Solegear Achieves Growth Milestones: Closes $4.2 Million Financing and Commences Trading on TSX Venture ExchangeMonday, April 27, 2015
Financing and listing position Solegear for growth in 2015, with new US market partnerships expected to bring bioplastics further into the mainstream
Vancouver, BC, April 27, 2015--(T-Net)--Solegear Bioplastic Technologies Inc. (TSX.V - SGB), a Vancouver-based company that develops, produces and distributes high-performance bioplastics, announce earlier this month that it has commenced trading on the TSX Venture Exchange (TSX-V), under the symbol SGB.
In conjunction with the listing, Solegear completed a $4.2M financing round that will continue to support the company's growing sales and marketing, and product development and delivery activities.
“This is an important day for Solegear's customers, partners, shareholders and employees. It recognizes the dedication that the entire team has put in to making Solegear a leading bioplastics company, focused on capturing the potential of the half a trillion dollar global plastics market,” said Toby Reid, CEO of Solegear Bioplastic Technologies Inc. “We are certainly excited for what we have achieved to date, both technically and commercially, but we are much more enthusiastic about the opportunities that lie ahead of us, and the significant expansion that we are aiming for as a result.”
Over the last few months, Solegear has secured several partnerships to enhance its ability to further commercialize its unique bioplastics formulations to customers in the US market, including:
Solegear's proprietary formulations are composed of two families of bio-based plastics, Polysole® and Traverse®, made from annually renewable plant-based sources using green chemistry.
Polysole®, a bio-based, recyclable and compostable plastic is an award-winning material made for thermoformed and injection molded rigid consumer packaging applications.
Solegear's Traverse® is a bio-based and recyclable plastic that is designed for very demanding applications in the rigid consumer packaging and durable goods markets. These markets combined represent a $35 billion total addressable opportunity for Solegear in North America alone.
In addition, Solegear has retained the services of investor relations firm Kin Communications Inc.. Kin is one of Canada's leading full-service investor relations firms, with a proven track record of generating interest in their clients, building an active shareholder base, and solidifying communications that differentiates clients from their peers.
Kin will be paid $120,000 plus GST for an initial term of 12 months, and will be granted an option to purchase 500,000 common shares of the Company, exercisable at $0.30 cents per share. The option will vest at a rate of 25% per quarter from the date of the grant and will be exercisable for a period of 5 years. The agreement and the grant of options are subject to board approval.
In addition to the options, the Company has been advised that, Kin and its principals own 580,000 common shares and 290,000 warrants of the Company.
For more information about Solegear, please visit the website at www.solegear.ca
About Solegear Bioplastic Technologies Inc.
Solegear Bioplastic Technologies Inc., based in Vancouver, British Columbia, is an innovator in the field of next-generation plastics. The Company is an advanced materials firm that engineers, produces and distributes high-performance bioplastics (bioplastics are a category of plastics that are bio-based, compostable, or both). Founded in 2006, Solegear has developed, and is commercializing, proprietary bioplastics technologies that utilize annually renewable plant-based ingredients formulated using green chemistry, to address the growing North American market opportunity for rigid consumer packaging and durable plastic goods. www.solegear.ca
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the anticipated growth of the Company's business and commercialization of its products. Such statements and information reflect the current views of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
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 following risks:
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.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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Solegear Bioplastics Inc.
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