Youngevity International, Inc. (Nasdaq:YGYI) Engages MaloneBailey, LLP as its New Accounting Firm

Rhea-AI Summary

Youngevity International, Inc. (NASDAQ: YGYI) has appointed MaloneBailey, LLP as its new independent registered public accounting firm. William G. Thompson is the new Chief Financial Officer, succeeding David S. Briskie, who takes on the role of Chief Investment Officer while remaining President. The board also welcomed Daniel Dorsey as a new member, maintaining the board's size at five. Thompson brings extensive experience, having previously served as Corporate Controller at YGYI and CFO for other companies. CEO Steve Wallach expressed confidence in the leadership transition.

Positive

• Appointment of MaloneBailey, LLP as new independent accounting firm.
• William G. Thompson has significant prior experience and a history with YGYI.
• David S. Briskie remains active as President and Chief Investment Officer.

Negative

• None.

SAN DIEGO, Oct. 28, 2020 /PRNewswire/ -- Youngevity International, Inc. (NASDAQ: YGYI) ("YGYI" or the "Company"), a leading multi-channel lifestyle company, today announced the appointment of MaloneBailey, LLP ("MaloneBailey") as its new independent registered public accounting firm responsible for auditing its financial statements.  The Company also announced that William G. Thompson accepted the position of Chief Financial Officer of the Company and as a result resigned from the Board of Directors of the Company and as a member and Chairman of the Audit Committee. In connection with Mr. Thompson's appointment, David S. Briskie was appointed Chief Investment Officer of the Company and resigned as the Company's Chief Financial Officer to allow Mr. Thompson to assume the full-time role of YGYI's Chief Financial Officer.  Mr. Briskie will retain his title of President and as Chief Investment Officer "CIO" will continue to maintain relationships with YGYI's current shareholder base and will work to expand the shareholder base of YGYI.

Steve Wallach CEO of Youngevity International, Inc stated, "We appreciate the dual role that Dave Briskie has played for YGYI as President and CFO of YGYI for so many years.  We look forward to seeing the impact he will have on our business while focusing on his role as President, and now CIO, of our company."

Dave Briskie, President and CIO of YGYI stated, "I am so enthusiastic that William Thompson has accepted the role of Chief Financial Officer of YGYI.  Mr. Thompson has been a key participant on our board of director's as Chairman of our Audit Committee and we feel he is the perfect choice to pass the torch to as our full time CFO."

Mr. Thompson, age 59, had served on the Company's Board of Directors since June 10, 2013. He most recently served from March 2013 to September 2019 as Chief Financial Officer of Broadcast Company of the Americas, a radio station operator in San Diego, California.  He served as Corporate Controller for YGYI from 2011 to March 2013 and for Breach Security, a developer of web application firewalls, from 2007 to 2010. Prior to 2007, Mr. Thompson was Divisional Controller for Mediaspan Group and Chief Financial Officer of Triathlon Broadcasting Company.

To fill the vacancy left by Mr. Thompson's departure from YGYI's Board of Directors, the Company appointed Daniel Dorsey to the Board of Directors.  The appointment of Mr. Dorsey, which is effective immediately, means that the size of the Board will remain at five (5) members. Mr. Dorsey will serve on the Audit Committee and his term as a director will continue until such time as his successor is duly elected and qualified, or until his earlier resignation or removal. Mr. Dorsey is a licensed Certified Public Accountant with over 20 years of experience in finance, strategic planning and operations.

About Youngevity International, Inc.

Youngevity International, Inc. ( NASDAQ : YGYI ), is a 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/jewelry, 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,  and include statements regarding expand the shareholder base of YGYI. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to expand the shareholder base of YGYI, our ability to continue our coffee segment and 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 file our Quarterly Report on Form 10-Q for the periods ended March 31, 2020, June 30, 2020 and Annual Report on Form 10-K for the year ended December 31, 2019 as soon as possible to regain compliance with the NASDAQ requirements and thereafter 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
investors@ygyi.com

 

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SOURCE Youngevity International, Inc.

FAQ

Who is the new accounting firm for Youngevity International, Inc.?

MaloneBailey, LLP has been appointed as the new independent registered public accounting firm.

Who has been appointed as Chief Financial Officer of Youngevity International, Inc.?

William G. Thompson has been appointed as the Chief Financial Officer of Youngevity International, Inc.

What role does David S. Briskie have at Youngevity International, Inc. now?

David S. Briskie is now serving as Chief Investment Officer while remaining President.

Who was appointed to Youngevity International, Inc.'s Board of Directors?

Daniel Dorsey has been appointed to Youngevity International, Inc.'s Board of Directors.

What experience does William G. Thompson bring to Youngevity International, Inc.?

William G. Thompson has extensive experience in finance, having previously served as CFO for other companies and has been on YGYI's Board since 2013.