Message #41 From:
NewsBot Date: February 28, 2008 06:26:30 PM
Growers Direct Coffee Confirms Board Changes and 2008 Growth Plans
Growers Direct Coffee Company, Inc. (OTCBB:GWDC), announced today that,
as previously announced in a press release dated November 28, 2007, the
Board of Directors at a meeting on February 22, 2008, appointed Paul
Khakshouri, our current Chief Operating Officer, as the new President.
The Board also appointed Vincent Cafici and Nepal Muhuri as two new
directors. Shailen Singh resigned as the President but remains as the
Chairman and Chief Financial Officer. Mr. Vincent Cafici will be
appointed the new Chief Financial Officer on or before March 31, 2008.
These changes in management will allow Grower’s
Direct to more efficiently and aggressively pursue the overwhelming
demand for our green coffee beans from around the world.
Paul Khakshouri, commented, “The management
changes are essential to turn the Company into a profitable entity with
healthy finances for the benefit of our shareholders and optimizing the
established global green bean sale and distribution networks. We are in
negotiations with Colombia coffee farmers and anticipate adding Colombia
as another green bean supply source in the next quarter.”
Mr. Khakshouri further stated that “we
anticipate our revenue for the first 3 months of 2008 to be in the range
of $700,000 to $1,000,000, the increase assisted by arrival of Jamaican
coffee in the first quarter of 2008.”
Mr. Robert Barker, a coffee expert, commented on the quality of the
first shipment of Jamaican Blue Mountain coffee: “The
coffees have nice aromatics of butterscotch, very sweet and balanced,
good silky body, smooth acidity as expected, mild nutty flavor with a
hint of cedar and milk chocolate, all in all a good coffee for the first
delivery.”
The China Joint Venture’s opening of specialty
gourmet cafés in Shanghai, China, is still
moving forward, but has been delayed due to holidays and weather issues
in China. The construction of the first café
is progressing, and a new opening date will be announced in the near
future.
Growers Direct Coffee Company Inc. is a worldwide distributor and
marketer of the green bean coffee grown in Papua New Guinea, “Penlyne
Castle” brand “Jamaican
Blue Mountain” coffee grown by Blue Mountain
Coffee Co-Operative Society Ltd. (“BMCC”)
of Jamaica and Ethiopian Fair Trade and Organic certified coffee. Coffee
in Papua New Guinea is grown by the Company’s
shareholder-farmers in the Highland region’s
rich volcanic soils between the altitudes of 4,000 and 6,000 feet above
sea level. Papua New Guinea, “Jamaican Blue
Mountain” and Ethiopian Fair Trade and
Organic certified coffees are well regarded by consumers for their
uniqueness, consistency and special flavor characteristics. For more
information about our coffee products, visit our website at www.growersdirectcoffee.com.
Our wholly owned subsidiary, Uncommon Grounds Inc., established in 1984,
is a coffee roasting and wholesale company based in Berkeley,
California. Visit the website at www.uncommongrounds.net
to purchase artisan roasted blends and single origin coffee beans from
Papua New Guinea, Jamaica, Sumatra, Colombia, Brazil and Nicaragua.
Except for the historical matters contained herein, statements in this
press release contain “forward-looking
statements” within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that forward-looking statements involve
risks and uncertainties which may affect the Company's current and
future business and prospects. Actual results could differ materially,
as a result of various risk factors, including, but not limited to: (1)
competition in the markets for the Company's coffee; (2) the ability of
the Company to execute its business plan; and (3) other factors detailed
in the Company's public filings with the SEC. By making these
forward-looking statements, the Company can give no assurances that
transactions described in this press release will be successfully
completed, and undertakes no obligation to update these statements for
revisions or changes after the date of this press release. This release
should be read in conjunction with our Annual Report on Form 10-KSB and
our other filings with the SEC through the date of this release, which
identifies important factors that could affect the forward-looking
statements in this release. In addition, factors that could cause actual
results to differ materially from those contemplated in the statements
include, without limitation, overall economic conditions, and other
risks associated generally with the green bean coffee business. These
forward-looking statements are not guarantees of future performance.
Malone & Associates, LLC Corporate Relations Rico Stubbs
or Stacey Salanoa, 888-739-9477 www.opportunitesforthefuture.com or Corporate
Enquiries Mike Khakshouri, 212-532-2444
