NuZee, Inc. Announces Delay in Filing Form 10-K

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.

SOURCE NuZee, Inc.