VANCOUVER, BC, Sept. 29, 2021 /PRNewswire/ - 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.
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.
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.