RICHARDSON, Texas, Dec. 29,
2023 /PRNewswire/ -- NuZee, Inc. (NASDAQ: NUZE), a
leading coffee co-packing and technology company, today
announced that it has filed a Form 12b-25 with the Securities and
Exchange Commission to provide notice of the late filing of its
Annual Report on Form 10-K ("Form 10-K") for the fiscal year ended
September 30, 2023. The Company
expects to file the Form 10-K on or before January 12, 2024.
"While the delayed filing of our Form 10-K is disappointing, we
believe it is important to ensure continued improvement in all
operating aspects of the business. We have begun a restructuring
program which we expect to generate annual cash savings from
immediate consulting, payroll and related expense reductions in
excess of $1.0 million annually. My
focus as newly appointed President and COO has been to rebuild the
relationship with our largest customer and significantly improve
our performance in meeting their standards. That effort has largely
been successful, and we expect quarterly revenues from this
customer to increase significantly beginning in our Q1," said
Randell Weaver, President, COO and
CFO of NuZee, Inc.
About NuZee
NuZee, Inc., (NASDAQ: NUZE), is a leading co-packing company for
single-serve coffee formats that partners with companies to help
them expand within the single-serve and private label coffee
category. Providing end-to-end innovative and sustainable solutions
with the flexibility and capacity for both small roasters and large
global brands, NuZee is revolutionizing the way single-serve coffee
is enjoyed in the U.S. Through the brand's unique process, NuZee
fulfills every aspect of co-packing needs, from sourcing, roasting
and blending, to packing and packaging.
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements include, but are not limited to, NuZee's
beliefs, plans, goals, objectives, expectations, assumptions,
estimates, intentions, future performance, other statements that
are not historical facts and statements identified by words such as
"expects", "anticipates", "intends", "plans", "believes", "seeks",
"estimates" or words of similar meaning. NuZee cautions you
that such statements are simply predictions and actual events or
results may differ materially. These statements reflect NuZee's
current expectations and NuZee does not undertake to update or
revise these forward-looking statements except as required by law,
even if experience or future changes make it clear that any
projected results expressed or implied in this or other NuZee
statements will not be realized. Further, these statements involve
risks and uncertainties, many of which are beyond NuZee's control,
which could cause actual results to differ materially from the
forward-looking statements. Statements related to, among other
things, the consummation of the offering of common stock and
potential changes in market conditions constitute forward-looking
statements. These risks and uncertainties, many of which are beyond
our control, include: NuZee's plan to obtain funding for its
operations, including funding necessary to develop, manufacture and
commercialize its products; the impact to NuZee's business from
COVID-19 global crisis; general market acceptance of and demand for
NuZee's products; and NuZee's commercialization, marketing and
manufacturing capabilities and strategy; for description of
additional factors that may cause NuZee's actual results,
performance or expectations to differ from any forward looking
statements, please review the information set forth in the 'Risk
Factors' and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of NuZee's public
reports and NuZee's other filings made with the SEC.
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SOURCE NuZee, Inc.