VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 9, 2017) - Solegear Bioplastic Technologies Inc. (the "Company" or "Solegear") (TSX VENTURE:SGB) announced today that it has reached a new growth milestone by receiving over $700,000 in purchase orders during the first two months of Q4. These results include revenues from the acquisition of LINDAR Corporation's ("LINDAR") bioplastic division announced on December 22, 2016, which expanded Solegear's customer base across a number of tier-one North American food producers, packaging suppliers and grocery retailers.
As part of the acquisition of LINDAR's bioplastic division, Solegear secured the rights to produce and distribute food packaging using LINDAR's custom molds, which include designs optimized for the needs of bakery, produce, deli and ready-made meal categories. Located in Minnesota, LINDAR has been producing thermoformed packaging since 1993 and is a recognized leader in packaging innovations, including proprietary single-serve and tamper evident designs.
"This acquisition has allowed us to expand our customer base while vertically integrating our food packaging supply chain all the way from bioplastic materials through to the finished package," said Paul Antoniadis, CEO of Solegear. "Our expanded product range, matched with the combined innovation capabilities of LINDAR and Solegear, offers customers over 100 bioplastic food packaging stock items and innovative designs that meet the current needs of food retailers."
"Food security continues to be a growing concern for our customers and the marketplace," said Tom Haglin, President of LINDAR. "Building on our unique 'Simply Secure' tamper obvious designs, our new business association with Solegear means we can offer our customers the same dedication to safety and security by introducing renewable bioplastic packaging with no BPAs, phthalates or other carcinogens."
As previously announced, Solegear and LINDAR are in the process of negotiating an outsourced operating agreement (the "Outsourcing Agreement") under which LINDAR will provide certain management, operational, financing, marketing, sales, logistics, warehousing and other support services to the Company.
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.
About LINDAR Corporation
Founded in 1993 on the principles of innovation and resourcefulness, LINDAR has grown to become a leader in plastic thermoforming of food packaging, trays and industrial OEM industries. LINDAR's dedication to creating precisely designed, highly efficient thermoformed products is proven. LINDAR is AIB and ISO 9001:2008 certified, and extensive internal quality programs ensure customers will receive a quality product - every time. LINDAR is located in the scenic Brainerd Lakes Area of Minnesota and serves customers around the world, offering a diverse range of thermoforming services designed to not only meet the needs of customers, but truly form inspiration along the way.
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.
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.
Information regarding the entry into the Outsourcing Agreement contained in this news release may constitute forward-looking information within the meaning of securities laws. We assume that the Company and LINDAR will be able to negotiate and execute the Outsourcing Agreement within a reasonable time. This assumption, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that the future operating results and economic performance of the Company is subject to a number of risks and uncertainties.
Other than as required under securities laws, we do not undertake to update this information at any particular time.
To the extent the Company is providing forward-oriented financial information or a financial outlook in this news release, such information/outlook is provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose.
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.