VANCOUVER, BC, Nov. 2, 2021 /PRNewswire/ - 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
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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.
