VANCOUVER, BC, September 29, 2021 / CNW / – NEXE Innovations Inc. (âNEXEâ or the âCompanyâ) (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 MD&A and the associated officers’ certificates (collectively, the âAnnual Documentsâ) have been filed with the applicable securities commissions and are available at www.sedar.com.
At the end of the year May 31, 2021, the Company has taken the following key steps to market 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 compatible with NespressoÂ® OriginalLine reached 100% decomposition when composting in 10 weeks.
Factory and on-site acceptance tests completed for NEXE Pod dosing and sealing machines in Nespresso OriginalLine format.
Marketing of NEXE Soluble Pod (i.e. superfoods such as MCT, Keto and Mushroom) completed
Announcement of the pilot launch of the Nespresso Original Line compostable capsule after the end of the year and soon to add more roasting profiles (NexeCoffee.com).
With cash and cash equivalents totaling CA $ 50,726,731 and working capital of 49,501,770 $ CAD like a May 31, 2021, NEXE is well positioned at the forefront of advanced material manufacturing and automation to meet the growing demand for sustainable, environmentally friendly products in the single serve coffee industry and beyond.
At the request of the Company, the British Columbia Securities Commission granted a cease trade order (the âMCTOâ). The request for MCTO was made by the Company due to an anticipated delay in annual filings. As the annual documents are now filed, the Company anticipates that the MCTO will be revoked in the coming days. As long as the MCTO remains in effect, the general investing public will continue to be able to trade the securities of the Company. However, during the term of the MCTO, the management of the Company may not intervene in the securities of the Company.
The delay in completing annual returns was due to difficulties in obtaining accounting information during the transition from a private organization to a public company and staffing delays resulting from the Covid-19 pandemic .
NEXE confirms that there is no solvency proceeding against the Company as of the date hereof. NEXE also confirms that there is no material information relating to the affairs of the Company which has not been disclosed as of the date hereof.
About NEXE Innovations Inc.
NEXE Innovations Inc. is a leader in plant-based compostable technology and the manufacture of advanced materials based on British Columbia, Canada. The company has developed one of the only patented, fully compostable, plant-based single-use coffee pods for use in leading single-use coffee machines. The exclusive NEXE pod is designed to reduce the significant environmental impact caused by single-use pods, of which more than 50 billion are thrown away each year. With over $ 60 million Raised to date with private and public funds 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 and coffee sector. -of the. Learn more at https://nexeinnovations.com/investors/.
ON BEHALF OF THE BOARD OF DIRECTORS
NEXE INNOVATIONS INC.
s / “Ash Guglani”
Ash guglani, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements under applicable Canadian securities laws. Forward-looking statements include, without limitation, statements regarding the future plans of the Company and the revocation of MCTO. Forward-looking statements consist of statements which are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking terms such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or their negative or similar variations. . The reader is cautioned that the 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 expected, due to many known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, including, but not limited to. ‘limit, timing and approval. of MCTO revocation, business, economic and capital market conditions, ability to manage operating expenses, demand and consumer sentiment towards the Company’s products, single-use beverage pods and products compostable, security threats and reliance on key personnel. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Nexe Innovations Inc.
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