SAN DIEGO, March 31, 2020 /PRNewswire/ — Youngevity International, Inc. (NASDAQ: YGYI), a leading multi-channel lifestyle company operating in three distinct business segments including a commercial coffee enterprise, commercial hemp enterprise and multi-channel lifestyle company, today provided an update on the impact of the COVID-19 virus on its operations.
All three reporting segments of the company have been able to continue operations as each segment falls in the category of an essential business. Although, relative to other businesses effected by COVID-19, the company is able and continues to generate revenue in all segments, the company has experienced difficulty in meeting its filing deadline for its Annual Report on Form 10-K for the year ended December 31, 2019 and is monitoring the effect that the virus could have on its operations. The global outbreak has caused displacement of Youngevity’s non-essential personnel in various offices here in the USA and around the world. This displacement of staff, including substantially all accounting staff, restrictions imposed by various governments, and displacement of our auditors’ staff, among other areas of impact, has slowed down the financial reporting and audit process causing the company to miss the filing date of its 10-K.
Steve Wallach, Chairman and CEO of Youngevity International stated, “We are complying with all government initiatives and recommendations and our company is pro-actively taking the health and safety of our employees very seriously by implementing smart-work initiatives by encouraging, when and where possible, work from home options. These factors, in spite of a huge effort by the accounting and finance team, has made it impossible to meet our financial reporting deadline.” He continued, “We feel fortunate that our operations are able to generate revenue in all segments.”
Dave Briskie, President and CFO of Youngevity International stated, “Our team and our auditors are diligently working toward the completion of our 10-K Annual Report and in spite of the challenges expect this to be accomplished in the near future.”
About Youngevity International, Inc.
Youngevity International, Inc. ( NASDAQ : YGYI ), is a multi-channel lifestyle company operating in 3 distinct business segments including a commercial coffee enterprise, a commercial hemp enterprise, and a multi-vertical omni direct selling enterprise. The Company features a multi country selling network and has assembled a virtual Main Street of products and services under one corporate entity, YGYI offers products from the six top selling retail categories: health/nutrition, home/family, food/beverage (including coffee), spa/beauty, apparel/jewelry, as well as innovative services. For investor information, please visit YGYI.com. Be sure to like us on Facebook and follow us on Twitter
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 completion of our 10-K Annual Report. 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 our ability to develop and grow our commercial coffee and hemp segments, our ability to continue our international growth, our ability to leverage our platform and global infrastructure to drive organic growth, our ability to return to 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), 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.