Entrance into Cannabis Space and End of Litigation
Denver, CO -- April 14, 2017 -- InvestorsHub NewsWire -- Jammin
Java Corp. (d/b/a Marley Coffee) (OTCQB:JAMN), the sustainably
grown, ethically farmed and artisan-roasted premium coffee company,
has issued the following letter to its shareholders to discuss its
plans to enter into the cannabis space and the end to its
litigation against Rohan Marley, Hope Road Merchandising (HRM) and
Fifty-Six Hope Road Music Limited (56HR).
Litigation and Business
Jammin Java Corp has filed a motion, which has been approved by
the courts to dismiss the litigation against Rohan Marley, HRM and
56HR as of Friday February 17, 2017. The decision was made after
the company lost a motion for summary judgement against 56HR, which
represented the bulk of the damages. Though the company disagrees
with the courts decision on granting one of the motions for summary
judgement, given the companys resources at this point, it became
too difficult to continue the litigation. The claims that were left
were not enough to provide a return for the work that it would take
to go all the way through litigation. The companys resources are
better spent to grow its business. There are still some pending
motions within the case of which we cannot predict the outcome. We
are currently in negotiations with 56HR on a settlement structure
that will allow the company to move forward, though no assurances
can be made on whether or not a deal will be done.
The company does not intend to seek bankruptcy protection at
this point. It is currently working with most of its debt holders
to restructure its debt to be paid back at a later date while the
company tries to grow its existing business. Though we cannot
guarantee we will be successful at this, we have historically been
able to grow a thriving coffee company.
The company has also been talking to investors, in particular
the last investors that put money into the company to help
recapitalize the business as well as allow for a business pivot,
though we cannot provide assurances that any investment will be
made.
The company has developed a line of products under the Jammin
Java name, which we will distribute through our existing channels
with a planned in the current Q. This line of products will feature
premium coffee in a number of formats, including ground, whole
bean, and Keurig, Nespresso, and Dolce Gusto compatible single
serve capsules. Brent Toevs, the companys former CEO is now running
the Jammin Javas outside sales force to bring this line into
several distribution channels that include OCS and grocery stores.
We have already discussed our new brand with current and potential
customers and have received positive feedback and commitments to
order once we launch. These products will not require the company
to pay licensing fees.
Changes to the Board of Directors
The existing members of the board of directors have resigned
from the company. Brent Toevs, the companys former CEO will still
be associated with the company as he will work with new management
by running its outside sales group.
Chris Plant and Scott Johnson have joined the company and its
board of directors. Their bios can be seen in the companys most
recent 8K.
"I am honored to join Jammin Java Corp and I have great hopes
and aspirations for the company's future. We fully understand the
enormity of the task of turning this company around given
everything. However, I believe that we have the tools and resources
to give this company its best chances to its shareholders and debt
holders. There are many things we still need to overcome, such as
extremely heavy debt load, but I believe debt holders will want to
give us a chance to make a business pivot in order to give them a
chance of getting paid back in the future rather than getting very
little to nothing. We believe in our connections and our ability to
continue with the Jammin Java line with some of old management and
enter into an exciting new area. Specifically, the new management
team has decided to explore possibilities of using its coffee brand
and entering into the legalized cannabis industry with coffee and
coffee related products. We have hired a California based
consulting company that will assist in exploring these
possibilities. The Company will consult with legal experts in this
area to ensure that all legalities are satisfied in each state the
company conducts cannabis related business. Additionally, we have
talked to investors about getting through the next few months,
working with industry experts to transform the company and getting
an additional infusion of capital," said Chris Plant the incoming
CEO.
Forward-Looking Statements
This Press Release includes forward-looking statements. See
disclaimer at https://jamminjavacorp.wordpress.com/
