NEXE Innovations Announces Quarterly Q1 2023 Financial Results for the Three-Month Period Ended August 31, 2022 – QNT Press Release

VANCOUVER, BC, Oct. 31, 2022 /PRNewswire/ – NEXE Innovations Inc. (“NEXE” or the “Company”) (TSXV:NEXE) (Frankfurt: NX5) (OTC:NEXNF), a compostable and innovative materials company, is pleased to announce its financial results for the three-month period ended August 31, 2022 (“Q1 2023”).

NEXE continues to make progress on transitioning to a vertically integrated and injection molding manufacturing process, including manufacturing components in-house. NEXE has a solid operational footprint and its 54,000 square feet facility in Windsor, Ontario is on track to start production by the end of the year. The vertically integrated manufacturing process has many benefits from reducing supply chain risk, providing greater quality control and reducing operational costs. Costs are expected to further benefit as operations scale and as material costs will be locally sourced.

A key priority for NEXE is to build a strong customer base focusing on the private label and co-manufacturing segments of the market. Currently, NEXE is in active discussions with several potential clients within the co-manufacturing and private label segments to fill its capacity as it comes online throughout 2023 and beyond. Recently, NEXE signed its first US purchase order as part of a partnership with Awaken Brands Ventures Ltd. NEXE will be providing its fully compostable and proprietary pod for Awaken Brands’ “ecobeans coffee” and “Urban Hippie” product lines. The partnership with Awaken Brands is expected to …

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