CLR Roasters seeks US$26 million in 2015 green coffee reserves

CLR Roasters has announced its plans for growth in 2015 through purchase commitments for 15 million pounds of green bean coffee. The subsidiary of Youngevity International is predicting net revenue of US$26 million for its Green Coffee Distribution Business which was launched in May last year. “Our green coffee distribution business is off to a great start in 2015 and assuming all of these commitments are timely shipped this should be another record year for our coffee operation,” said Dave Briskie, Youngevity’s CFO and President of Commercial Development. Briskie said Youngevity expects to receive payment for the coffee, which will be processed in its Nicaragua plant, before December 2015. The company raised more than US$5 million for its green coffee venture through a purchase agreement extended to two accredited investors. The investors were issued eight per cent annual interest on every $100,000 provided and 30,000 shares of the company’s common stock. CLR Roasters provided collateral to secure repayment to investors. Chairman and CEO, Stephan Wallach, personally guaranteed the company’s obligations under the agreement. Established in 2001, CLR Roasters produces coffees under its own brand as well as manufacturing for a variety of other labels. Youngevity International was formed in 2011 following the merger of Youngevity Essential Life Sciences and Javalution Coffee Company.