February 11, 2021 (Vancouver, BC) – NEXE Innovations Inc. (“NEXE” or the “Company”) (TSXV:NEXE), is pleased to announce that the construction of its proof of concept Nespresso Coffee Automation Line is now complete. NEXE’s manufacturing partners began factory testing the machine with the company expecting to take delivery of the machine on time and on budget in Q1 2021. NEXE recently announced two milestone developments for its fully compostable Nespresso-compatible project including the Cdn$1 Million ISC grant victory supporting the commercialization of its NEXE Nespresso-Compatible Pods (see January 14, 2021 announcement) and successful composting results (see December 30, 2020 announcement).
This customized Nespresso Coffee Line is the last piece required for the company to commission and launch its fully compostable Nespresso-compatible pod in early Q3 2021. The automation demonstrates that NEXE’s proprietary materials can be assembled at production speed proving scalability. Moving forward, this will form the basis for NEXE to order an additional scaled machine which, will increase production capacity to an anticipated 50 Million of NEXE Nespresso-Compatible pods by the end of 2021.
Ash Guglani, President, stated, “Receiving this Nespresso Coffee Line will provide an additional revenue stream outside of our current XOMA product offering and helps us significantly increase our production abilities in a phased approach. Furthermore, it shows that NEXE, based on its five years of R&D has the ability to transfer its IP across multiple single serve formats, increasing our potential product offering. We continue to strengthen our IP portfolio with patent filings related to this product. We remain steadfast in our pursuit to provide consumers with fully compostable alternatives in the 50 billion single serve coffee capsule market.”
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, >40 billion of which are discarded every year. With over $35M raised to date from equity and government funding and over five 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.
For additional information, please contact:
Ash Guglani, President and director
Kelsey Letham, Investor Relations at 604-359-4731
or visit: nexeinnovations.com and xoma.ca
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
Certain statements in this release are forward-looking statements or information, which include the proposed use of proceeds, commercialization of the NEXE PODs, including the NEXE Nespresso Compatible Pod, increase production capacity, demand and/or sales of its products, create other environmentally friendly compostable packaging opportunities, development of technologies, the potential of the Company’s technology, future plans, regulatory approvals and other matters. 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, business, economic and capital market conditions, the ability to manage operating expenses, consumer demand for and sentiment towards the Company’s products, security threats, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, litigation, increase in operating costs, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, competition, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. NEXE wishes to advise readers that it is not affiliated with or endorsed by Nestlé Nespresso SA or the Nestle brand and the NEXE Nespresso compatible pod is compatible with Nespresso format coffee machines. Nespresso is a registered trademark of Nestlé Nespresso SA. 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.
The 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.