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Record price for green bean coffee
Coffee Pacifica, Inc. announced today that it has sold the first placed winning green bean coffee from the Pride of PNG 2005 international coffee cupping competition held in September 2005 in PNG. The coffee was sold to a coffee buyer from Houston, Texas, at $12.00 per lb. This is the highest recorded sale price per lb for the PNG green bean coffee. Winning coffees placed 2nd to 8th from the competition are open for bids from interested buyers.
The Vice Chairman of Coffee Pacifica, Mr. Jon Yogiyo, stated that "this sale price is historical and establishes benchmark price for high-quality PNG coffee. After spending 32 years in the coffee industry I have just now started to realize the enormous potential for high-quality PNG green bean coffee. Continued sales of quality PNG green bean coffee at higher prices will increase Coffee Pacifica's revenue, profitability and the coffee farmers' income. It will improve the living standards of our coffee farmers too."
Coffee Pacifica, Inc. is a distributor and a marketer in the United States, Canada and Europe of the green bean coffee grown in Papua New Guinea. Green bean coffee in Papua New Guinea is grown by Coffee Pacifica's shareholder-farmers in the Highland region's rich volcanic soils between the altitudes of 4,000 and 6,000 feet above sea level. Papua New Guinea coffee is well regarded by consumers for its uniqueness, consistency and special flavor characteristics.
PNG Coffee Growers Federation Ltd. is our strategic partner and a major shareholder. PNGCGF's shareholders are 144 individual independent coffee grower co-operatives in 11 of the 13 coffee growing provinces in Papua New Guinea. This represents approximately 100,000 plus individual coffee farmers involved in producing co-operative coffee. The high-quality premium-grade coffee produced by the co-operatives are pooled and marketed by Coffee Pacifica.
Except for the historical matters contained herein, statements in this press release contain "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the Company's business and prospects. Actual results could differ materially, as the result of such factors as:
1) competition in the markets for the Company's green bean coffee;
2) the ability of the Company to execute its plans; and
3) other factors detailed in the Company's public filings with the SEC.
Factors that could cause actual results to differ materially from those contemplated in the statements include, without limitation, overall economic conditions, and other risks associated generally with green bean coffee business.
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