VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 31, 2016) - Solegear Bioplastic Technologies Inc. (the "Company" or "Solegear") (TSX VENTURE:SGB) today announced its unaudited financial results for the three and six months ended August 31, 2016.
Solegear reports revenues of $553,482 and $991,149 for the three and six months ended August 31, 2016 compared to revenues of $nil and $5,344 for the three and six months ended August 31, 2015 respectively. The Company reports a net and comprehensive loss of $831,456 and $1,494,641 for the three and six months ended August 31, 2016 compared to a net and comprehensive loss of $1,013,913 and $2,288,825 for the three and six months ended August 31, 2015 respectively.
The Company had cash reserves of $604,916 at August 31, 2016 and has received $106,585 in new loans under the WINN program from Western Economic Diversification Canada since quarter end.
In the most recently completed quarter, the Company:
- grew revenues by over 29% compared to the previous quarter;
- announced additional distribution opportunities in Canada and the US for its good natured™ brand of organization products at Ingram Micro and All Source; and
- was awarded US Patent 9,416,255 covering the synthesis of certain bio-based additives.
"Solegear's approach to building strong strategic partnerships and alliances to create scale continues to drive momentum in both awareness and customer adoption of bioplastics across our target market verticals," said Paul Antoniadis CEO of Solegear. "This strategic focus, along with our team's commitment to commercial traction and cost controls, continues to strengthen Solegear's position as an emerging leader in the bioplastics industry."
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.