NuZee Announces Expanded Customer Relationship with Potential $2 Million of Incremental Annual Revenue and Entrance into Bagged Coffee Market
RICHARDSON, Texas, Sept. 26, 2023 /PRNewswire/ -- NuZee, Inc. (Nasdaq: NUZE), a leading coffee co-packing and technology company, today announced an expanded relationship with one of its largest customers, received a forecast for shipments from the customer, and agreed to begin supplying additional products to the customer starting in the first and second quarters of fiscal year 2024. Revenues from this customer for the first nine months of fiscal year 2023 totaled approximately $427,000.
The non-binding forecast provided by the customer for 2024 would result in over $2 million in incremental fiscal year gross revenue to NuZee, if achieved, including both existing and new products. The new products primarily include bagged coffee, which is currently being produced for this customer by other suppliers. With the expansion of this relationship, NuZee will become the principal supplier of all coffee products for this customer.
Masa Higashida, CEO, stated "NuZee anticipates that this is a major step toward growing and diversifying our business and attaining profitability. We believe this customer forecast validates our decision to expand our business beyond the single serve market where we have already achieved successful acceptance and distribution."
About NuZee Coffee
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. To learn more about NuZee and its innovative solutions, visit mynuzee.com.
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. 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, 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. 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 the NuZee's public reports and NuZee's other filings made with the SEC.
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SOURCE NuZee, Inc.
