Due to the ongoing challenging credit environment, Growers Direct has not been successful in securing additional funding to efficiently execute on their business plan.
President Paul Khakshouri said, “After exhausting every possible avenue, we have not been successful in securing the funding needed to buy our coffees. It has been a long and arduous process for us. As a small business, we are battling a very challenging credit environment coupled with a historically overzealous use of funds and shares, and as a result, funding has become near impossible at this time.”
Paul Khakshouri will assume Mr. Klassen’s responsibilities in the interim until the Board formally elects a new Chief Executive Officer. As such, Mr. Khakshouri is committed to forging ahead to remedy the Company’s capital structure and to expand the business.
About Growers Direct
Growers Direct Coffee Company, Inc. (OTCBB: GWDC stock), formerly Coffee Pacifica, Inc., is a worldwide distributor and marketer of gourmet, specialty whole green bean and roasted coffees. The Company sells its coffee beans directly to coffee retailers, commercial roasters, coffee brokers, and specialty grocery and gourmet food stores worldwide. The Company places emphasis on being a sustainable and model corporate citizen by partnering with coffee farmers in countries such as Papua New Guinea, Jamaica, Columbia, and Ethiopia, to increase wages and impart knowledge on environmentally sound farming techniques. Growers Direct also has exposure to the direct-to-consumer retail market through its wholly owned subsidiary, Uncommon Grounds, Inc., a coffee roasting and wholesale company based in Berkeley, California established in 1984. The Company was founded in 2001 and underwent significant management changes in April 2008. Grower’s Direct Coffee Company is headquartered in New York City. Please visit www.uncommongrounds.net to purchase and “cup” the Company’s diverse range of roasted coffee beans.
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: (i) competition in the markets for the Company’s coffee, (ii the ability of the Company to execute its business plan, and (iii) 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.
Growers Direct Coffee Company Inc
Paul Khakshouri, President
paul@growersdirectcoffee.com
www.growersdirectcoffee.com
or
Viriathus
Consulting LLC
Maria Zervas, +1 212 372 0897
maria.zervas@viriathus.com
www.viriathus.com