During the year end
- 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
At the Company's request, the
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.
About
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "Ash Guglani"
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Neither the
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future plans of the Company and the revocation of the MCTO. 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 "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, timing and approval of revocation of the MCTO, business, economic and capital market conditions, the ability to manage operating expenses, consumer demand for and sentiment towards the Company's products, single use beverage pods, and compostable products, security threats, and dependence on key personnel. 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. 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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