Jammin Java Corp (OTCMKTS:JAMN) shares were up over 100% in one day recently, after the company announced that it reached a voluntary settlement with the Securities and Exchange Commission (SEC), without any admission of wrongdoing. The U.S. district court entered a final judgment on the case. More on that later. Let’s get into what the company does, first.
If you haven’t heard of JAMN yet, Jammin’ Java Corp. is a U.S-based company that provides sustainably grown, ethically-farmed and artisan roasted premium coffee through a plethora of U.S. and international distribution channels. That in mind, the U.S. and international grocery retail channels have become the Jammin Java’s largest revenue channels, followed by online retail, office coffee services, food service outlets and licensing.
According to Jammin Java Corp (OTCMKTS:JAMN), “Jammin’ Java’s premium product line is positioned for the significant trend and growing consumer awareness towards organic, fairly traded premium, and super premium specialty arabica coffees. From a certified Jamaica Blue Mountain® coffee farm, to partner farms in Jamaica, Africa, Central and South America and other top coffee-growing regions worldwide, Jammin’ Java strives to support communities and the environment. Jammin’ Java’s globally sourced beans are small batch roasted to ensure the utmost quality and freshness.”
Getting back to the company’s news. This voluntary settlement and final judgment with the SEC puts an end to a 2011 case, and now the company could focus on growing its business.
According to Jammin Java Corp CEO Shawn Whittle, “I am delighted to bring closure to this challenging chapter,” said Mr. Whittle. “My experience co-founding the global brand Marley Coffee – a gourmet organic coffee producer – with Rohan Marley, the son of late reggae singer Bob Marley, was a remarkable and instrumental learning part of my life. Marley Coffee licensed its brand worldwide, including to Jammin’ Java.”
Whittle continued “I gained extensive knowledge and experience as we brought a commodity product from Jamaica, Ethiopia and the Americas to the mainstream retail space for consumers to enjoy with every sip. With my vision of taking on international markets in one of the most competitive industries on the planet, there was no stopping our challenging endeavor. From 2011-2015, Jammin’ Java expanded operations, growing revenues to $14 million in 2015 with almost 15,000 retailers in North America selling Marley Coffee related products.”
Jammin Java CEO concluded, “Among the lessons I learned was that when building something on passion and big vision, entrepreneurs must properly vet professionals and work with a skilled management team to ensure that all laws and regulations are vigorously complied with. That is crucial for all entrepreneurs to build a sustainable and successful business: a lesson I have certainly learned through this experience and have implemented in all my current business undertakings.”
Now, as part of the settlement agreement, which resolves the case with the SEC, Jammin Java CEO agreed to voluntarily pay a $250K fine in addition to repayment of over $1.8M, and interest on that amount, which represents the amount of funds that the company allegedly received. After the company gets over these payments, it could start to grow its earnings and place more focus on figuring out how to expand its operations in various parts of the world.
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