Appointment of Chris Murray as Vice President of Sales and Marketing and Kam Mangat as Vice President of Investor Relations and Corporate Strategy to support business operations and implement the next phase of strategic priorities.
Vancouver, B.C.- August 24, 2022 – NEXE Innovations Inc. (“NEXE” or the “Company”) (TSX.V: NEXE) (Frankfurt: NX5) (OTC: NEXNF), a leader in innovative compostable materials, announces the appointment of two executives in a move to enhance its leadership team to support and implement its strategic priorities.
Chris Murray has been named Vice President of Sales and Marketing at NEXE. Mr. Murray has 20+ years of extensive experience in the consumer-packaged goods (CPG) industry in Canada and the US. Mr. Murray was most recently Vice President of Sales and Marketing at Zavida Coffee Company where, in his eight-year tenure there, his team grew Zavida Coffee’s business over 500%. Mr. Murray managed a growing marketing team at Zavida Coffee that continuously onboarded new and trending coffee formats, including recyclable K-Cup formats. Until 2013, Mr. Murray was Category Marketing Manager, Retail Coffee at Mother Parkers Tea and Coffee, where he was responsible for the management of retail coffee for the US and Canada. Prior to this position, he was Senior Brand Manager Business Development for Tree of Life/KeHe.
“I’ve been in the coffee industry for close to 20 years and had the pleasure of selling to most large retail, OCS and Food Service customers across North America. Over the years, I saw the birth and meteoric growth of K-Cups in the industry. In my opinion, the upside of K-Cups is the amazing convenience of brewing one cup of coffee at a time and the downside is filling our landfill with single-use plastics. I believe customers and businesses alike are clamoring for a better solution. I’ve known the team at NEXE (Darren Footz & Ash Guglani) for many years and I very much look forward to working with them,” said Chris Murray, Vice President, Sales & Marketing.
Kam Mangat has been named Vice President of Investor Relations and Corporate Strategy at NEXE. Ms. Mangat was most recently Vice President, Relationship Management at a consulting firm covering some of the largest U.S. and Canadian pension plans. Ms. Mangat has also worked in capital markets as a sell-side equity analyst covering Industrials and Special Situation equities for a national investment dealer serving mainly institutional and corporate clients. Ms. Mangat has 20+ years of experience in finance across a range of roles.
“After commercializing and beta testing the NEXE coffee pod, we are now keenly focused on growing sales. The appointment of Chris Murray, a seasoned CPG salesperson with a proven track record will ensure that we are positioned to be the market leader in the single-serve industry. The appointment of Kam Mangat will enhance our focus on capital markets and corporate strategy to help build internal operations to support our growth,” said Ash Guglani, President, NEXE Innovations. “We expect that the new appointments will significantly strengthen our team as we focus on executing on our strategy”.
The Company also announces that it has entered into amended agreements with certain key employees and independent contractors to permit the Company to issue in certain circumstances common shares of the Company (the “Common Shares”) for services provided by such employees and independent contractors in lieu of salary, bonuses or other compensation payable to such employees and independent contractors. Neither the employees nor the independent contractors are Non-Arm’s Length Party (as defined in Policy 1.1 of the TSX Venture Exchange (“TSXV”)) to the Company or any of its affiliates. The deemed value per Common Share and the number of Common Shares to be issued pursuant to such agreements will be determined in the sole discretion of the board of directors of the Company after the date the applicable services are provided to the Company in accordance with the policies of the TSXV. The employees and independent contractors provide financial and administrative services to the Company.
Further to the above, the Company also announces the issuance of 435,714 common shares (the “Common Shares“) of the Company at a deemed price of $0.28 per share to certain employees and independent contractors of the Company in satisfaction of an aggregate of $122,000 to be paid to such employees and independent contractors in accordance with their arrangements with the Company. The issuance of the Common Shares is subject to the approval of the TSX Venture Exchange, and such shares will be subject to a hold period expiring four months and one day following the date of issuance.
*NEXE Innovations Inc. is not affiliated with, endorsed, or sponsored by Keurig®. Keurig® is a registered trademark of Keurig Dr Pepper Inc.
**NEXE Innovations Inc. is not affiliated with, endorsed, or sponsored by Nespresso®. Nespresso® is a registered trademark of Société des Produits Nestlé S.A.
About NEXE Innovations Inc.
NEXE Innovations Inc. is a leader in innovative compostable materials technology based in British Columbia, Canada. The Company’s first product developed is one of the only patented, fully-compostable, single-serve coffee pods for use in existing major single-serve coffee machines.
For more information about NEXE Innovations’ compostable materials and how it is well-positioned to meet the growing demand for environmentally friendly and sustainable products, visit www.nexeinnovations.com and follow us on social media @nexeinnovations.
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Cautionary Note Regarding Forward-Looking Statements
Certain statements in this release are forward-looking statements or information, which include, but are not limited to, expectations relating to the new executives, the approval of the TSX Venture Exchange for the issuance of the Bonus Shares and Salary Shares 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. 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. 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.