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 CoffeeMarley 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.