MONTREAL, QC / ACCESS CABLE / July 25, 2022 / Loop Industries, Inc. (NASDAQ:LOOP), a cleantech company whose mission is to accelerate a circular economy for plastics by manufacturing 100% recycled polyethylene terephthalate (“PET”) plastic and polyester fiber, was honored to host a press conference on behalf of the Honorable Steven Guilbeault, Canadian Minister of Environment and Climate Change, for an important announcement on the Canadian government’s plans regarding recyclability and compostability. of the plastic. Following the press conference, members of the media joined the Minister for a tour of the production facilities of Loop Industries Terrebonne, Quebec.
Today, Minister Steven Guilbeault announced the next step in meeting Canada’s commitments on plastic waste and pollution by launching two consultations in support of its Zero Plastic Waste Agenda: 1) the development of labeling rules for recyclability and compostability (for example, the use of “chasing arrows”) and 2) the development of a federal plastics registry for producers of plastic products. These measures will help improve the collection and end-of-life management (eg, reuse, recycling) of plastics and help keep these products out of our landfills and the environment.
Daniel Solomita, Founder and CEO of Loop, stated, “We are honored that our Terrebonne, Quebec facility has been selected as the site of Minister Guilbeault’s announcement. We believe that our technology and Infinite Loop™ manufacturing model will play an important role in supporting Canada’s commitment to be at the forefront of global efforts to combat plastic pollution. We are planning our first large-scale Infinite Loop™ manufacturing facility in Bécancour, Quebec, as well as facilities in Europe and Asia with our strategic partners, SK Geo Centric and Suez.”
About Loop Industries
Loop Industries is a technology company whose mission is to accelerate the world’s shift toward sustainability. PET plastic and polyester fiber and away from our dependence on fossil fuels. Loop Industries has a patented technology that depolymerizes low-value or waste-free polyester fiber and PET plastic, including plastic bottles and containers, rugs and textiles of any color, transparency or condition and even marine plastics that have been degraded by the sun and salt, down to their basic components (monomers). The monomers are filtered, purified and polymerized to create a virgin grade Loop™ Brand PET resin suitable for use in food grade and polyester fiber packaging, enabling our customers to meet their sustainability goals. Loop Industries is contributing to the global movement towards a circular economy by reducing plastic waste and recovering plastic waste for a sustainable future.
The Company’s common shares trade on the NASDAQ global market under the symbol “LOOP”.
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This press release contains “forward-looking statements” as defined in the US Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends”, “may”, “will” , “plans”, “expects”, “anticipates”, “should”, “could”, “projects”, “predicts”, “estimates”, “aims”, “believes”, “expects”, “potential” or “ continues” the negative of such terms or similar words. These forward-looking statements include, but are not limited to, statements about Loop’s market opportunity, its strategies, ability to enhance and expand its capabilities, competition, activities and expected expenses as Loop pursues its business plan, the adequacy of its available cash resources, regulatory compliance, plans for future growth and future operations, the size of the market Loop is targeting, market trends, and the effectiveness of Loop’s internal control over financial reports. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond Loop’s control and cannot be predicted or quantified, and, accordingly, actual results may differ materially. of those expressed or implied in such forward-looking statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties associated with, among other things: (i) the commercialization of Loop’s technology and products, (ii) the status of Loop’s relationship with partners, (iii) the development and protection of Loop’s intellectual property and products. , (iv) industry competition, (v) Loop’s need and ability to obtain additional financing in connection with its current and future financial commitments, (vi) engineering, contracting and construction of Loop’s manufacturing facilities, ( vii) Loop’s ability to scale, manufacture and sell its products to generate revenue, (viii) Loop’s proposed business model and its ability to execute it, (ix) adverse effects on Loop’s business and operations as a result of a increased regulatory, media or financial scrutiny and practices, rumors or otherwise, (x) disease epidemics and related health concerns, such as the current outbreak of additional variants of coronavirus (COVID-19), which could result in ( and, in the case of the COVID-19 outbreak, has resulted in any of the following) reduced access to capital markets, supply chain disruptions, and screening or seizure of produced goods. in affected areas, government-mandated business closures and resulting furloughs of Loop employees, government employment subsidy programs, travel or similar restrictions to prevent the spread of disease, and market changes or others that could result in non-monetary impairments to our intangible assets and property, plant and equipment, (xi) the result of the current SEC investigation or recent class action litigation filed against Loop, (xii) the ability to Loop to hire and/or retain qualified employees and consultants and (xiii) other factors discussed in Loop’s subsequent filings with the Securities and Exchange Commission (“SECOND”). More detailed information about Loop and the risk factors that may affect the making of forward-looking statements is set forth in Loop’s filings with the SEC. Investors and security holders are encouraged to read these documents free of charge on the SEC’s website at http://www.sec.gov. Loop undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
For more information:
Kevin C. O’Dowd, Vice President of Communications and Investor Relations
loop industries, inc.
Andrea Kostiuk, Vice President of Marketing and Communications
loop industries, inc.
+1 (450) 951-8555
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