SAN DIEGO--(BUSINESS WIRE)--Youngevity International, Inc. (OTCQX: YGYI) (www.YGYI.com), a global direct marketer of nutritional and lifestyle products and also a vertically-integrated producer of gourmet coffees for the commercial, retail and direct sales channels, announced that it has entered into a $2.5 million revolving line of credit agreement with Wells Fargo Bank, National Association, the Company’s principal banking partner, to finance working capital.
The outstanding principal balance of the line of credit will bear interest at a fluctuating rate per annum, as calculated by Wells Fargo Bank at two and three-quarter percent (2.75%) above the Daily One Month LIBOR, as in effect from time to time. As of November 11, 2014, there were no amounts drawn against this facility.
“We are pleased to announce our new relationship with Wells Fargo Bank. Wells Fargo’s prestigious reputation, impressive banking platform, and financing capabilities provide us the capabilities that we will need as we expand around the globe,” said Dave Briskie, CFO of Youngevity International. “We look forward to a fruitful banking partnership with Wells Fargo and believe the credit line will provide us with improved financial flexibility to support our various growth initiatives in international markets and strategic acquisitions.”
About Youngevity International Inc.
Youngevity International Inc., (OTCQX: YGYI) (www.YGYI.com) is a fast-growing, innovative, multi-dimensional company that offers a wide range of consumer products and services, primarily through person-to-person selling relationships that comprise a "network of networks." The Company also is a vertically-integrated producer of the finest coffees for the commercial, retail and direct sales channels. The Company was formed after the merger of Youngevity Essential Life Sciences (www.youngevity.com) and Javalution Coffee Company in the summer of 2011, and changed its name to Youngevity International Inc. from AL International, Inc. in July 2013.
Safe Harbor Statement
This release includes forward-looking statements on our current expectations and projections about future events. 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. The forward-looking statements contained in this press release include statements regarding the Company’s expected future growth, expected improved financial flexibility under the line of credit to support growth initiatives in international markets and strategic acquisitions and anticipated global demand for our products. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict. 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 based on new information, future events, or otherwise, except as required by law.