Benzinga | Jun 30, 2021 01:07PM EDT

Coffee Holdings Acquires Colorado Roasting Facility For $0.9M

* Coffee Holding Co Inc (NASDAQ:JVA) buys its Colorado Roasting Facility from the City of La Junta, Colorado.

* The building has been home to coffee holding's largest roasting operations since 2005.

* The purchase price of $0.9 million for the 50,000 sq. ft. facility and adjoining 6.278 acres of land is $70 thousand below the recent appraised value of the property.

* The company will save $100 thousand annually or $0.02 per share through the purchase.

* "At a time when the company is basically debt-free, to now own our largest and most efficient operating facility, we believe the company will greatly benefit in the near and long term in several ways," said Andrew Gordon, Chief Executive Officer.

* Coffee's cash and equivalents totaled $3.52 million as of April 30, 2021.

* Price action: JVA shares are trading lower by 1.03% at $5.31 on the last check Wednesday.