VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 26, 2016) - Solegear Bioplastic Technologies Inc. (the "Company" or "Solegear") (TSX VENTURE:SGB) today announced its unaudited financial results for the three and nine months ended November 30, 2015.
Solegear remains in the early stages of commercialization, and reports a net and comprehensive loss of $951,649 and $3,240,474 for the three and nine months ended November 30, 2015 respectively compared to a net and comprehensive loss of $789,087 and $1,840,488 for the three and nine months ended November 30, 2014 respectively.
The Company completed both a "go public" and a "recapitalization" transaction in March 2015. Included in the reported net and comprehensive losses for the nine months ended November 30, 2015 are $680,090 of mainly non-cash costs related to completing those transactions.
Solegear had cash reserves of $321,119 at November 30, 2015. The Company received $373,619 in new loans under the WINN program from Western Economic Diversification Canada since quarter end.
Solegear continues its progress toward commercialization. Over the past year, the Company has:
- actively built its sales funnel to include over 20 major brands;
- grown its annualized projected booked sales to $300,000, totaling an estimated one million units to be shipped annually;
- together with r-pac International, is collaborating with a major US-based consumer electronics retailer to produce smartphone case packaging using Solegear's Traverse ® TF4000 plant-based material, in support of the most recent phone release from a market share leader; and
- announced a supplier and exclusivity agreement with Columbia Plastics to acquire a book of business for office products.
"In the third quarter the team successfully began to convert our sales funnel to booked sales orders"' said Paul Antoniadis CEO of Solegear. "As we close out the fourth quarter and head into the next fiscal year, the focus continues to be on converting our sales funnel into booked sales, executing on our recently announced office products, commercial packaging booked sales orders, continuing to grow our sales pipeline with major brands, and exploring additional opportunities to expand our product and customer portfolios."
The Company's financial statements and other disclosures are available on SEDAR.
The Company's corporate profile is located at www.solegear.ca/investors
About Solegear Bioplastic Technologies Inc.
Solegear Bioplastic Technologies Inc. (TSX VENTURE:SGB) is an innovator in the field of next generation bioplastics made from annually renewable plant-based sources. Committed to the principles of Green Chemistry, Solegear is driven by its mission to create healthier, safer and stronger communities by fundamentally changing the way plastics are made.
Solegear's proprietary bioplastic formulations, Polysole ® and Traverse ® , are designed to meet today's social and corporate requirements to lower carbon emissions, reduce waste and remove toxicity typically associated with traditional petroleum-based plastics. Together with its partners, Solegear custom engineers, produces and distributes its high-performance bioplastics as resin, sheets and finished goods with some of the highest percentages of renewable, plant-based materials currently available in the industry.
For more information: www.solegear.ca
On behalf of the Company:
Paul Antoniadis, Chief Executive Officer and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibilities for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such factors include, among others, the risk that: (i) that recent commercial announcements do not get executed as forecasted, (ii) that the Company's sales pipeline does not convert into revenue generating customers as anticipated, and (iii) that suitable growth opportunities are not identified.
When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
Other than as required under securities laws, we do not undertake to update this information at any particular time.
Forward-looking information contained in this news release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.
