NEXE Provides Governance and Corporate Update
NEXE Innovations Inc. (TSXV: NEXE, OTC: NEXNF) announced key corporate governance updates as it prepares for its first anniversary on TSXV. Graham Gilley has been appointed Lead Independent Director, and a Compensation Committee of independent directors has been formed. Additionally, CFO Ed Duda will resign effective January 17, 2022, due to outside opportunities, prompting a search for a successor. NEXE emphasizes its commitment to best practices in corporate governance despite not being mandated by securities regulations.
- Appointment of Graham Gilley as Lead Independent Director to enhance governance.
- Formation of a Compensation Committee with independent directors, promoting transparency.
- Resignation of CFO Ed Duda could lead to potential instability during the transition to a new financial leader.
VANCOUVER, BC, Dec. 8, 2021 /PRNewswire/ - NEXE Innovations Inc. ("NEXE" or the "Company"), (TSXV: NEXE) (OTC Markets: NEXNF) (Frankfurt: NX5), a leader in plant-based materials manufacturing, is pleased to announce that, as part of its on-going initiative to progress its corporate governance practices leading up to its first year anniversary of its TSXV listing, the Board of Directors of NEXE has unanimously appointed Graham Gilley as the Lead Independent Director and formed a Compensation Committee constituted entirely of independent directors with Haytham Hodaly serving as its Chair. Among other things, the Lead Independent Director will serve as a liaison between the Board and management, review and provide input on Board meeting agendas, preside over any meeting at which the Chair is not present, call meetings of the independent Directors when necessary and appropriate, and apprise the Chair of the issues considered at such meetings. NEXE is not required under securities laws to adopt these corporate initiatives and is doing so as part of its commitment to adopt best practices across its growing organization.
NEXE is also announcing that the Company accepted Ed Duda's resignation from his role as Chief Financial Officer of the Company effective January 17, 2022 to pursue opportunities outside of the Company. NEXE wishes Mr. Duda success in his future endeavors. The Company has initiated a search for a permanent Chief Financial Officer with the requisite capabilities, qualifications and experience to help accelerate Nexe's growth and the on-going commercialization of its products.
*NEXE Innovations Inc. is not affiliated with, endorsed, or sponsored by Keurig®. Keurig® is a registered trademark of Keurig Dr Pepper Inc.
About XOMA Superfoods
XOMA Operations Inc. is a subsidiary of NEXE Innovations Inc. XOMA Superfoods produces and distributes high-quality coffee and superfood ingredients packaged exclusively in single-serve, fully compostable, plant-based pods. Learn more: https://xomasuperfoods.com/and find XOMA on Instagram at @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, >50 billion of which 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, the NEXE Keurig compatible pod, the XOMA Superfoods product lines, development of the NEXE Mask, and increase production capacity, growth in our distrubtion channels, creation of 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, dependence on key personnel, shortage of qualified personnel and supply chain disruptions. 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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