June 17, 2016— (Vancouver, BC) Solegear Bioplastic Technologies Inc. (the “Company” or “Solegear”) (TSX-V:SGB) today announced its audited financial results for the 12 months ended February 29, 2016.
Solegear remains in the early stages of commercialization, and reports a net and comprehensive loss of $4.2 Million for the fiscal year ended February 29, 2016 and $2.5 Million for the year ended February 2015. Solegear had cash reserves of $0.7 Million at February 29, 2016 compared to $0.1 Million in 2015.
“The Solegear team successfully commenced commercialization in 2016, and we look forward with high expectations for the future. Demand for our plant-based packaging and products continues to gain traction, and we remain committed to being a leader in the industry,” said Paul Antoniadis CEO of Solegear. “We are anticipating revenue growth to be no less than 10 fold in fiscal 2017 and to accelerate from there.”
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-V: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
Investor Contact: Media Contact:
Caleb Jeffries Elisha McCallum
Kin Communications FleishmanHillard Vancouver
604-684-6730 / 1-866-684-6730 (Toll-Free) 778-668-0185
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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.