VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 30, 2017) - 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, 2016.
Solegear reports revenues of $384,831 and $1,375,980 for the three and nine months ended November 30, 2016 compared to revenues of $57,175 and $62,519 for the three and nine months ended November 30, 2015 respectively. The Company reports a net and comprehensive loss of $823,346 and $2,317,987 for the three and nine months ended November 30, 2016 compared to a net and comprehensive loss of $951,649 and $3,240,474 for the three and nine months ended November 30, 2015 respectively.
The Company had cash reserves of $555,201 at November 30, 2016 and subsequently received $1,339,224 in gross new private placement proceeds as announced on December 21, 2016.
Q3 2016 Highlights:
- achieved projected sales growth and on track to deliver forecasted fiscal year revenues of $2 million;
- launched its good natured™ brand of organization products on Amazon to directly reach US customers;
- improved Q3 net comprehensive loss of $823,346 compared to $951,649 in the same quarter last year; and
- closed the first tranche of its previously announced private placement and subsequently received $1,339,224 in gross new private placement proceeds as announced on December 21, 2016.
"We are extremely pleased with the significant revenue growth our team has delivered through both organic sales and our acquisition strategy," said Paul Antoniadis, CEO of Solegear. "Our significant business development efforts have contributed to a three-fold increase in inbound customer inquiries in the last quarter alone. This, along with strong recurring customer orders, puts Solegear on an excellent path to continue delivering strong revenue growth."
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 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.