Youngevity International (NASDAQ: YGYI), a leading multi-channel
lifestyle company operating in three distinct business segments including a
commercial coffee enterprise, commercial hemp enterprise and multi-channel
lifestyle company, today provided an update on the impact of the COVID-19 virus
on its operations. According to the update, all of Youngevity’s three reporting
segments have been able to continue operations, as each falls into the category
of an essential business. Although Youngevity continues to generate
revenue in all segments, it has experienced difficulty in meeting its filing
deadline for its Annual Report on Form 10-K for the year ended December 31,
2019, due to displacement of its non-essential personnel in various offices in
the U.S. and around the world caused by the global outbreak. This displacement,
including substantially all accounting staff, restrictions imposed by various
governments, and displacement of its auditors’ staff, among other areas of
impact, has slowed down the financial reporting and audit process causing the
company to miss the filing date of its 10-K. “We are complying with all
government initiatives and recommendations and our company is pro-actively
taking the health and safety of our employees very seriously by implementing
smart-work initiatives by encouraging, when and where possible, work from home
options,” Youngevity International Chairman and CEO Steve Wallach stated in the
news release. “These factors, in spite of a huge effort by the accounting and
finance team, has made it impossible to meet our financial reporting deadline.
We feel fortunate that our operations are able to generate revenue in all
segments.”
To view the full press release, visit http://ibn.fm/o0KaH
About Youngevity International, Inc.
Youngevity International, Inc. is a multi-channel lifestyle
company operating in three distinct business segments including a commercial
coffee enterprise, a commercial hemp enterprise, and a multi-vertical omni
direct selling enterprise. The Company features a multi country selling network
and has assembled a virtual Main Street of products and services under one
corporate entity. YGYI offers products from the six top selling retail
categories: health/nutrition, home/family, food/beverage (including coffee),
spa/beauty, apparel/jewelry, as well as innovative services. For more
information, please visit www.YGYI.com.
NOTE TO INVESTORS: The latest news and updates
relating to YGYI are available in the company’s newsroom at http://ibn.fm/YGYI
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