SAN DIEGO, July 14, 2011 /PRNewswire/ -- Javalution Coffee Company (JCOF-PK), which merged this week with Youngevity® Essential Life Sciences, announced today that it will be engaging an auditing firm to take steps toward making the company a fully-reporting public entity.
"Our goal is to be a fully transparent public company that files quarterly documents as required by the Securities and Exchange Commission," said Youngevity CEO, Steve Wallach, who added that the company will officially engage the auditing firm within the next week.
Youngevity merged with Miami-based Javalution on July 11.As previously announced, Javalution will be reincorporating from Florida to Delaware and upon completion is expected to change its name to AL Global, but not change its current stock symbol.
"As we said when we announced our merger with Javalution, we intend to accelerate our aggressive growth strategy and be a dynamic and innovative force in the consumer cloud," said Wallach. "As we grow and take these major steps, we want our shareholders to be well-informed about our plans and our progress.A fully-reporting, transparent public entity is the kind of company we want to be as we execute our growth plan over the years ahead."
Wallach said that once the audit is completed over the next several months, he will have a better idea which stock exchange is most appropriate for the company. "Regardless of whether the appropriate exchange ends up being NASDAQ, AMEX or OTC-BB, our goal is the same, and that is to be fully reporting on the best exchange we qualify for, so our shareholders have all the information they need to follow our progress in detail." He added, "The previously announced 2 for 1 reverse split has been filed and should take place in the next 2 weeks or so. We do not have any plans for additional reverse share splits."
About Youngevity®
Youngevity Essential Life Sciences (www.youngevity.com) is a wholly owned subsidiary of AL Global Corporation. Headquartered in San Diego, CA, Youngevity is a nutritional and coffee company dedicated to improving lifestyles by promoting vibrant health and flourishing economics.The company's mission is to deliver the finest array of technologically advanced, beneficial products available, including a unique line of functional coffees with health benefits.Founded in 1997 by Drs. Joel Wallach, DVM, ND and Ma Lan, MD as AL Global, Inc., the company adopted the name Youngevity in 2006. Youngevity is the only network marketing company to have an authorized FDA Health Claim. Dr. Wallach's work has been published in more than 70 peer-reviewed and referenced scientific journals and books.The company has a 58,000 sq. ft. Class A facility in San Diego.The company has combined staffing of more than 80 full-time employees. CLR Roasters, a coffee roasting and distribution company, operates as a wholly owned subsidiary of the company.
About CLR Roasters
CLR Roasters, located in Miami, FL, is a wholly owned subsidiary of AL Global Corporation and fully functional coffee roasting operation. The company owns and distributes its own brand of Espresso under the Cafe La Rica brand, and other company owned brands, which are distributed to various retailers. The roasting operation provides private label coffee for a number of industries including, office coffee service, wellness centers, cruise lines and hospitality.The company also roasts the JavaFit brand of coffee which is owned and distributed by Youngevity.
"Safe Harbor" Statement
This release includes forward-looking statements on our current expectations and projections about future events. 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. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements relating to our business plan and growth strategy through acquisition.
The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in our forward-looking statements include, among others, the ability to implement our business plan and growth strategy through acquisition. 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 based on new information, future events, or otherwise, except as required by law.
SOURCE Youngevity
