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NEXE Innovations Announces the Sale of its Surrey Facility for $5.7 million
NEXE Innovations Announces the Sale of its Surrey Facility for $5.7 million Canada News...
About this update from Nexe Innovations Inc
[{"type":"text","content":"\n\n\n\n NEXE Innovations Announces the Sale of its Surrey Facility for $5.7 million\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n The Surrey Facility cost\n \n $2.4 million\n \n , including tenant improvements, and was debt-free. NEXE has a solid cash position of over\n \n $10 million\n \n as of Q3 2024 and the additional non-dilutive\n \n $5.7 million\n \n cash proceeds will be invested in operations, sales, and marketing.\n \n\n\n\n\n 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.\n \n\n\n\n\n\n WINDSOR, ON\n \n\n ,\n \n\n July 31, 2024\n \n\n /CNW/ - NEXE Innovations Inc. (\"NEXE\", the \"Company\", \"we\", \"us\" or \"our\") (TSXV: NEXE) (Frankfurt: NX5) (OTC: NEXNF), a leader in innovative compostable materials solutions, is pleased to announce that it has closed on the sale of its original facility in\n \n Surrey, B.C\n \n for a total purchase price of\n \n $5.7 million\n \n . The facility was purchased in\n \n June 2016\n \n for\n \n $1.37 million\n \n , and NEXE spent an additional\n \n ~$1.0 million\n \n on tenant improvements for a total initial investment of approximately\n \n $2.4 million\n \n . At the time of the sale, the Surrey Facility was debt-free. NEXE has a solid cash position of over\n \n $10 million\n \n as of Q3 2024 and the additional proceeds of\n \n $5.7 million\n \n will be invested in operations, sales, and marketing.\n \n\n\n\n\n\n\n\n\n The\n \n Surrey\n \n facility was primarily used for R&D and developing the first versions of our compostable coffee pods. However, we realized that in addition to introducing compostable products that we believe perform as well as plastic, we needed to be competitive on price. To achieve this goal, we vertically integrated our operations and built a facility with advanced manufacturing technology in\n \n Windsor, Ontario\n \n . This facility al...