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Coffee Holding Co., Inc. (JVA)

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5.01-0.47 (-8.58%)
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5.23 +0.22 (4.39%)
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Previous Close5.48
Open5.40
Bid4.90 x 800
Ask5.21 x 800
Day's Range5.01 - 5.64
52 Week Range1.76 - 6.48
Volume153,505
Avg. Volume75,604
Market Cap28.6M
Beta (5Y Monthly)1.44
PE Ratio (TTM)N/A
EPS (TTM)-0.02
Earnings DateMar 15, 2021 - Mar 19, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateDec 13, 2012
1y Target EstN/A
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  • GlobeNewswire

    Coffee Holding Co., Inc. Reports Year End Results

    STATEN ISLAND, New York, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Coffee Holding Co., Inc. (Nasdaq: JVA) (the “Company”) today announced its operating results for the fiscal year ended October 31, 2020: Net (Loss) Income. The Company had a net loss of $94,301 or $0.02 per share basic and diluted, for the fiscal year ended October 31, 2020, compared to a net loss of $94,598, or $0.02 per share basic and diluted for the fiscal year ended October 31, 2019. The decrease in net income was due to numerous factors which had to be dealt with during the Company’s fiscal fourth quarter. For example, for the fiscal year ended October 31, 2020, the Company had a loss before its non-controlling interest in its subsidiary of $336,044, versus net income of $264,006 for the fiscal year ended October 31, 2019. The Company’s non-controlling interest for the fiscal year ended October 31, 2020 reduced the Company’s loss by $366,044, bringing the net loss attributable to Coffee Holding Co. to $94,301, whereas the non-controlling interest for the fiscal year ended October 31, 2019 reduced profit by $358,604, bringing the net loss attributable to Coffee Holding Co. to a loss of $94,598. The Company’s consolidated subsidiary, in which it has a 60% interest, had write downs on both inventories and accounts receivable due to COVID-19, including an approximately $85,000 write down of receivables and an approximately $217,000 write down of inventories. Net Sales. Net sales totaled $74,335,815 for the fiscal year ended October 31, 2020, a decrease of $12,131,617, or 14%, from $86,467,432 for the fiscal year ended October 31, 2019. The decrease in net sales was due to the COVID-19 pandemic which caused many of the Company’s green coffee customers, who service the restaurant and food service industries, as well as the Company’s customers in the food service space, to either close or suspend their business operations during the period resulting in lost revenues. Cost of Sales. Cost of sales for the fiscal year ended October 31, 2020 was $61,256,926, or 82.4% of net sales, as compared to $70,708,100, or 81.8% of net sales, for the fiscal year ended October 31, 2019. Cost of sales consists primarily of the cost of green coffee and packaging materials and realized and unrealized gains or losses on hedging activity. The decrease in cost of sales was due to the Company’s decreased sales and the rising cost of coffee. Gross Profit. Gross profit for the fiscal year ended October 31, 2020 was $13,078,889, a decrease of $2,680,443 from $15,759,332 for the fiscal year ended October 31, 2019. Gross profit as a percentage of net sales decreased to 17.6% for the fiscal year ended October 31, 2020 from 18.2% for the fiscal year ended October 31, 2019. The decrease in gross profits resulted from a decrease in sales due to the COVID-19 pandemic and inventory adjustments resulting from such decreased sales, lost customers and outdated inventory during the year. Operating Expenses. Total operating expenses decreased by $1,314,596 to $13,904,207 for the fiscal year ended October 31, 2020 from $15,218,803 for the fiscal year ended October 31, 2019. Selling and administrative expenses decreased $1,281,500, or 8.8%, to $13,223,207 for the fiscal year ended October 31, 2020 from $14,504,707 for the fiscal year ended October 31, 2019. The Company’s efforts to control costs through the elimination of redundancy in its operations and the elimination of certain unnecessary variable costs were the primary reasons for this decrease. “In a year which most people would choose to forget, we too were not immune to the effects of extended lockdowns and consumer belt tightening due to the pandemic caused by COVID-19. Our sales declined by approximately $12.0 million, or 14%, as shutdowns closed bars, restaurants and most non-essential retail establishments. However, the decline in sales were isolated in two areas, while the balance of our business remained relatively strong in what proved to be a very negative business environment for most companies. The first area of our business that was negatively impacted by the shutdowns was the sales of green unroasted coffee beans to our small and medium sized roaster clientele. Sales of green coffee to these roasters who service the retail and foodservice industries declined by approximately $5.9 million as businesses remained closed for multiple months throughout the fiscal year. “The second area of our business negatively impacted by the shutdowns was our Steep N Brew subsidiary, which experienced a decline of approximately $4.5 million. This decline was primarily due to Steep N Brew’s largest customer converting its existing relationship from a direct customer buying basis to a brokerage basis. Thus, we were unable to recognize 100% of the revenues, as we have done in the past,” stated Andrew Gordon, Chief Executive Officer of Coffee Holding.“We had a similar net loss as in the prior year, as we lost approximately $95,000, or $0.02 per share. However, considering that our revenues were lower by approximately $12.0 million, and our gross profit and operating margins remained relatively steady, we believe that if the revenues of green coffee sales were not negatively impacted by the pandemic, we would have been profitable in the year as this area of the business has historically experienced margins between 15% to 22% and is highly scalable with minimal variable costs needed to increase sales. In addition, other one-time or non-cash items which negatively affected our bottom line included a non-cash cost of approximately $0.9 million for our stock option plan, approximately $0.7 million in depreciation and amortization, and approximately $0.2 million in interest expenses which offset our income from revenues. Other factors negatively impacting income were approximately $85,000 write down of receivables and approximately $217,000 write down of inventory. We believe these year-end write downs, which were greater than in past years, were due to the impact of the pandemic caused by COVID-19, which slowed sales to existing customers causing inventory to become outdated in addition to forcing many of our smaller customers to permanently close their doors. All of these factors negatively impacted our ability to turn inventories at historical and forecasted levels. “Despite the significant headwinds we endured during this turbulent year, I believe our company successfully navigated the COVID-19 economy, and did the work necessary to position our company and business for future success. Although most supermarket chains and customers were curtailing operations, delaying category reviews and postponing purchases of new items, we were able to expand sales of Café Caribe in new and existing markets, including sales to the United States military commissaries. We also added a new 150-store supermarket chain in Florida to which we plan on commencing shipping product in the second fiscal quarter of 2021. We also increased sales of our S&W coffee brand to a major wholesaler in the Midwest and were awarded the private label coffee business for two new major supermarket chains, also to begin shipping in 2021. “Lastly, in October 2020, we acquired a 49% stake in The Jordre Well LLC, a hemp and Cannabidiol (CBD) beverage company based in Columbus, Ohio. The Jordre Well is a functional brand incubator focused on creating innovative, sustainably sourced, CBD infused beverages for health and wellness conscious consumers. Our plan is to begin infusing our brands, Café Caribe Latin Espresso and Harmony Bay Gourmet coffee, with CBD as soon as we are comfortable with our formulations. We believe CBD coffee will be a fast growing and profitable market for us and if the legislative environment surrounding CBD products continue to improve, our plan is to offer all our customers the opportunity to infuses their products with CBD. I remain confident that our business is extraordinarily resilient, and despite a year that proved to be unpredictable and challenging, we still had many successes which we believe will lead to positive results for our company and our shareholders as early as the first quarter of 2021 and beyond,” concluded Mr. Gordon. About Coffee Holding Coffee Holding Co., Inc. is a leading integrated wholesale coffee roaster and dealer in the United States and one of the few coffee companies that offers a broad array of coffee products across the entire spectrum of consumer tastes, preferences and price points. Coffee Holding has been a family-operated business for three generations and has remained profitable through varying cycles in the coffee industry and the economy. The Company’s private label and branded coffee products are sold throughout the United States, Canada and abroad to supermarkets, wholesalers, and individually owned and multi-unit retail customers. Forward looking statements Any statements that are not historical facts contained in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including the Company’s outlook on the revenue growth and the Company’s outlook on the launch of CBD-infused coffee and functional beverages. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. We have based these forward-looking statements upon information available to management as of the date of this release and management’s expectations and projections about certain future events. It is possible that the assumptions made by management for purposes of such statements may not materialize. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, hedging activities, the effect of economic conditions, the effect of any pandemics including the one caused by Covid-19, intellectual property rights, the outcome of competitive products, risks in product development, the results of financing efforts, the ability to complete transactions and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made. Company Contact Coffee Holding Co., Inc.Andrew GordonPresident & CEO718-832-0800 COFFEE HOLDING CO., INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSOCTOBER 31, 2020 AND 2019 2020 2019 - ASSETS - CURRENT ASSETS: Cash $2,875,120 $2,402,556 Accounts receivable, net of allowances of $144,000 for 2020 and 2019 7,408,905 9,421,427 Inventories 17,102,993 18,841,225 Due from broker 101,031 Prepaid expenses and other current assets 490,246 587,626 Prepaid and refundable income taxes 145,305 385,934 TOTAL CURRENT ASSETS 28,022,569 31,739,799 Machinery and equipment, at cost, net of accumulated depreciation of $7,610,864 and $6,931,913 for 2020 and 2019, respectively 2,197,319 2,413,533 Customer list and relationships, net of accumulated amortization of $194,379 and $151,627 for 2020 and 2019, respectively 490,621 533,373 Trademarks and tradenames 1,488,000 1,488,000 Non-compete, net of accumulated amortization of $49,500 and $29,700 for 2020 and 2019, respectively 49,500 69,300 Goodwill 2,488,785 2,488,785 Equity method investments 561,405 86,008 Deferred income tax asset 782,175 480,473 Right of use asset 2,114,228 Deposits and other assets 285,548 387,453 TOTAL ASSETS $38,480,150 $39,686,724 - LIABILITIES AND STOCKHOLDERS’ EQUITY - CURRENT LIABILITIES: Accounts payable and accrued expenses $3,036,097 $4,344,015 Line of credit 7,167,740 Due to broker 452,325 Note payable – current portion 5,075 Lease liability – current portion 484,163 Income taxes payable 5,371 100 TOTAL CURRENT LIABILITIES 3,983,031 11,511,855 Deferred income tax liabilities 882,582 872,232 Line of credit 3,796,822 Deferred rent payable 193,461 Lease liability 1,780,306 Note payable – long term 17,292 Deferred compensation payable 276,548 378,453 TOTAL LIABILITIES 10,736,581 12,956,001 Commitments and Contingencies STOCKHOLDERS’ EQUITY: Coffee Holding Co., Inc. stockholders’ equity: Preferred stock, par value $.001 per share; 10,000,000 shares authorized; none issued - - Common stock, par value $.001 per share; 30,000,000 shares authorized, 6,633,930 and 6,494,680 shares issued for 2020 and 2019; 5,708,599 and 5,569,349 shares outstanding for 2020 and 2019 6,634 6,494 Additional paid-in capital 17,929,724 16,580,974 Retained earnings 13,215,868 13,310,169 Less: Treasury stock, 925,331 common shares, at cost for 2020 and 2019 (4,633,560) (4,633,560)Total Coffee Holding Co., Inc. Stockholders’ Equity 26,518,666 25,264,077 Noncontrolling interest 1,224,903 1,466,646 TOTAL EQUITY 27,743,569 26,730,723 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $38,480,150 $39,686,724 COFFEE HOLDING CO., INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONSYEARS ENDED OCTOBER 31, 2020 AND 2019 2020 2019 NET SALES $74,335,815 $86,467,432 COST OF SALES (which includes purchases of approximately $5.3 million and $8.3 million in fiscal years 2020 and 2019, respectively, from a related party) 61,256,926 70,708,100 GROSS PROFIT 13,078,889 15,759,332 OPERATING EXPENSES: Selling and administrative 13,223,207 14,504,707 Officers’ salaries 681,000 714,096 TOTAL 13,904,207 15,218,803 (LOSS) INCOME FROM OPERATIONS (825,318) 540,529 OTHER INCOME (EXPENSE): Interest income 3,354 11,046 Loss from equity method investment (5,016) (3,769)Other income - PPP 634,400 Interest expense (185,177) (254,592)TOTAL 447,561 (247,315) (LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES AND NON-CONTROLLING INTEREST IN SUBSIDIARY (377,757) 293,214 (Benefit) provision for income taxes (41,713) 29,208 NET (LOSS) INCOME BEFORE NON-CONTROLLING INTEREST IN SUBSIDIARY (336,044) 264,006 Less: Net loss (income) attributable to the non-controlling interest in subsidiary 241,743 (358,604) NET (LOSS) ATTRIBUTABLE TO COFFEE HOLDING CO., INC. $(94,301) $(94,598) Basic and diluted (loss) per share $(.02) $(.02) Weighted average common shares outstanding: Basic and diluted 5,575,453 5,569,349 COFFEE HOLDING CO., INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSYEARS ENDED OCTOBER 31, 2020 AND 2019 2020 2019 OPERATING ACTIVITIES: Net (loss) income $(336,044) $264,006 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 741,503 742,637 Stock-based compensation 868,477 476,899 Unrealized loss (gain) on commodities 553,356 (123,077)Loss on equity method investments 5,016 3,768 Deferred rent (48,682)Amortization of right to use asset 397,794 Deferred income taxes (291,352) (49,938)Changes in operating assets and liabilities: Accounts receivable 2,012,522 492,870 Inventories 1,738,232 (3,570,119)Prepaid expenses and other current assets 97,380 (8,765)Prepaid and refundable income taxes 240,629 (2,728)Accounts payable and accrued expenses (1,307,917) (489,533)Change in lease liability (441,015) Deposits and other assets 101,905 165,451 Income taxes payable 5,271 (1,405)Net cash provided by (used in) operating activities 4,385,757 (2,148,616) INVESTING ACTIVITIES: Distribution of funds from deferred compensation plan (101,905) (154,273)Purchases of machinery and equipment (435,930) (743,410)Net cash used in investing activities (537,835) (897,683) FINANCING ACTIVITIES: Advances under bank line of credit 1,141,132 1,407,726 Principal payment on note payable (4,440) (70,255)Principal payments under bank line of credit (4,512,050) (500,000)Net cash (used in) provided by financing activities (3,375,358) 837,471 NET INCREASE (DECREASE) IN CASH 472,564 (2,208,828) CASH, BEGINNING OF YEAR 2,402,556 4,611,384 CASH, END OF YEAR $2,875,120 $2,402,556 COFFEE HOLDING CO., INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSYEARS ENDED OCTOBER 31, 2020 AND 2019 2020 2019 SUPPLEMENTAL DISCLOSURE OF CASH FLOW DATA: Interest paid $196,823 $254,603 Income taxes paid $3,739 $83,279 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: On October 15, 2020 Coffee Holding Company acquired an equity interest in Jordre Well, LLC in exchange for 139,250 shares: 480,413 Initial recognition of operating lease right of use asset $2,512,022 Initial recognition of operating lease liabilities $2,705,484 Machinery and equipment acquired through financing $26,807 RECONCILIATION OF NON-GAAP FINANCIAL MEASURE To supplement Coffee Holding’s consolidated financial statements presented in accordance with U.S. GAAP, Coffee Holding uses a non-GAAP measure, Adjusted Earnings Before Interest, Income Taxes (benefits), Depreciation and Amortization (Adjusted EBITDA). This non-GAAP measure is provided to enhance overall understanding of Coffee Holding’s current financial performance. Reconciliation of the nearest GAAP measure to Adjusted EBITDA follows: Net (loss) (GAAP measure) $(94,301)Add back: Interest expense 185,177Income tax (benefit) (41,713)Depreciation and amortization 741,503Stock compensation 868,477Total adjusted EBITDA $1,659,143

  • GlobeNewswire

    The Jordre Well, LLC Submits CBD-Infused Coffee Samples to Labs for Testing

    STATEN ISLAND, New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Coffee Holding Co., Inc. (Nasdaq: JVA) (the “Company”), a leading integrated wholesale coffee roaster and dealer in the United States, today announced that The Jordre Well, LLC (“The Jordre Well”), the Company’s 49%-owned hemp and cannabidiol (“CBD”) beverage company, has submitted 14 different CBD-infused coffee samples to Columbia Laboratories for analysis and testing. From cannabis compliance to nutritional fact labeling, Columbia Laboratories is expected to apply the highest quality control standards and review to assure accurate data and reliable reporting, including dietary analyses, pesticide and residues testing, environmental testing, cannabinoid content, shelf life and stability studies. This testing is intended to ensure that the CBD-infused coffee products The Jordre Well has been formulating will meet the Company’s stringent quality control standards. “Ensuring the highest level of consistency and quality is our number one goal,” commented Ian James, founder of The Jordre Well. “Coffee consumers demand a homogeneous drinking experience without the taste or smell of hemp, and that’s just what we’ve formulated. Upon completion of these tests, we intend to move into the next phase of commercial scaling to provide consumers high-quality, great tasting hemp CBD infused coffee.” The Company’s flagship dark roast Latin espresso brand, Café Caribe, as well as its gourmet coffee brand, Harmony Bay, are expected to be the first two Coffee Holding Co., Inc. brands to offer CBD-infused line extensions, along with Joey Kramer of Aerosmith Rock N Roast coffee including Sumatra, Guatemala and Ethiopian flavors which will be made available for consumers as soon as possible online in single-serve cups and more. “The product development cycle for Café Caribe and Harmony Bay’s CBD-infused SKUs has been moving at a rapid pace since the Company acquired 49% of The Jordre Well last October,” commented Andrew Gordon, Chief Executive Officer of Coffee Holding Co., Inc. “We are now in the final stages of product refinement for the CBD infused line extensions and look forward to making these products available for sale as soon as possible.” About Coffee Holding Co., Inc. Founded in 1971, Coffee Holding Co., Inc. (NASDAQ: JVA) is a leading integrated wholesale coffee roaster and dealer in the United States and one of the few coffee companies that offers a broad array of coffee products across the entire spectrum of consumer tastes, preferences and price points. Coffee Holding has been a family-operated business for three generations and has remained profitable through varying cycles in the coffee industry and the economy. The Company’s private label and branded coffee products are sold throughout the United States, Canada, and abroad to supermarkets, wholesalers, and individually owned and multi-unit retail customers. About The Jordre Well, LLC Based in Columbus, Ohio, The Jordre Well is a functional brand incubator focused on creating innovative, sustainably-sourced, CBD-infused beverages for health and wellness conscious consumers. The Jordre Well’s soon-to-be-released brands include its namesake seltzer brand, The Jordre Well, its curated coffee collection, Stephen James, and more. To learn more, visit https://thejordrewell.com/. Forward-looking statements Any statements that are not historical facts contained in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to the testing and availability of CBD-infused coffee products. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. We have based these forward-looking statements upon information available to management as of the date of this release and management’s expectations and projections about certain future events. It is possible that the assumptions made by management for purposes of such statements may not materialize. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, hedging activities, the effect of economic conditions, the effect of the COVID-19 pandemic, intellectual property rights, the outcome of competitive products, risks in product development, the results of financing efforts, the ability to complete transactions and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made. Company Contact Coffee Holding Co., Inc.Andrew GordonPresident & CEO718-832-0800

  • Coffee Holding Co., Inc. and The Jordre Well to Participate in Cowen’s 2020 Boston Cannabis Conference
    GlobeNewswire

    Coffee Holding Co., Inc. and The Jordre Well to Participate in Cowen’s 2020 Boston Cannabis Conference

    Staten Island, NY, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Coffee Holding Co., Inc. (Nasdaq: JVA) (the “Company” or “Coffee Holding”), a leading integrated wholesale coffee roaster and dealer in the United States, today announced that it will participate in Cowen's 2020 Boston Cannabis Conference (the “Conference”), to be held virtually between November 30 and December 2, 2020. The Company’s participation at the Conference comes on the heels of the Company’s October 16, 2020 announcement regarding its acquisition of a 49% stake in The Jordre Well, LLC (“The Jordre Well”), a cannabidiol (“CBD”) beverage company.The Conference is a forum for objective first-hand updates on both marketed and emerging products across the spectrum of the cannabis industry focusing on the consumer, technology and health care sectors.Andrew Gordon, Chief Executive Officer of Coffee Holding, and members of The Jordre Well’s team will participate in one-on-one meetings between November 30 and December 2, 2020.Conference attendees and participants interested in scheduling a one-on-one meeting with Coffee Holding Co., Inc. and The Jordre Well are encouraged to reach out to their Cowen representative.About Coffee Holding Co., Inc.Founded in 1971, Coffee Holding Co., Inc. (NASDAQ: JVA) is a leading integrated wholesale coffee roaster and dealer in the United States and one of the few coffee companies that offers a broad array of coffee products across the entire spectrum of consumer tastes, preferences and price points. Coffee Holding has been a family-operated business for three generations and has remained profitable through varying cycles in the coffee industry and the economy. The Company’s private label and branded coffee products are sold throughout the United States, Canada and abroad to supermarkets, wholesalers, and individually owned and multi-unit retail customers.About The Jordre Well, LLCBased in Columbus, Ohio, The Jordre Well is a functional brand incubator focused on the creation of innovative, sustainably-sourced, CBD-infused beverages for health and wellness conscious consumers. The Jordre Well’s soon-to-be-released brands include its namesake seltzer brand, The Jordre Well, its curated coffee collection, Stephen James, and more. To learn more, visit https://thejordrewell.com/.Forward-looking statementsAny statements that are not historical facts contained in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including the Company’s outlook on the launch of CBD-infused coffee and functional beverages. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. We have based these forward-looking statements upon information available to management as of the date of this release and management’s expectations and projections about certain future events. It is possible that the assumptions made by management for purposes of such statements may not materialize. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, hedging activities, the effect of economic conditions, the effect of the COVID-19 pandemic, intellectual property rights, the outcome of competitive products, risks in product development, the results of financing efforts, the ability to complete transactions and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made.DisclaimerNeither Cowen Inc. nor its affiliates accept responsibility for the adequacy or accuracy of this release.Company Contact Coffee Holding Co., Inc. Andrew Gordon President & CEO 718-832-0800