The once famous penny stock pump and dump of Jammin Java Corp. (JAMN), aka Marley Coffee, was trending yesterday on Yahoo in the shadow of Snoop Dogg. With the multi-talented media star claiming to be “born again” with plans to change his name to Snoop Lion and follow in the footsteps of Bob Marley after a visit to Jamaica in January, investors are hoping for the same with some cheap JAMN stock they recently bought.
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JAMN Stock Structure
Shares Authorized: 5,112,861,525
Shares Outstanding: 76,744,150 a/o April 30, 2012
50 Day Percent Change: -21.05%
50 Day Moving Average: 0.1743
50 Day Average Volume: 62,349
First off, as a former classmate of Rohan and a huge Bob Marley fan, as much as I want to say that JAMN stock is a must add to the list of penny stocks to consider adding to your portfolio, I just cant. Even though sales for the three months ended March 31, 2012 grew 10X to $309,614 compared to $27,955 for the same period last year, and net revenue grew almost 15X to $75,081 compared to $4,771 respectively, I still can’t.
Why? Because TCA Global Credit Master Fund, LP agreed to loan Jammin Java up to $2 million on June 29th, $350,000 which the Company took upon closing. The loan, earmarked for working capital purposes, allows for TCA to convert all, or any portion of, the outstanding principal, accrued and unpaid interest, and any other sums due and payable under the Revolving Note into shares of JAMN stock.
When TCA shows up on an 8-K, (see here) its like putting lipstick on a pig. They also entered into an asset monitoring agreement in which the Company agreed to pay TCA a fee of $100,000, payable in shares of JAMN stock which, at the time, was equal to 588,235 shares. On top of that, the Company and Fairhills Capital Offshore, Ltd entered into a Securities Purchase Agreement two days ago, Basically, Jammin Java, aka Marley Coffee, agreed to sell 625,000 shares of JAMN stock for $75,000, 0.12 per share.
No matter how good party is to celebrate the 50th Jubilee Anniversary of Jamaica’s Independence, JAMN stock just doesn’t appear to have the same celebration in mind for traders on its stock.
About JAMN Stock
Jammin Java Corp., doing business as Marley Coffee, is a U.S.-based company that provides sustainably grown, ethically farmed and artisan roasted gourmet coffee through multiple U.S. and international distribution channels, using the Marley Coffee brand name. U.S. and international grocery retail channels have grown to become the Company’s largest revenue channels, followed by online retail, office coffee services, food service and licensing. The Company intends to develop a significant share of these revenue channels and achieve a leadership position by capitalizing on the global recognition of the Marley name through a co-branding relationship with Marley Coffee, LLC.
Bottom Line: Jammin Java Corp.’s JAMN stock was one of the best penny stocks of 2011, going from 0.53 to 6.35 over the first 5 months, a gain of nearly 1,100%. Now, as a branded name that generations have grown to love and a product to back it, the penny stock is like french fries for a contestant of “The Biggest Loser”, you want it so badly, but you know its gonna take a lot of work to make up for the bad it will do your portfolio.
Much love to Rohan, my brother from another mother, but JAMN just doesn’t have what it takes to be a Buffalo Solider again.
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