LOS ANGELES, May 28, 2013 /PRNewswire/ -- Marley Coffee
(OTCQB: JAMN), (www.marleycoffee.com), an artisan roasted gourmet
coffee, today announced that for the second time this year, it has
settled trade payables which this time totaled $1,270,000, removing these obligations from its
balance sheet in exchange for the issuance of shares of its common
stock to Ironridge Consumer Co., a division of 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.
In this latest round, over 90% of the financing is going towards
paying for the Company's cost of goods to supply its customers. In
other words, most of the $1.27M in
debt reduction creates free cash flow that we would have otherwise
spent on products in addition to the margins it would have already
received.
"We've worked with Ironridge before so we're very comfortable
with working with them again," said Rohan Marley, Founder and Chairman of Marley
Coffee. "We believe that our share price has remained steady due to
our relationship with Ironridge as our team has continued to
execute on our business plan. We plan on continuing to grow our
company and to get our message out to the world," continued Mr.
Marley.
"According to T. Rowe Price
analysts, coffee is a particularly dynamic segment at the moment,
and single-serve systems are a key driver of growth in the coffee
segment because they represent an innovation for consumers,"
commented John C. Kirkland, Managing
Director of Ironridge Global Partners. Mr. Kirkland continued,
"Ironridge remains impressed by what Rohan and his team have
accomplished at Marley Coffee. When we sat down the first time,
they explained their business strategy to us and ever since the
first deal, we have seen them close on that strategy. They exceeded
our expectations in delivering what they promised, which is why we
are so comfortable offering the same terms with an additional
financing round so quickly."
"The first deal with Ironridge was about increasing the
Company's future cash flows and strengthening our balance sheet,"
said Brent Toevs, CEO of the
Company. "About two thirds of that financing went towards paying
debts related to monies borrowed and vendors and the last third
went towards paying off our costs of goods. In the last 10 weeks,
we've started seeing some of our largest orders come in. This
latest round is about generating free cash flow since 90% of the
funding is paying down our costs of goods on sales. Our objective
is to put that money right back into our growth strategy and to
continue building on sales to achieve our 6,000 retail location
2013 goal," continued Mr. Toevs.
For more information on Marley Coffee, or for general sales
inquiries, please contact sales@marleycoffee.com, visit the Company
website at www.marleycoffee.com, or call the Company at
323-556-0746.
About Jammin Java Corp., d/b/a Marley Coffee
Marley Coffee (corporate name Jammin Java Corp.) is a US-based
company that provides premium, artisan roasted coffee to the
grocery, retail, online, service, hospitality, office coffee
service and big box store industry. Under its exclusive licensing
agreement with 56 Hope Road, the Company continues to develop its
coffee lines under the Marley Coffee brand. The Company is a fully
reporting company quoted on the OTCQB under the symbol "JAMN".
Learn more at www.MarleyCoffee.com or visit the corporate website
at www.JamminJavaCorp.com. Join us on Facebook at
http://www.facebook.com/MarleyCoffee or follow us on Twitter at
http://twitter.com/marleycoffee, where we post information that's
material and non-material about the Company.
About Ironridge
Ironridge Consumer Co. is a division
of Ironridge Global IV, Ltd. that specializes in direct equity
investments in the consumer products sector. Ironridge Global
Partners is an institutional investor, making direct equity
investments in micro cap public companies. Ironridge Global has
entered into more than 50 equity financing transactions since 2011,
ranging from under a quarter million to over $15 million each. The firm seeks to be a
long-term financial partner, assisting public companies in
financing operations and expansion by supplying innovative funding
solutions and flexible capital. For more information on
Ironridge Global Partners, please visit
www.IronridgeGlobal.com.
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. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the
Company. These risks and others are included from time to time
in documents we file with the Securities and Exchange Commission
("SEC"), including but not limited to, our Form 10-Ks, Form 10-Qs
and Form 8-Ks. Other unknown or unpredictable factors also
could have material adverse effects on our future
results. Accordingly, you should not place undue reliance on
these forward-looking statements. Although the Company
believes that the expectations reflected in the forward-looking
statements are reasonable, it can give no assurance that its
forward-looking statements will prove to be correct. Investors are
cautioned that any forward-looking statements are not guarantees of
future performance and actual results or developments may differ
materially from those projected. The forward-looking
statements in this press release are made as of the date hereof.
The Company takes no obligation to update or correct its own
forward-looking statements, except as required by law or those
prepared by third parties that are not paid by the
Company. The Company's SEC filings are available at
http://www.sec.gov.
SOURCE Marley Coffee