YGYI - CannabisNewsBreaks - Youngevity International Inc. (NASDAQ: YGYI) Provides Update on COVID-19 Impact
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."
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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.
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