WINDSOR, ON, April 29, 2024 /CNW/ - NEXE Innovations Inc. ("NEXE", the "Company", "we", "us" or "our") (TSXV:NEXE) (Frankfurt: NX5) (OTC:NEXNF), a leader in innovative compostable materials solutions, announces its financial results for the three-month period ended February 29, 2024 ("Q3 2024"). NEXE has a strong focus on creating sustainable alternatives to reduce plastic pollution and is delivering significant progress through its flagship product – the NEXE Pod, a BPI-certified compostable coffee pod. In Q3 2024, NEXE continued to work with potential business-to-business (B2B) customers. NEXE is engaged in several discussions with coffee companies of various sizes. These companies have tested various samples, conducted their due diligence, and engaged in discussions with their end customers, including grocery chains and online distributors, to help forecast demand and contractual details. During the quarter, NEXE's founders also attended B2B conferences, including a large private-label conference in Jacksonville, Florida (ECRM) and the Specialty Coffee Expo in Chicago, Illinois. Our management believes that the target market received the NEXE Pod well, which has led to several leads and discussions.  "We believe our position within the market is not just strong; it's strategic and forward-thinking. With a tested, BPI-certified compostable product and a fully integrated production facility where we craft our own resin, we are setting a new standard in sustainable production," stated Ash Guglani, President and Co-founder of NEXE, "As a start-up that is bringing a disruptive product to the market, there was a more involved education and validation process as part of the sales cycle with our initial customer conversations. We expect these timelines to improve as we refine our approach. However, due to the caliber of the partners we engage with, the process will naturally remain thorough, and a typical sales cycle will take months". Highlights: We believe we are leaders in the compostable coffee pod space. Both Keurig and Nespresso are investing in developing sustainable alternatives for their coffee pods.1 Keurig still needs to beta test its product and will require consumers to purchase a new machine.2 Nespresso has a more paper-based product, which they have piloted in Switzerland and France, and differs greatly from the NEXE Pod.3 NEXE is one of the few hard-bottomed, fully enclosed pods certified compostable by a third party – the BPI Institute. We believe it is positive for the coffee market and consumers that the largest players are also starting to invest in alternatives to plastic and aluminum. Given the size of the market, there is an opportunity for many players to compete. We believe NEXE will be a strong competitor in this market, given its vertically integrated operations and strategy, and that the NEXE Pod will be price competitive compared to the traditional plastic/aluminum offerings. The new non-plastic version that is expected to be introduced by Keurig is likely to be priced at a premium.4 _______________________ 1 "Nespresso, Keurig have new coffee pods coming designed to put an end to all the garbage", accessed April 29, 2024. ...