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8-K - CURRENT REPORT - Youngevity International, Inc. | ygyi8k_feb112020.htm |
Exhibit 99.1
Youngevity (NASDAQ:YGYI) Reshapes Board To Be Majority Independent
Directors.
YGYI Accepts the Resignation of Two Non-Independent Board
Members
San Diego, CA --- February 13, 2020 -
Youngevity International, Inc. (Nasdaq:
YGYI), a
multi-channel lifestyle company operating in three distinct
business segments, including a commercial coffee enterprise and its
commercial hemp enterprise today announced that effective February
11, 2020, in order to maintain compliance with the corporate
governance requirements of The Nasdaq Capital Market, and
specifically Listing Rule 5605(b) which provides that a listed
company’s board of directors shall be comprised of a majority
of independent directors, Michelle Wallach and Richard Renton, two
non-independent members of the Board of Directors of Youngevity
International, Inc. (the “Company”), resigned as
members of the Board of Directors of the Company. Steve Wallach,
CEO of Youngevity International will continue as a board member and
will remain the Chairman of the Board and Dave Briskie, President
and CFO of Youngevity will also remain on the Board of
Directors.
“Steve Wallach, CEO of Youngevity International, Inc, stated,
“Compliance with Nasdaq Corporate Governance requirements
remains of utmost importance to our company and this will continue
as a high priority for the Company.”
Dave Briskie, President and CFO of Youngevity said, “We very
much appreciate the years of service of both Michelle Wallach and
Richard Renton on the Company’s Board of Directors”. He
continued, “Michelle Wallach will remain an officer of the
Company and will continue to participate as a Board Member of the
Company’s Youngevity Be the Change Foundation and Richard
Renton will continue to be a member of the Company’s Sports
Advisory Board as well as The Science Advisory
Board.”
The notices of resignation provided by each director specifically
stated that the resignations were not the result of any
disagreement with the Company on any matter related to the
Company’s operations, policies or practices and both Michelle
Wallach and Richard Renton stated that “it was their honor to
serve on the Company’s Board of Directors for the past
several years.”
About Youngevity International
Youngevity International, Inc. ( NASDAQ : YGYI ),
is an multi-channel lifestyle company operating in 3 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/jewellery, as well as innovative services. For investor
information, please visit
YGYI.com. Be sure to
like us on
Facebook and follow
us on
Twitter
Safe Harbor Statement
This release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. 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. These forward-looking statements are based on
management's expectations and assumptions as of the date of this
press release and are subject to a number of risks and
uncertainties, many of which are difficult to predict that could
cause actual results to differ materially from current expectations
and assumptions from those set forth or implied by any
forward-looking statements. Important factors that could cause
actual results to differ materially from current expectations
include, among others, our ability to continue our coffee segment
growth, our ability to continue our hemp segment growth, our
ability to continue our international growth, our ability to
leverage our platform and global infrastructure to drive organic
growth, our ability to improve our profitability, expand our
liquidity, and strengthen our balance sheet, our ability to
continue to maintain compliance with the NASDAQ requirements, the
acceptance of the omni-direct approach by our customers, our
ability to expand our distribution, our ability to continue
our financial performance and the other factors discussed in our
Annual Report on Form 10-K for the year ended December 31, 2018 and
our subsequent filings with the SEC, 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 on account of new information, future events, or
otherwise, except as required by law.
Contacts
Youngevity International, Inc.
Dave Briskie
President and Chief Financial Officer
1 800 982 3189 X6500
Investor Relations
YGYI Investor Relations
800.504.8650
investors@ygyi.com