Youngevity International Announces the Acquisition of Nature’s Pearl Corporation
Steve Wallach, Youngevity CEO stated, “We are pleased and excited to acquire the assets of Nature’s Pearl, a company that brings an array of products based on the benefits of the Muscadine grape. Upon closing and full integration on September 1, 2016, Youngevity will be the only direct selling Company to offer Muscadine personal care products to their distributors and customers. As a vertically integrated producer of Muscadine grapes, we understood and embraced the opportunity to acquire Nature’s Pearl.”
Dave Briskie, President and CFO of Youngevity said, “It gives me great pleasure to announce the definitive agreement for the acquisition of Nature’s Pearl. This acquisition made sense for Youngevity and its shareholders on many synergistic levels. Based on our due diligence, our review of Nature’s Pearl’s merchant accounts demonstrated their recent revenues annualized at a rate of $9 million. In addition, the opportunity to acquire a data base of 17,000 distributors and 45,000 consumers in both the US and key international markets, such as Canada and Jamaica, which contribute to over 20% of the revenue base, are very appealing to us from the onset of our discussions.”
Jerry Smith, Founder and CEO of Nature’s Pearl, “We are extremely excited to be acquired by Youngevity International. We looked at many companies during this process and it became quite obvious that Youngevity was the clear choice. We believe Youngevity and its distributors represent the fit we were looking for to continue to market our Muscadine based products, now to a potentially wider customer base.”
Safe Harbor Statement
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 on our current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and includes statements regarding the expectation that the acquisition will bring a significant network of distributors and customers to us, the synergies to be derived from the integration, the effects of Muscadine for anti-oxidative effects in the body and potential cardioprotective properties, the belief that our distributors represent the fit to continue to market the Muscadine based products, to a potentially wider customer base, our belief that we have a business with extraordinary potential because of the strength of our products and brands and the capabilities of our outstanding distributors and the ability to quickly reach revenue potential. These statements are based upon current beliefs, expectations and assumptions and include statements regarding and are subject to a number of risks and uncertainties, many of which are difficult to predict, including the risk that the integration will not be as successful as anticipated, that revenues for Nature’s Pearl will continue as is or continue to grow, that future clinical results of studies of Muscadine will continue to support the current findings, and the other factors described in our Report on Form 10-K for the year ended December 31, 2015 and its other filings with the Securities and Exchange Commission, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release based on new information, future events, or otherwise, except as required by law.
Image Source: NaturesPearlProducts.com