is conducive to several hemp harvests per year. I am really impressed with the forward thinking of Nicaragua's national and local agencies that makes this project possible and it will be gratifying to see our extraction capabilities setting a standard for the Hemp Industry in Central America."
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 http://www.khrysosglobal.com, like us on Facebook <https://www.facebook.com/Khrysos-Industries-319252092134375/ and follow us on Twitter, or contact us at [email protected].
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 Youngevity International, Inc.
YGYI, 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 YGYI 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 in the course of 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. Be sure to like us on Facebook and follow us on Twitter.
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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 the new venture further strengthening our partnerships in Nicaragua and opening up opportunities for other countries in Central America. 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 further strengthen our partnerships in Nicaragua, our ability to open up opportunities for other countries in Central America our ability to continue our hemp segment growth, our ability to continue our coffee 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 add additional products (whether developed internally or through acquisitions), 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
800-982-3189 X6500
Investor Relations
YGYI Investor Relations
800-504-8650
[email protected]
SOURCE Youngevity International, Inc.
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