Solegear Announces Financial Results for the Three and Six Months Ended August 31, 2015Thursday, November 5, 2015
Vancouver, BC, November 5, 2015--(T-Net)--Solegear Bioplastic Technologies Inc. (TSX VENTURE:SGB) today announced its unaudited financial results for the three and six months ended August 31, 2015.
Solegear remains in the early stages of commercialization reporting a net and comprehensive loss of $1,022,136 and $2,288,825 for the three months ended and six months ended August 31, 2015 compared to reporting a net and comprehensive loss of $519,310 and $1,051,401 for three and six months ended August 31, 2014.
The Company completed both a "go public" and a "recapitalization" transaction in March 2015. Included in the reported net and comprehensive losses for the six months ended August 31, 2015 are $680,090 of costs related to completing those transactions.
Solegear had $431,372 in cash reserves at August 31, 2015, and the Company completed a private placement on September 30, 2015 raising an additional $540,000 in gross receipts.
"Our Q2 financials meet our expectations, while continuing to grow our sales pipeline with major brands," said Paul Antoniadis, CEO of Solegear. "Heading into the next two quarters, our focus will be on executing recently announced office products and packaging commercial orders, converting our sales pipeline 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 atwww.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
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 (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.
Solegear Bioplastic Technologies Inc.
Chief Executive Officer and Director
604-684-6730 / 1-866-684-6730 (Toll-Free)
Vancouver (Other Tech Sectors)
Solegear Bioplastics Inc.
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