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Summary
- Canada-headquartered superfood company Rritual Superfoods has signed an agreement with innovative materials firm NEXE Technologies.
- The collaboration will establish a strategic alliance leveraging the strengths of the two parties to develop and commercialise innovative superfood-based beverage products.
- The two companies would work together to meet the sustainable and compostable packaging requirements for Rritual’s innovative superfood beverages.
Rritual Superfoods Inc (RSF:CSE) has executed a non-binding Letter of Intent (LOI) with NEXE Technologies Corp (TSXV:NEXE). The agreement will establish a strategic alliance leveraging the combined strengths of both companies in developing and marketing innovative superfood-based beverage products. Rritual Superfoods disclosed that the products would use the proprietary plant-based, compostable packaging developed by NEXE.
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Rritual is a developer of plant-based elixirs, which enhance health and wellness. On the other hand, Vancouver, Canada-based NEXE Technologies is an innovative materials firm that develops plant-based products.
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Key highlights of the Letter of Intent
- The Letter of Intent highlights the intent of Rritual and NEXE to collaborate and develop a line of innovative superfood-based beverages.
- With the collaboration, Rritual will establish best practices in plant-based, compostable packaging to satisfy retail and consumer demand.
- As per mass retail buyers, stores will do away with non-biodegradable plastic beverage packaging in the future, necessitating innovation and leadership.
- The two partners will work together to meet the sustainable and compostable packaging requirements for Rritual’s products.
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Management Commentary
Mr David Kerbel, CEO of Rritual, commented:
Adding to this, Darren Footz, CEO of NEXE, said:
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NEXE in a nutshell
- NEXE is an innovative materials firm engaged in designing, manufacturing, and leveraging disruptive technology to develop plant-based materials.
- The group was founded in 2015. To tackle the problem of non-biodegradable plastic, NEXE used 3D printing to design, prototype, and patent the world's first compostable single-serve coffee pod.
- NEXE is a frontrunner in plant-based material manufacturing with over five years of scientific testing.
- NEXE POD is the first commercial product of NEXE Technologies.
On 20 May 2021, RSF shares closed the day’s trade at CA$0.60.
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