SAN DIEGO, U.S. — Youngevity International, Inc. (YGYI), a leading omni-direct lifestyle company, announced today that its wholly-owned subsidiary, CLR Roasters, will begin shipping coffee earlier than expected against its newly entered 5-year sale and processing contract estimated at 250 million dollars.
Year one of the contract for the sale and processing of over 41 million pounds of green coffee was scheduled to begin producing revenue in January of 2019.
However, due to earlier than normal harvest conditions in Nicaragua, the company announced that first shipments are now forecasted for December of this year.
Marisol Silas, President of Silas Family Plantation Group, a wholly-owned subsidiary of YGYI stated:
“I have not seen a harvest this early out of Nicaragua during my 30 plus years growing green coffee.
We estimate this harvest is 45 days sooner than normal and we have scaled up our operations and staffing to meet the early arrival of green coffee coming out of the plantations that are servicing our business.”
Ernesto Aguila, President of CLR Roasters, stated:
“We have 8 million pounds of coffee now in our physical possession at our mills in Nicaragua and we anticipate that our inventory levels will reach 16 million pounds of green coffee in early November. Our contract provides for early shipments, so we anticipate revenues under this contract by the end of this year. We are excited to reach the point of realizing revenue for the coffee division on this significant contract.”
The contract is predominantly for Strictly High Grown washed Nicaraguan conventional coffee. However, the contract provides that a significant portion may come from various certified coffees, including Organic, Direct Trade, Rain Forest Alliance, UTZ, Bird Friendly. The Siles Family Plantation recently obtained Starbucks Café Practices certification.
Pursuant to the contract, coffees will be shipped to the various USA, Canadian, and European ports and the contract will be governed by the Green Coffee Association of NY rules and practices