MIAMI, U.S. — Youngevity International, Inc. has announced that its wholly-owned subsidiary CLR Roasters has entered into a finance and supply agreement for the 2020 growing season with H&H Export Y CIA, LTDA, funded by H&H Export’s $46,500,000 credit facility established with a Nicaraguan special purpose Agency.
The credit line has been established by the Agency for the purchase of up to 49.5 million pounds (495,000 Quintals) of green coffee.
CLR Roasters provided additional collateral with a value of $11.1 million dollars to secure the financing arrangement.
The company plans on processing the green coffee beans for the 2020 growing season at the new state of the art production facility it built in partnership with the Siles Family Plantation Group in Matagalpa, Nicaragua, and expects to have the processing plant fully online by July. Unprocessed green coffee beans are already being dried and stored at the new facility. CLR‘s other company-owned production facility, La Pita, located in Matagalpa, Nicaragua is fully operational and has begun to process the 2020 green coffee crop.
“This is a very impressive partnership and this finance and supply agreement has fortified our position as one of the lead processors and exporters coming out of Nicaragua. We expect our balance sheet will be strengthened because of this partnership and we plan on leveraging this relationship to further grow our top line revenue and operating profits,” said Dave Briskie, President and CFO of Youngevity.
Ernesto Aguila, President of CLR Roasters, stated, “This is a big deal for CLR. We believe we are now well positioned to exceed last year’s record revenue and profit numbers. Having these significant financial resources should be a key component for driving our 2020 green coffee program.”
Marisol Siles, Managing Partner of Siles Family Plantation Group, said, “We expect this finance and supply agreement will provide continued job growth and economic expansion of the local community of Matagalpa, Nicaragua.”
“We are looking forward to building on the momentum we established during the 2019 growing season with this significant financing arrangement along with the recent delivery of over 49 million pounds of green coffee to our mills in Matagalpa,” said Alain Piedra Hernandez, President of H&H Export Y CIA. LTDA.