NEXE Innovations terminates its engagement with Electrik Dojo LLC and GSM
NEXE Innovations Inc. a Vancouver based coffee company, terminates its previous business engagement with Electrik Dojo LLC and Gold Standard Media LLC.
The termination of its investor relations agreement with Electrik Dojo, who was engaged on December 21, 2020 to facilitate market study on an as needed basis where NEXE paid Electrik Dojo a total of US $770,000 due to the reason that 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 promote NEXE brand among consumers and the Company's shares among investors. The engagement was for an aggregate cost of CDN $350,000 for a term of twelve months. An affiliate of GSM, Wallace Hill Partners Ltd., 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.
NEXE 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.
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 50 billion of which are discarded every year. With over $60 million raised to date from equity and government funding and over six 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.