VANCOUVER, BC, Nov. 2, 2021 /CNW/ - NEXE
Innovations Inc. ("NEXE" or the "Company"), (TSXV: NEXE)
(OTC Markets: NEXNF) (Frankfurt: NX5), a leader in plant-based
materials manufacturing, provides an update relating to the
termination of its previous engagement of Electrik Dojo LLC
("Electrik Dojo") and Gold Standard Media LLC ("GSM").
The Company has terminated its investor relations agreement with
Electrik Dojo, who was engaged on December
21, 2020 to provide native advertising agency that
facilitates market awareness of the Company. The services
were on an as needed basis and the Company paid Electrik Dojo a
total of US $770,000 (US $120,000 on December 21,
2020, US $100,000 on each of
January 7, 2021, January 26, 2021, February
9, 2021 and February 24, 2021,
March 10, 2021 and US $150,000 on March
25, 2021). The Company terminated the investor
relations agreement as it was unable to receive approval of their
engagement from the TSX Venture Exchange.
The Company has also terminated its engagement of GSM, effective
immediately, as the Company was unable to receive approval of their
engagement from TSX Venture Exchange. As announced on
March 31, 2021, the Company entered
into an agreement with GSM dated December
17, 2020 to raise awareness for the NEXE brand among
consumers and the Company's shares among investors. The engagement
was for an aggregate cost of CDN $350,000 (which payment was made December 17, 2020) for a term of twelve
months. An affiliate of GSM, Wallace Hill Partners Ltd.
("Wallace Hill"), purchased 1,100,000 units at $0.80 per unit under the Company's private
placement financing completed in December 2020. As the
investor relations agreement was terminated as of November 1, 2021, the Company has requested to be
reimbursed CDN $44,109 for the
unearned fees.
The Company continues to evaluate third party service providers
to increase brand and product awareness. The engagement of such
parties will be subject to acceptance of the TSX Venture
Exchange.
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: https://nexeinnovations.com/.
ON BEHALF OF THE BOARD OF DIRECTORS
NEXE INNOVATIONS INC.
s/ "Ash Guglani"
__________________________________
Ash Guglani,
President
Social Media
https://twitter.com/nexeinnovations
https://www.facebook.com/nexeinnovations
https://www.linkedin.com/company/nexeinnovations
https://www.instagram.com/nexeinnovations
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 launch of NEXE's new
coffee blends, ability to 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 "will", "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. 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.