VANCOUVER, BC, May 19, 2021 /CNW/ - NEXE Innovations
Inc. ("NEXE" or the "Company") (TSXV: NEXE) (OTC Markets:
NEXNF) (Frankfurt: NX5), is pleased to announce that its has
installed its proprietary equipment for the assembly of its
fully-compostable Nespresso-compatible pods (the "Assembly Line")
and the Assembly Line has passed its Site Acceptance Test ("SAT")
at NEXE's facility. This innovative Assembly Line is the final
piece of highly customized equipment required to launch NEXE's
fully compostable Nespresso-compatible pod in early Q3 2021. SATs
are used to validate the functionality of equipment on-site
following its installation.
"With our proprietary assembly line successfully installed,
this will enable us to commercialize our Nespresso-compatible,
compostable pods on schedule," said Ash Guglani, President of
NEXE. "We launched a fully compostable pod compatible with
Keurig single-serve brewing systems earlier in 2021 with our
in-house brand, XOMA Superfoods, and plan to expand our product
offerings in Q3 with a Nespresso-compatible pod."
NEXE now has custom automation equipment for the production of
the two leading single-serve formats, being Keurig-compatible and
Nespresso-compatible pods, and will continue to purchase additional
equipment to increase production as required to fulfill growing
sales.
SATs require that the equipment successfully complete production
while following all process parameters and requirements. The
manufacturer also sends its representatives to witness and verify
the test. The Nespresso-compatible automation demonstrates that
NEXE's plant-based materials can be assembled at production speed
proving the scalability of the technology. This Assembly Line will
form the basis for additional production-scale equipment which will
increase production capacity to an estimated 50 million NEXE
Nespresso-compatible pods.
More than 56 billion single-serve capsules are discarded to the
landfill every year, equivalent to over 400 pods per
second.1 Virtually all of these end up in
landfill, with consumption of single-serve pods continuing to grow
at an estimated 8.5% per year.2 With the
launch of NEXE's Nespresso-compatible pod, the Company aims to
provide a sustainable alternative to consumers while delivering a
great cup of coffee.
This new product is the culmination of NEXE's two-year
partnership with Innovative Solutions Canada, which awarded the
Company $1M to support its
development (previously announced January
14, 2021). The Company is pleased to have executed on all
project milestones on time and in full.
"Developing a compostable Nespresso-style pod required
innovation in materials design, composting performance, and
high-speed automation. We're extremely excited to see this all come
together with this upcoming product launch," said Zachary Hudson, Chief Scientific Officer at
NEXE.
About XOMA Superfoods
XOMA Operations Inc. is a wholly owned subsidiary of NEXE
Innovations Inc. Xoma Superfoods produces and distributes
high-quality coffee and superfood creamers packaged exclusively in
single-serve, fully compostable, plant-based pods.
xoma.ca
instagram.com/xomasuperfoods/
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 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.
ON BEHALF OF THE BOARD OF DIRECTORS
NEXE INNOVATIONS INC.
"Darren Footz"
Darren Footz, Chairman and
CEO
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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 proposed use of
proceeds, commercialization of the NEXE Pods, including the NEXE
Nespresso Compatible Pod, increase production capacity, demand
and/or sales of its products, 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 "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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1
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https://www.newstalk.com/news/over-56-billion-coffee-capsules-to-go-to-landfill-this-year-492445
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2
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https://www.globenewswire.com/news-release/2020/03/16/2000705/0/en/Global-Coffee-Pod-and-Capsule-Market-is-Expected-to-Reach-USD-29-2-Billion-by-2025-Fior-Markets.html
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SOURCE Nexe Innovations Inc.