SAN DIEGO, June 17, 2019 /PRNewswire/ -- Khrysos
Industries, Inc. a wholly owned subsidiary of Youngevity
International, Inc. (NASDAQ: YGYI), a multi-channel lifestyle
company operating in three distinct business segments including a
commercial coffee enterprise and its newly acquired commercial hemp
enterprise announced today that it has entered into a 5 year Supply
Contract with Magu Maiden Farms, LLC to provide extraction services
and end-to-end processing to produce isolate, water soluble
isolate, distillate, and water-soluble distillate hemp derived
products. Extraction and post processing fulfillment and
revenues are anticipated to begin in the fourth quarter of 2019
with revenues forecasted at $60
million through 2024 based on current market conditions and
assuming, among other things, our ability to secure buyers for the
produced product and the supplier's ability to supply the biomass
for extraction and processing.
"We are excited to add this new long-term contract to our
portfolio. We have strategically targeted multiple long-term
relationships that we believe places Khrysos in a stronger position
to leverage the expansion taking place within the post processing
area of our business," said Dwayne Dundore PhD, President of
Khrysos.
"We are very impressed with the Khrysos business strategy.
This arrangement allows Magu Maiden Farms to concentrate on growing
and expanding our operations, while Khrysos leverages its ability
to implement extraction and post processing to our mutual best
interests," said Alan Nusbaum,
President of Magu Maiden Farms.
Maria Rubiano, co-founder of Magu
Maiden Farms said, "The Magu - Khrysos partnership is a win-win
collaboration which will not only accelerate our growth this
year, but should enable us to scale each year over the next 5
years."
"The Khrysos Industries multi-dimensional distributed business
model is gaining momentum," said Dave
Briskie, President and CFO of YGYI, about its wholly owned
subsidiary Khrysos Industries. "The team at Khrysos has
executed multiple projects including the buildout and move to our
post processing facilities and the completion of our assembly
operations. We continue to see that our Pre and Post
Processing expertise, combined with the capabilities of our
Analytical testing lab INX, provides a distinct competitive
advantage within the Hemp Space."
About Khrysos Industries, Inc.
Khrysos Industries is a leading manufacturer of commercial
hemp-based CBD extraction, post processing equipment, and
end-to-end processor of CBD isolate, distillate, water soluble
Isolate, and water-soluble distillate. It's subsidiary, INX
Laboratories provides a broad range of testing services including
potency analysis for its supply partners of hemp derived CBD
products. Khrysos provides hemp growers, feedstock suppliers, and
CBD crude oil producers the use of equipment, intellectual capital,
production consultancy, tolling services, and wholesale CBD channel
sales capabilities. Khrysos Industries was acquired by Youngevity
International (NASDAQ: YGYI) on February
12th, 2019. Be sure to visit us at
http://www.khrysosglobal.com, like us on Facebook
<https://www.facebook.com/Khrysos-Industries-319252092134375/> and
follow us on Twitter, or contact us at
mailto:info@khrysosglobal.com.
About Youngevity International, Inc.
YGYI, Inc. (NASDAQ: YGYI), is a leading omni-direct lifestyle
company offering a hybrid of the direct selling business model,
that also offers e-commerce and the power of social selling.
Assembling a virtual Main Street of products and services under one
corporate entity YGYI offers products from the eight top-selling
retail categories: health/nutrition, home/family, food/beverage
(including coffee), spa/beauty, fashion, essential oils, photo, as
well as innovative services. The Company was formed in the course
of the summer 2011 merger of Youngevity Essential Life Sciences
with Javalution® Coffee Company (now part of the company's food and
beverage division). The resulting company became Youngevity
International, Inc. in July 2013. For
investor information, please visit YGYI.com. Be sure to like us
on Facebook and follow us on Twitter.
To receive future press releases via email, please visit:
https://ygyi.com/investors/email-alerts/
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. 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, and includes statements
regarding revenues beginning under the Supply Contract in the
fourth quarter of 2019, revenues being forecasted at
$60 million through 2024, and
strategically targeted multiple long-term relationships placing
Khrysos in a stronger position to leverage the expansion taking
place within the post processing area of the Hemp business.
These forward-looking statements are based on management's
expectations and assumptions as of the date of this press release
and are subject to a number of risks and uncertainties, many of
which are difficult to predict that could cause actual results to
differ materially from current expectations and assumptions from
those set forth or implied by any forward-looking statements.
Important factors that could cause actual results to differ
materially from current expectations include, among others, our
ability to commence revenues under the Supply Contract in the
fourth quarter of 2019 and achieve revenues of $60 million through 2024, market conditions
for hemp derived products remaining at current levels, our ability
to secure buyers for the products we produce under the Supply
Agreement, our ability to use our strategically targeted
multiple long-term relationships to place Khrysos in a stronger
position to leverage the expansion taking place within the post
processing area of the Hemp business, and our ability to increase
capacity and capabilities of the extraction technology, our ability
to continue our international growth, our ability to continue our
coffee segment growth, our ability to leverage our platform and
global infrastructure to drive organic growth, our ability to
improve our profitability, expand our liquidity, and strengthen our
balance sheet, our ability to continue to maintain compliance with
the NASDAQ requirements, the acceptance of the omni-direct approach
by our customers, our ability to expand our distribution, our
ability to add additional products (whether developed internally or
through acquisitions), our ability to continue our financial
performance and the other factors discussed in our Annual Report on
Form 10-K for the year ended December 31,
2018 and our subsequent filings with the SEC, including
subsequent periodic reports on Forms 10-Q and 8-K. 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 on account of new information,
future events, or otherwise, except as required by law.
Contacts:
Youngevity International, Inc.
Dave Briskie
President and Chief Financial Officer
800-982-3189 X6500
Investor Relations
YGYI Investor Relations
800-504-8650
investors@ygyi.com
Media Contact
Dwain Schenck
Schenck Strategies
203-223-5230
dwain@schenckstrategies.com
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SOURCE Youngevity International, Inc.