Youngevity Announces Closing of Private Placement Offering
Youngevity International, Inc., a global direct marketer of nutritional and lifestyle products and also a vertically-integrated producer of gourmet coffees for the commercial, retail and direct sales channels, announced that its wholly owned subsidiary, CLR Roasters, has completed its previously announced $4.35 million Secured Convertible Notes (the “Notes”) and Warrants (the “Warrants”) financing for a total aggregate principal amount of $4.75 million. TriPoint Global Equities, LLC acted as sole placement agent in the transaction.
The Company has begun investing the net proceeds of the Offering in its wholly owned subsidiary, CLR Roasters, LLC, to fund the purchase of K-Cup manufacturing capabilities, and intends to execute its option to acquire a second coffee plantation that will, when acquired, double the Company’s coffee bean growing area in Matagalpa, Nicaragua, to fund capital improvements on its Nicaragua coffee plantations and processing plant and for the purchase of green coffee to continue to accelerate the growth on its newly formed green coffee division.
“We are pleased to be partnering with TriPoint Global Equities and we intend to use the proceeds from this financing transaction to aid in accelerating CLR Roasters’ growth,” said Steve Wallach CEO of Youngevity. “In the event that any of the Notes are converted into shares of the Company’s common stock, I will return that number of shares from my personal holdings to the Company’s treasury for cancellation so that there will be no dilution whatsoever to current shareholders upon any Note conversions.”
“We are proud to contribute to the future growth of CLR Roasters and Youngevity International,” stated Mark Elenowitz, CEO of TriPoint Global Equities. “The extraordinary efforts agreed to be undertaken by CEO Steve Wallach in an attempt to control the dilution to shareholders from any Note conversions, clearly signals his commitment and dedication to maximizing long-term shareholder value.”
About Youngevity International, Inc.
Youngevity International Inc., a fast-growing, innovative, multi-dimensional company that offers a wide range of consumer products and services, primarily through person-to-person selling relationships that comprise a network of networks. The Company also is a vertically-integrated producer of the finest coffees for the commercial, retail and direct sales channels. The Company was formed after the merger of Youngevity Essential Life Sciences and Javalution Coffee Company in the summer of 2011. Formerly known as AL International, Inc., the Company changed its name to Youngevity International, Inc. in July 2013.
Get more information, facts and figures about Youngevity, click here for the Youngevity overview.