VANCOUVER, BC, Sept. 29, 2021 /CNW/ - NEXE Innovations
Inc. ("NEXE" or the "Company") (TSXV: NEXE) (OTC Markets:
NEXNF) (Frankfurt: NX5), is pleased to announce that the audited
financial statements for the year ended May
31, 2021, the related management's discussion and analysis,
and associated officer's certifications (collectively, the "Annual
Filings") have been filed with the applicable securities
commissions and are available on www.sedar.com.
During the year end May 31, 2021,
the Company achieved the following key milestones for
commercializing the fully compostable NEXE pod:
- NEXE Pod for use in Keurig brewing systems is compostable in as
little as 35 days.
- NEXE Premium Espresso pods that are compatible with Nespresso®
OriginalLine achieved 100% breakdown by composting within 10
weeks.
- Completed factory and site acceptance testing for dosing and
sealing machines for the NEXE Pod in the Nespresso OriginalLine
Format.
- Completed commercialization of the NEXE Soluble Pod (i.e.,
Superfoods like MCT, Keto and Mushroom)
- Announced Pilot Launch Nespresso Original Line compostable
capsule subsequent to the end of year and soon to add more roast
profiles (NexeCoffee.com).
With cash and cash equivalents totaling CAD$50,726,731 and working capital of
CAD$49,501,770 as at May 31, 2021, NEXE is well-positioned at the
forefront of advanced material manufacturing and automation to meet
the growing demand for environmentally friendly sustainable
products in the single-serve coffee sector and beyond.
At the Company's request, the British Columbia Securities
Commission granted a management cease trade order (the
"MCTO"). The application for the MCTO was made by the Company
in connection with an anticipated delay in the Annual
Filings. As the Annual Filings are now filed, the Company
anticipates the MCTO will be revoked in the coming days.
While the MCTO remains in effect, the general investing public will
continue to be able to trade the Company's securities.
However, for the duration of the MCTO, the Company's management
will not be able to trade in the Company's securities.
The delay in completing the Annual Filings was due to challenges
in obtaining accounting information as it transitioned from a
private organization to a public company and staffing delays
resulting from the Covid-19 pandemic.
NEXE confirms that there are no solvency proceedings against the
Company as of the date herein. NEXE also confirms that there is no
material information concerning the affairs of the Company that
have not been disclosed as of the date herein.
About NEXE Innovations Inc.
NEXE Innovations Inc. is a
leader in plant-based compostable technology and advanced materials
manufacturing based in British Columbia,
Canada. The company has developed one of the only patented,
fully compostable, plant-based, single-serve coffee pods for use in
leading single-serve coffee machines. The proprietary NEXE pod is
designed to reduce the significant environmental impact caused by
single-serve pods, over 50 billion of which are discarded every
year. With over $60 million raised to
date from equity and government funding and over six years of
R&D, NEXE is well-positioned to meet the growing demand for
environmentally friendly and sustainable products in the
single-serve coffee sector and beyond. Learn more at
https://nexeinnovations.com/investors/.
ON BEHALF OF THE BOARD OF DIRECTORS
NEXE INNOVATIONS INC.
s/ "Ash
Guglani"
Ash Guglani, President
Social Media
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Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements
under applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect
to future plans of the Company and the revocation of the MCTO.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations, or intentions regarding the future. Such
information can generally be identified by the use of
forwarding-looking wording such as "may", "expect", "estimate",
"anticipate", "intend", "believe" and "continue" or the negative
thereof or similar variations. The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company,
including but not limited to, timing and approval of revocation of
the MCTO, business, economic and capital market conditions, the
ability to manage operating expenses, consumer demand for and
sentiment towards the Company's products, single use beverage pods,
and compostable products, security threats, and dependence on key
personnel. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
reader is cautioned not to place undue reliance on any
forward-looking information. Forward-looking statements contained
in this news release are made as of the date of this news
release. Except as required by law, the Company disclaims any
intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Nexe Innovations Inc.