VANCOUVER, BC, Feb. 11, 2021 /CNW/ - 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.
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.
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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.
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SOURCE Nexe Innovations Inc.