Loop Industries Completes and Expands Supply Agreement With Danone for 100% Sustainable PET
02/12/2019 | 07:31am EST
MONTREAL, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Loop Industries, Inc. (Nasdaq: Loop) (“Loop” or the “Company”), a leading technology innovator in sustainable plastic for packaging, today announced that it has completed a multi-year supply agreement with Danone SA (Euronext: BN) (“Danone”), one of the world’s leading global food & beverage companies. Danone will purchase 100% sustainable and upcycled Loop™ branded PET from Loop’s joint venture facility with Indorama Ventures Limited in the United States for use in brands across its portfolio including evian®, Danone’s iconic natural spring water.
“On behalf of our team, I’d like to thank Danone for their continued support and commitment to Loop, sustainability and the circular economy,” said Daniel Solomita, Founder & CEO of Loop Industries. “We are pleased to see our relationship extend to now include the supply of Loop™ branded PET resin to other of Danone’s exciting brands.”
About Loop Industries, Inc.
Loop Industries, Inc. is a technology and licensing company whose mission is to accelerate the world’s shift toward sustainable plastic and away from our dependence on fossil fuels. Loop owns patented and proprietary technology that depolymerizes no and low value waste PET plastic and polyester fiber, including plastic bottles and packaging, carpet and polyester textile of any colour, transparency or condition and even ocean plastics that have been degraded by the sun and salt, to its base building blocks (monomers). The monomers are filtered, purified and repolymerized to create virgin-quality Loop™ branded PET plastic resin and polyester fiber suitable for use in food-grade packaging to be sold to consumer goods companies to help them meet their sustainability objectives. Through our customers and production partners, Loop is leading a global movement toward a circular economy by raising awareness of the importance of preventing and recovering waste plastic from the environment to ensure plastic stays in the economy for a more sustainable future for all.
Common shares of the Company are listed on the Nasdaq Global Market under the symbol “LOOP.”
Forward-Looking Statements This news release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond Loop's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) commercialization of our technology and products, (ii) our status of relationship with partners, (iii) development and protection of our intellectual property and products, (iv) industry competition, (v) our need for and ability to obtain additional funding, (vi) building our manufacturing facility, (vii) and our ability to sell our products in order to generate revenues, (viii) our proposed business model and our ability to execute thereon, (ix) adverse effects on the Company’s business and operations as a result of increased regulatory, media or financial reporting issues and practices, rumors or otherwise, and (x) other factors discussed in our subsequent filings with the SEC. More detailed information about Loop and the risk factors that may affect the realization of forward looking statements is set forth in our filings with the Securities and Exchange Commission (SEC). Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. Loop assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.