Youngevity International, Inc Granted Motion for Summary Judgement Against Former President Dwayne Dundore

Rhea-AI Summary

Youngevity International, Inc. (YGYI) has received a Circuit Court ruling in Florida, awarding the company $20,915,507 in damages against former Khrysos President Dwayne Dundore. The judgement was granted for fraudulent inducement and breach of employment agreement. Although the court has ruled in favor of Youngevity, it is important to note that no assurances are provided on the collection of this awarded amount.

Positive

• Award of $20,915,507 in damages strengthens Youngevity's financial position.

Negative

• No assurance of collecting the awarded amount may impact shareholder confidence.

Florida Court Issues Order Awarding Youngevity Damages of $20,915,507

SAN DIEGO, Sept. 21, 2022 /PRNewswire/ -- Youngevity International, Inc. (OTCMRKTS: YGYI) ("Youngevity") and its subsidiary Khrysos Industries, Inc today announced that the Circuit Court of the Ninth Judicial Circuit in and for Orange County, Florida, has issued an order against former Khrysos President Dwayne Dundore granting Youngevity's Motion for Summary Judgement on Counts III (Fraudulent Inducement) and IV (Breach Of Employment Agreement), awarding Youngevity $20,915,507 in damages. 

A complete copy of the Order may be viewed by clicking here> in Case No.:2021-CA-002217-0 BUSINESS COURT.

No assurance is given that Youngevity will be able to collect on this award.

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 direct marketing enterprise. The Company features a multi country selling network and has assembled a virtual main street of products and services under one corporate entity. The Company 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 investor information, please visit YGYI.com. Be sure to like Youngevity 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 collect on the award against Dwayne Dundore, our ability to complete our outstanding audits for the fiscal years ended December 31, 2020 and 2021 and become current on our filings with the SEC, our ability to improve our profitability, expand our liquidity, and strengthen our balance sheet, the acceptance of the omni-direct approach by our customers, our ability to expand our distribution and the other factors discussed in our filings with the SEC. 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 Investment Officer
1 800 982 3189 X6500

Investor Relations

YGYI Investor Relations
investors@ygyi.com

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SOURCE Youngevity International, Inc.

FAQ

What damages were awarded to Youngevity International, Inc.?

Youngevity was awarded $20,915,507 in damages.

Who is Dwayne Dundore in relation to Youngevity?

Dwayne Dundore is the former President of Khrysos Industries, a subsidiary of Youngevity.

What was the basis for Youngevity's court case against Dwayne Dundore?

The case was based on fraudulent inducement and breach of employment agreement.

What does the recent court ruling mean for Youngevity's financial health?

The ruling awards significant damages, which could positively impact Youngevity's financial position, though collection is uncertain.