NEXE and Rritual Sign Deal to Collaborate on New Superfoods Products in NEXE Compostable Pods
NEXE Innovations Inc. has signed a non-binding letter of intent with Rritual Superfoods Inc. to form a strategic alliance aimed at combining their strengths in product development. This partnership focuses on innovative adaptogens and fully compostable packaging to enhance customer experience. The initial product will be branded as Rritual Superfoods Pod 'powered by NEXE.' With mass retailers phasing out non-biodegradable pods, this collaboration aims to meet growing consumer demand for sustainable products in the superfood sector.
- Strategic partnership with Rritual to enhance product offerings.
- Focus on fully compostable packaging aligns with consumer demand for sustainability.
- Access to CROSSMARK's network of over 3,000 retailers for distribution.
- None.
VANCOUVER, BC, May 20, 2021 /PRNewswire/ - NEXE Innovations Inc. ("NEXE" or the "Company") (TSXV: NEXE) (OTC Markets: NEXNF) (Frankfurt: NX5), is pleased to announce that it has signed a non-binding letter of intent dated May 15, 2021 with Rritual Superfoods Inc. ("Rritual") (CSE: RSF) (FWB: 0RW) The parties plan to form a strategic alliance leveraging the combined strengths of each organization. Rritual's product development for innovative adaptogens, combined with NEXE's plant-based, single serve packaging, will maximize the consumer experience.
"NEXE is thrilled with our first strategic partnership" stated Darren Footz, CEO of NEXE. "Aligning with Rritual will increase sales for fully-compostable capsules delivering on our mission to eliminate single use plastic. The single serve format will enhance the superfood experience and we look forward to working with Rritual to meet their compostable packaging needs."
NEXE and Rritual will work together, building on their initial feasibility work, which includes product testing in the areas of taste profile and mixability. The anticipated initial product will be branded as Rritual Superfoods Pod 'powered by NEXE.' This product line will be added: to Rritual's current SKUs for online sales; to CROSSMARK sales and distribution network, which includes over 3,000 retailers; and made available to other current and future retailers. Mass retail buyers have indicated that non-biodegradable plastic beverage pods will be phased out of stores in the future, necessitating innovation and leadership.
"Rritual aims to define the superfoods category throughout the North American retail landscape, driving consumer loyalty with unmatched products that can be held to the highest standard on all fronts," noted Rritual CEO, Mr. David Kerbel. "Together, Rritual and NEXE can achieve a shared set of objectives, demonstrating best practices for plant-based, compostable packaging for an exclusive line of beverage products – something we see today as critical to our brand promise, but which in the future will be necessitated, as mass retail buyers we are working with have indicated."
About Rritual
Rritual is a functional superfood company that creates plant-based elixirs, which support immunity, focus and relaxation. The company is poised to dominate a segment where demand and sales are growing exponentially under the executive leadership with over 100 years of CPG pedigree.
About NEXE
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
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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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SOURCE Nexe Innovations Inc.
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