Coffee Pacifica receives $2.25 million in funding
March 20, 2007
by FoodBusinessNews.net Staff
LAS VEGAS — Coffee Pacifica, Inc., a distributor and marketer of the green bean coffee grown in Papua New Guinea and Penlyne Castle brand Jamaican Blue Mountain coffee, has received gross proceeds of $2,250,000 by issuance of $2,678,571 of convertible notes to five accredited investors. Coffee Pacifica said the convertible notes, which are due March 18, 2009, may be converted, at the option of the note-holders, into shares of common stock of Coffee Pacifica, Inc.
"Funding provides us with the necessary working capital to maximize shareholder value by increasing revenue, cash flow, and earnings of Coffee Pacifica," said Terry Klassen, chief executive officer of Coffee Pacifica.
Jon Yogiyo, vice-chairman of Coffee Pacifica and chairman of PNG Coffee Growers Federation Ltd., said the funding will generate revenue growth, which will allow the company to increase the shipment volume of its cooperative coffees.