Business
Marley Coffee Issues Shareholder Letter to Discuss Recent Form 8-K
Marley Coffee Issues Shareholder Letter to Discuss Recent Form 8-K.
About this update from Jammin Java Corp.
[{"type":"text","content":"\n\n DENVER, July 07, 2016 (GLOBE NEWSWIRE) -- Jammin Java Corp. (d/b/a Marley Coffee) (OTCQB:JAMN) (www.marleycoffee.com) (\"Marley Coffee\", \"we, \"us\" and the \"Company\"), the sustainably grown, ethically farmed and artisan-roasted gourmet coffee company has issued the following letter to its shareholders to discuss the disclosures made by the Company in its Current Reports on Form 8-K filed with the Securities and Exchange Commission (SEC) on June 3, 2016 and July 7, 2016.\n Summary: The Company has entered into a Consent, which has been approved by the SEC, but not by the court, to settle the SEC’s complaint for $700,000;Rohan Marley has stepped down as Chairman of the Board of Directors; andFifty-Six Hope Road Music has terminated its license with the Company and in its place agreed to a short-term 6-month license, provided we hope to continue to negotiate a longer term license. Settlement with SEC On or around May 31, 2016, the Company entered into a ‘Consent of Defendant Jammin Java Corp.’, in connection with the complaint filed by the SEC on November 17, 2015, against us and several other defendants (who were not party to the Consent or Final Judgment (described below)). Pursuant to the Consent, without admitting or denying the allegations of the Complaint, we consented to the entry of a final judgment (the “Final Judgment”), which, among other things: (a) permanently restrains and enjoins us from violating Section 5 of the Securities Act of 1933, as amended (“Securities Act”); and (b) orders us to pay disgorgement and prejudgment interest totaling an aggregate of $700,000, due within 90 days of the entry of the Final Judgment, which has been approved by the SEC and is expected to be approved by the court on or around July 11, 2016. “This was a pivotal moment in the Company’s history and we are excited to put this chapter behind us and move forward at full speed with our growth and operations,” said Brent Toevs, Chief Executive Officer of Marley Coffee. “I have always said that we will only run an ethical company. Since the beginning, we’ve cooperated with the SEC when issues first came to light in 2011 and we’re glad we’ve resolved all outstanding matters. As we’ve previously indicated, we will continue to cooperate with the SE...