VANCOUVER, BC, Nov. 2, 2021 / PRNewswire / – NEXE Innovations Inc. (“NEXE” or the “Company”), (TSXV: NEXE) (OTC Markets: NEXNF) (Frankfurt: NX5), a leading manufacturer of plant-based materials, provides an update on the termination of its previous engagement with Electrik Dojo LLC (“Electrik Dojo”) and Gold Standard Media LLC (“GSM”).
The Company has terminated its investor relations agreement with Electrik Dojo, which was engaged on December 21, 2020 to provide a native advertising agency that facilitates the Company’s awareness in the market. Services were provided as needed and the Company paid Electrik Dojo a total of US $ 770,000 (US $ 120,000 on December 21, 2020, US $ 100,000 each on 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 because it was unable to obtain approval of their undertaking from the TSX Venture Exchange.
The Company also terminated its commitment to GSM, effective immediately, as the Company was unable to obtain approval of its commitment from the TSX Venture Exchange. As announced on March 31, 2021, the Company entered into an agreement with GSM on December 17, 2020 to promote the NEXE brand to consumers and the Company’s actions to investors. The commitment was for a total cost of CA $ 350,000 (payment of which was made on December 17, 2020) for a period of twelve months. A subsidiary of GSM, Wallace Hill Partners Ltd. (“Wallace Hill”), purchased 1,100,000 units at $ 0.80 per unit as part of the Company’s private placement financing concluded in December 2020. As the investor relations agreement was terminated on November 1, 2021, The Company requested reimbursement of CA $ 44,109 for unearned charges.
The Company continues to evaluate third party service providers to increase brand and product awareness. The engagement of these parties will be subject to acceptance by the TSX Venture Exchange.
About NEXE Innovations Inc.
NEXE Innovations Inc. is a leader in plant-based compostable technology and advanced material manufacturing based in British Columbia, Canada. The company has developed one of the only patented, fully compostable, plant-based single-use coffee pods for use in leading single-use coffee machines. The exclusive NEXE pod is designed to reduce the significant environmental impact caused by single-use pods, of which more than 50 billion are thrown away each year. With over $ 60 million raised to date through private and public funds and over six years of R&D, NEXE is well positioned to meet the growing demand for environmentally friendly and sustainable products in the world. single-serve coffee industry and beyond. Learn more: https://nexeinnovations.com/.
ON BEHALF OF THE BOARD OF DIRECTORS ANNEX INNOVATIONS INC.
s / “Ash Guglani” __________________________________Ash guglani, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution 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, the ability to create further opportunities for environmentally friendly compostable packaging, the development of technologies, the potential the Company’s technology, future plans, regulatory approvals, and other matters. Forward-looking statements consist of statements which are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking terms such as “will”, “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or this or similar variations. The reader is cautioned that the 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 expected, due to many known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, including, but not limited to. ” limit, the and conditions of the capital market, the ability to manage operating expenses, demand and consumer sentiment towards the Company’s products, security threats and dependence on the key personnel. These statements and information are based on numerous assumptions about current and future business strategies and the environment in which the Company will operate in the future, including demand for its products, anticipated costs and the ability to meet objectives. Factors that could cause actual results to differ materially from those of forward-looking statements include failure to obtain regulatory approval, continued availability of capital and financing, equipment failures, litigation, increase operating costs, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, competition, non-compliance by counterparties with their contractual obligations, government regulations, loss employees and key consultants and general economic, market or business conditions. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Nexe Innovations Inc.