LOS ANGELES, March 8, 2013 /PRNewswire/ -- Marley Coffee
(OTCBB: JAMN.OB), (www.marleycoffee.com), an artisan roasted
gourmet coffee, today announced that it has settled over
$1,000,000 in debt and trade
payables, removing these obligations from its balance sheet, in
exchange for the issuance of shares of its common stock to
Ironridge Global IV, Ltd. ("Ironridge"), an institutional investor
specializing in direct equity investments in consumer product
companies. Ironridge previously purchased certain debts of
the Company held by third party creditors, which make up the amount
settled.
The Company continues to pursue an aggressive growth strategy to
meet surging customer demand. This transaction is intended to
increase Marley Coffee's future cash flows and strengthen its
balance sheet, which will in turn give its customers and vendors
more confidence. By eliminating current payment obligations
it allows for additional reinvestment of operating cash flows back
into the business which will be used to help support the Company's
growing sales and marketing initiatives. This transaction
will help support investments in sales personnel and additional
marketing activities.
Brent Toevs, CEO of Marley Coffee
said, "This transaction is critically important for us and comes at
a great time for our Company. We have a very aggressive and rapidly
growing sales push ahead of us. Our announcement earlier this
week regarding Office Depot is just the tip of the iceberg.
This transaction frees up a lot of cash for us to put right back
into that sales push which we hope will allow us to bring in large
and small accounts. For the larger accounts, the additional
cash flow will be utilized for listing fees and regional marketing
efforts. For our existing accounts, we plan on putting
additional cash flow right back into marketing with a goal of
increasing our market share and building long term loyalty with the
plan to establish ourselves as the premiere gourmet coffee brand in
those markets."
"I would like to thank Ironridge for their confidence in Marley
Coffee and we look forward to continuing to work with them," said
Rohan Marley, Founder and Chairman
of Marley Coffee.
"We are impressed with what Rohan, and the team at Marley Coffee
have achieved so far," commented John C.
Kirkland, Managing Director of Ironridge. According to the
SCAA, the retail value of the U.S. coffee market is estimated at
$30 billion dollars, with specialty
comprising approximately a 37% volume share but nearly a 50% value
share. We believe Marley Coffee is the epitome of what
specialty coffee is. We are very pleased to complete this
transaction with Marley Coffee."
About Marley Coffee
Marley Coffee (corporate name
Jammin Java Corp) is a US-based company that grows premium, artisan
roasted coffee on their organic family farms in the famed Blue
Mountains of Jamaica, and offer
what many believe to be the best gourmet coffee in the world, to
the grocery, retail, online, home, service, hospitality, office,
and big box store markets.
Marley Coffee is a fully reporting company quoted on the OTCBB
under the symbol JAMN.
Learn more at www.MarleyCoffee.com, or visit the corporate
website at www.JamminJavaCorp.com. Join us on Facebook at:
facebook.com/marleycoffee, and follow us on Twitter at
twitter.com/marleycoffee
For general sales inquiries, please contact
sales@marleycoffee.com or call the company at 323-556-0746.
Forward-Looking Statement:
This Press Release includes
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Acts"). In
particular, the words "believe," "may," "could," "should,"
"expect," "anticipate," "estimate," "project," "propose," "plan,"
"intend," and similar conditional words and expressions are
intended to identify forward-looking statements and are subject to
the safe harbor created by these Acts. Any statements made in
this news release about an action, event or development, are
forward-looking statements. Such statements are based upon
assumptions that in the future may prove not to have been accurate
and are subject to significant risks and uncertainties.
Accordingly, you should not place undue reliance on these
forward-looking statements. Investors are cautioned that any
forward-looking statements are not guarantees of future performance
and actual results may differ materially from those projected.
The forward-looking statements in this press release are made
as of the date hereof. The Company(s) takes no obligation to
update or correct these forward looking statements, whether as a
result of subsequent developments or otherwise.
SOURCE Marley Coffee