NEXE Innovations Announces the Sale of its Surrey Facility for $5.7 million
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The Surrey Facility cost
$2.4 million , including tenant improvements, and was debt-free. NEXE has a solid cash position of over$10 million as of Q3 2024 and the additional non-dilutive$5.7 million cash proceeds will be invested in operations, sales, and marketing.
- The vertically integrated Windsor Facility will be the primary location for operations and is a key part of the strategy. Each part of the manufacturing process, including the proprietary plant-based resin, will be manufactured in-house.
The
"We believe our move to reshore all of our operations and bring each step of the manufacturing process in-house gives us a competitive edge, ensuring we can offer superior products at a competitive price," stated
NEXE's fully integrated manufacturing facility in
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For investor relations contact:
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invest@nexeinnovations.com
Office +1-604-359-4725
Mobile +1-604-359-4742
For media relations contact: media@nexeinnovations.com
Neither the
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this release are forward-looking statements or information, which include, but are not limited to, statements in respect of the Company's use of the cash proceeds from the sale of the Surrey Facility, the Company's expectations of the impact of its vertically integrated facility, and the Company's overall business strategy, increases in production and revenue, and the Company's long-term growth and development plans. 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 those risks set out in the Company's management's discussion and analysis for year ended
Factors that could cause the actual results to differ materially from those in forward-looking statements include, receipt of necessary approvals 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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