NuZee Completes $4.1M Equity Financing To Support Growth Plans

Posted On: 8/26/2019

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VISTA, CA -- NuZee Inc. reports that it has closed $4,076,262 private placement equity financing. The company sold 696,797 shares of common stock at a price of $5.85 per share. These sales were conducted during the period April through July 2019. The net proceeds will be used for general corporate purposes.

"The current private placement provides NuZee with funding for us to begin to execute our recently announced expansion plans for Vista, CA, and the creation of a new manufacturing hub in Plano, TX," said NuZee chief executive Masa Higashida. "As we continue to grow our co-packing business, we have timed the operational completion of our Texas facility to match our forecasted potential capacity constraints of our existing California operations."

NuZee, dba Coffee Blenders, packages coffee in single-serve Drip Cups. These pour-over filter packs are said to be among the most popular methods of enjoying coffee in Japan, where more than 2.5 billion cups are consumed each year. Each Drip Cup comes sealed in a single-serve, nitrogen-flushed package. The customer simply passes hot water over the ground coffee contained in the specially designed perforated pouch for flavorful coffee anywhere, anytime. The Drip Cup methods requires no machinery -- just hot water -- and produces minimal waste.