VANCOUVER, BC, Canada – NEXE Innovations Inc. announces that the audited financial statements for the year ended May 31, 2021, the related management’s discussion and analysis, and associated officer’s certifications (collectively, the “Annual Filings”) have been filed with the applicable securities commissions and are available on www.sedar.com. During the year end May 31, 2021, the Company achieved the following key milestones for commercializing the fully compostable NEXE pod:
- NEXE Pod for use in Keurig brewing systems is compostable in as little as 35 days.
- NEXE Premium Espresso pods that are compatible with Nespresso® OriginalLine achieved 100% breakdown by composting within 10 weeks.
- Completed factory and site acceptance testing for dosing and sealing machines for the NEXE Pod in the Nespresso OriginalLine Format.
- Completed commercialization of the NEXE Soluble Pod (i.e., Superfoods like MCT, Keto and Mushroom)
- Announced Pilot Launch Nespresso Original Line compostable capsule subsequent to the end of year and soon to add more roast profiles (NexeCoffee.com).
With cash and cash equivalents totaling CAD$50,726,731 and working capital of CAD$49,501,770 as at May 31, 2021, NEXE is well-positioned at the forefront of advanced material manufacturing and automation to meet the growing demand for environmentally friendly sustainable products in the single-serve coffee sector and beyond.
At the Company’s request, the British Columbia Securities Commission granted a management cease trade order (the “MCTO”). The application for the MCTO was made by the Company in connection with an anticipated delay in the Annual Filings.
As the Annual Filings are now filed, the Company anticipates the MCTO will be revoked in the coming days. While the MCTO remains in effect, the general investing public will continue to be able to trade the Company’s securities. However, for the duration of the MCTO, the Company’s management will not be able to trade in the Company’s securities.
The delay in completing the Annual Filings was due to challenges in obtaining accounting information as it transitioned from a private organization to a public company and staffing delays resulting from the Covid-19 pandemic.
NEXE confirms that there are no solvency proceedings against the Company as of the date herein. NEXE also confirms that there is no material information concerning the affairs of the Company that have not been disclosed as of the date herein.
