Solegear Bioplastic Technologies Inc.
TSX VENTURE : SGB

Solegear Bioplastic Technologies Inc.

June 02, 2015 16:37 ET

Solegear Announces Management and Board Changes

Paul Antoniadis, Former CEO of Best Buy Europe and Current Director to Serve as Interim CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 2, 2015) - Solegear Bioplastic Technologies Inc. (the "Company") (TSX VENTURE:SGB) announces that the board of directors has accepted the resignation of the Company's Chief Executive Officer and member of the board, Mr. Toby Reid.

The board approved the appointment of Mr. Paul Antoniadis, a director of the Company, to serve as interim Chief Executive Officer. As a Solegear director, investor and advisor to the management team, Paul has played an integral role in building Solegear's commercial activities, strategic partnerships, and supply chain capabilities.

Paul is a former CEO of Best Buy Europe, a joint venture between U.S.-based Best Buy and FTSE 100 The Carphone Warehouse. Prior to serving as CEO of Best Buy Europe, Paul led Best Buy's international expansion as President of China and SVP of International Operations in China, Mexico and Turkey. He has extensive consumer technology and multi-channel retail achievements across North America, Asia and Europe.

"Paul's leadership, CEO experience, and knowledge of our business will provide seamless continuation with the business operations whilst giving the board the necessary time to complete our CEO search," said Salil Munjal. "Paul led the international expansion of a US-based Fortune 500 company, growing its business from $4 billion to $12 billion annually while building out its integrated international supply chain. This background will be very helpful as we execute on the next phase of the Company's growth."

Toby Reid, who will remain as Strategic Advisor to the company states, "It has been very rewarding to have taken Solegear from the dream stage working out of my basement to where it is today. I've been fortunate for the opportunity to work with some great people in our industry and to have led the development of great partnerships for Solegear. Serving our customers has always been our number one focus and I'm leaving the company in good hands to continue that commitment. I remain very positive about Solegear's future and I'm very excited about the opportunity to spend more time with my family."

The company thanks Mr. Reid for his contributions to the business and wishes him the best in his future endeavors.

Paul Antoniadis Background

Paul is a dynamic entrepreneur with over 20 years of international experience building and scaling large multi-channel business start-ups, joint ventures and acquisitions. Paul is a former CEO of Best Buy Europe, a joint venture between U.S.-based Best Buy and FTSE 100 The Carphone Warehouse. Prior serving as CEO of Best Buy Europe, Paul led Best Buy's international expansion as President of China and SVP of International Operations in China, Mexico and Turkey. He has extensive consumer technology and multi-channel retail achievements across North America, Asia and Europe.

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

On behalf of the Company:

Salil Munjal, Chairman of the Board

Paul Antoniadis, Interim 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 responsibility for the adequacy or accuracy of this release.

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