ROSEVILLE, Calif., Aug. 23, 2005 (PRIMEZONE) -- Peabodys Coffee, Inc. (OTCBB:PBDYE), owner of the USDA certified organic brand Black Rhino Coffee(tm), announced today that it intends to file its 10-KSB by August 31, 2005. The company reported that it has been granted a hearing date of September 1, 2005, by NASDAQ to address the late filing status of its 10-KSB. The company also reported that on the hearing date a determination will be made as to whether the company is current in its required filings.
"Both our existing and potential shareholders need to know two things," commented Todd Tkachuk, President and CEO of Peabodys. "First, that we are confident our 10-KSB will be filed prior to the hearing date and that our subsequent 10-QSB will be filed shortly thereafter. Second, that we believe that the management deflection that caused the late filing - due to our recently announced change in trading strategy - is behind us."
Peabodys Coffee, Inc. has developed the Black Rhino Coffee(tm) brand for marketing packaged certified organic coffee in retail markets. With organic coffee being one of the fastest growing segments of the specialty coffee market, Black Rhino Coffee(tm) has positioned itself in the high growth natural foods category. Its hand-roasted blends are grown chemical-free under strict, totally natural conditions. All Black Rhino Coffee(tm) is independently certified under the United States Department of Agriculture's National Organic Program.
This news release may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the safe harbor provisions of the U.S. federal securities laws. These include, among others things, statements about expectations of future financing transactions, business, revenues, cash flows and capital requirements. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to further develop its business, the company's ability to generate revenues, develop appropriate strategic alliances and successful development and implementation of technology, acceptance of the company's services, competitive factors, new products and technological changes, and other such risks as the company may identify and discuss from time to time, including those risks disclosed in the company's periodic reports filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the company's plans will be achieved.