NEXE Announces Plant Expansion, Doubling its Operating Footprint
VANCOUVER, BC, Jan. 20, 2021 /CNW/ - NEXE Innovations Inc. ("NEXE" or "the Company") (TSXV: NEXE) is pleased to announce the expansion of its research, development and manufacturing facility in Surrey, BC. The Company will be doubling its footprint from its existing approximate 10,000 sq. ft. to approximately 20,000 sq. ft. The expansion will include increased space for laboratories, factory floor and offices.
"Our company is poised for immediate growth in production capacity, research activity, and personnel," said CEO of NEXE Darren Footz. "This expansion will accelerate our product development pipeline and allow us to rapidly increase our capacity for high-speed manufacturing. By adding the space adjacent to our current facility, we will be able to efficiently integrate the various aspects of our business and continue our progress across the board."
The new space consists of more than 8000 sq. ft. production floor and roughly 2,000 sq. ft. of office space to be used as an innovation center for current and new product development. This plant expansion will house key equipment for manufacturing of the Company's compostable beverage pods in both K-Cup and Nespresso formats. NEXE will also use the space for order fulfillment as part of the launch of XOMA Superfoods.
"Our research and development center will be fully integrated as part of this facility," said Chief Scientific Officer Zachary Hudson. "Our product engineering team will be able to rapidly prototype new product designs in the labs by additive manufacturing, and immediately deploy those innovations on the production floor."
NEXE will take possession of the additional manufacturing space on February 1st 2021, with planned expansion into additional offices on March 1st 2021.
About NEXE Innovations Inc.
NEXE Innovations Inc. is a leader in plant-based compostable technology and advanced materials innovation 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 existing major single-serve coffee machines. The proprietary NEXE pod is designed to reduce the significant environmental impact caused by single-serve pods (+40 billion plastic pods discarded every year). With over $35M raised (equity and government funding) to date 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.
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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, and increase production capacity, 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.
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.
SOURCE Nexe Innovations Inc.
Ash Guglani, President and director; Kelsey Letham, Investor Relations at 604-359-4731 or visit: nexeinnovations.com
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