VANCOUVER, BC, May 20, 2021 /CNW/ - NEXE Innovations Inc. ("NEXE" or the "Company") (TSXV: NEXE) (OTC Markets: NEXNF) (Frankfurt: NX5), is pleased to announce that it has signed a non-binding letter of intent dated May 15, 2021 with Rritual Superfoods Inc. ("Rritual") (CSE: RSF) (FWB: 0RW) The parties plan to form a strategic alliance leveraging the combined strengths of each organization. Rritual's product development for innovative adaptogens, combined with NEXE's plant-based, single serve packaging, will maximize the consumer experience.
"NEXE is thrilled with our first strategic partnership" stated Darren Footz, CEO of NEXE. "Aligning with Rritual will increase sales for fully-compostable capsules delivering on our mission to eliminate single use plastic. The single serve format will enhance the superfood experience and we look forward to working with Rritual to meet their compostable packaging needs."
NEXE and Rritual will work together, building on their initial feasibility work, which includes product testing in the areas of taste profile and mixability. The anticipated initial product will be branded as Rritual Superfoods Pod 'powered by NEXE.' This product line will be added: to Rritual's current SKUs for online sales; to CROSSMARK sales and distribution network, which includes over 3,000 retailers; and made available to other current and future retailers. Mass retail buyers have indicated that non-biodegradable plastic beverage pods will be phased out of stores in the future, necessitating innovation and leadership.
"Rritual aims to define the superfoods category throughout the North American retail landscape, driving consumer loyalty with unmatched products that can be held to the highest standard on all fronts," noted Rritual CEO, Mr. David Kerbel. "Together, Rritual and NEXE can achieve a shared set of objectives, demonstrating best practices for plant-based, compostable packaging for an exclusive line of beverage products – something we see today as critical to our brand promise, but which in the future will be necessitated, as mass retail buyers we are working with have indicated."
About Rritual
Rritual is a functional superfood company that creates plant-based elixirs, which support immunity, focus and relaxation. The company is poised to dominate a segment where demand and sales are growing exponentially under the executive leadership with over 100 years of CPG pedigree.
About NEXE
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 40 billion are discarded every year. With over $64M 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.
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