JAMMIN Java Corporation, directed by Rohan Marley — son of reggae legend Bob Marley — has offloaded its coffee farm in order to focus on distribution whilst also appointing a new president following its year end net loss of US$129,490 ($11.59 million) according to financials released last week.

The company has consequently changed its “business plan from coffee production to coffee distribution per the asset and licensing agreements” the company’s financials stated on the US based Securities and Exchange Commission.

In March this year, the company entered into “an asset purchase agreement and sale agreement with Marley Coffee LLC”, a private company of which two directors of Jammin Java have a controlling interest.

The company offers five unique names for its coffee blends: Mystic Morning Wake Up Coffee Medium Roast; Simmer Down Organic Swiss Water Decaf; One Love Organic Ethiopian Yirgacheffe; Lively Up! Organic 5 Bean Espresso Blend and Jammin Java Organic Bold Full City Roast.

The company also impaired its farm and equipment assets which reduced these assets on its balance sheet from US$76,750 to US$1,294 as at January 2010.

The impairment was the main reason for the trading loss for its January 2010 year-end as expenses were US$47,630 with an additional US$81,000 from impairment of property and equipment. The loss was actually a reduction of the US$200,686 net loss recorded in January 2009.

Jammin Java continues to be at a crossroads and requires working capital to finance its operations. It began operations in 2004 and changed its name from Marley Coffee last year but has not been able to generate revenues to support its capital-intensive operations. Despite the challenges, the company in April this year appointed Anh Tran, the former President of Greencine.com, as president and director of Jammin Java. Other directors include Marley and Shane Whittle who were first appointed in 2008 and 2007 respectively. Marley is heavily involved in all of the family businesses including 56 Hope Road Music, Bob Marley Music, Zion Rootswear as well as various land and resort holdings across the globe. Rohan Marley founded Tuff Gong Clothing in 2004.

Shane Whittle is presently the Chief Executive Officer, Treasurer, Secretary and Director of the company.

“There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support the Company’s working capital requirements. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may not renew its operations,” stated the company.