VANCOUVER, BC, Canada – NEXE Innovations Inc., 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.
