NuZee (d/b/a/ Coffee Blenders®) Announces Changes in Senior Management Duties

Rhea-AI Summary

NuZee, Inc. (NASDAQ: NUZE) announced changes in senior management to enhance focus on single-serve pour-over coffee. CEO Masateru Higashida will also serve as President, overseeing international subsidiaries. CFO Shanoop Kothari becomes COO, handling production and consumer channels, while Travis Gorney is appointed CMO, tasked with building a sales team targeting U.S. coffee brands. These adjustments aim to leverage management strengths for increased sales and profitability.

Positive

• Management restructuring aligns with business focus on single-serve pour-over coffee.
• Leadership changes expected to enhance sales to major U.S. coffee brands.

Negative

• Dependence on market acceptance of single-serve pour-over coffee presents a risk.
• Operational challenges due to the COVID-19 pandemic and economic conditions.

PLANO, Texas, July 10, 2020 /PRNewswire/ -- NuZee, Inc. (NASDAQ: NUZE) ("NuZee"), the leading single-serve pour-over coffee producer and co-packer, today announced changes in senior management's duties to reflect a greater focus on the adoption of single serve pour over coffee by major U.S. coffee brands. As part of these changes, Mr. Masateru Higashida, the Company's Chief Executive Officer, will add the title of President and will directly oversee the Company's three international subsidiaries. Mr. Shanoop Kothari will continue his duties as the Company's Chief Financial Officer but has also been named as the Company's Chief Operating Officer and will lead the Company's production efforts and direct to consumer channels in the U.S. Mr. Travis Gorney, will become the Company's Chief Marketing Officer and Vice President with the primary role of establishing and managing a sales team focused on adoption of single serve pour over coffee by major U.S. coffee brands. Both Mr. Kothari and Mr. Gorney will continue to report to Mr. Higashida. 

"These changes to our management structure better align the strengths of our management team with their new areas of focus, which we expect will result in greater sales to blue chip coffee companies in the U.S.," said Mr. Higashida, President and CEO of the Company. "Over the last two years, NuZee has invested in a platform to lead the adoption of single serve pour over coffee in the U.S. In addition to a greater focus on sales, the changes also reflect our focus on maximizing our opportunity to achieve profitability from these investments," added Mr. Higashida. 

About NuZee and Coffee Blenders
NuZee, Inc. (d/b/a Coffee Blenders®) is a specialty coffee company and a leading U.S. single-serve pour-over coffee producer and co-packer. We own highly sophisticated packing equipment developed in Asia for pour over coffee production and possess exclusive agreements that restrict North American competitors' access to equipment and pour over filters.  We co-pack single-serve pour-over coffee products for dozens of customers in the U.S. market and also co-pack for the Korean market. Our California facility is SQF level 2 certified facility is Fair Trade, Organic, Kosher and Halal.

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 the effects of market acceptance of single serve pour over coffee, the COVID-19 pandemic on our operations and general economic conditions and our need for substantial additional funds. For a 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 Company's public reports filed with the SEC. 

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SOURCE NuZee, Inc.

FAQ

What recent changes occurred in NuZee's management?

NuZee has restructured its management, with Masateru Higashida becoming President, Shanoop Kothari as COO, and Travis Gorney appointed CMO.

What is the focus of NuZee's new management structure?

The new structure aims to boost the adoption of single-serve pour-over coffee among major U.S. coffee brands.

How might changes in management impact NuZee's stock (NUZE)?

Management changes are aimed at increasing sales and profitability, which could positively influence investor sentiment and the stock price.

What risks does NuZee face according to their press release?

NuZee faces risks related to market acceptance of their product, operational challenges from the COVID-19 pandemic, and economic conditions.

When did NuZee announce these management changes?

NuZee announced the management changes on July 10, 2020.