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DENVER, April 30, 2014 (GLOBE NEWSWIRE) -- Jammin Java Corp., d/b/a Marley Coffee (OTCQB:JAMN) (
www.marleycoffee.com ) ("Marley Coffee"), the sustainably grown, ethically farmed and artisan-roasted gourmet coffee company, has entered into a strategic investment transaction with Mother Parkers Tea & Coffee, Inc., for a total of up to $8.25 million in funding.
The family-owned, Ontario, Canada-based Mother Parkers is the largest independent roaster in North America. The company produces Marley Coffee in its innovative RealCup™ single-serve capsules, which are designed for use with K-Cup
® compatible brewers and feature a patented non-woven filter for superior taste in the cup. Mother Parkers is also Marley Coffee's Canadian food service provider and brings Marley Coffee to market into key retail accounts across Canada.
Under the terms of the agreement, Mother Parkers will acquire 7,333,529 units at $0.3409 per unit (each consisting of one share of common stock and one warrant to purchase one share of common stock) for $2.5 million, which represents an approximately seven percent interest (before the exercise of the warrants) in Marley Coffee. Marley Coffee may receive up to an additional $3.75 million upon the exercise of warrants (sold as part of the units). In addition, Mother Parkers will provide Marley Coffee $2 million of marketing and brand promotion funding.
Marley Coffee Chairman and Founder Rohan Marley said, "I'm very proud of how much growth in grocery store product placement our company has seen in the last 18 months. The next key phase of our expansion is to consistently reinforce the quality of our brand to consumers and help increase product turn. The lion's share of this cash infusion from Mother Parkers will go toward the latter, and unlike previous investments we have had from previous investors, this is the most strategic investment to date because it aligns both companies' long-term interests and provides a vehicle for both corporate and shareholder growth."