Solegear Announces Financial Results for Fiscal Year 2017
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 27, 2017) - Solegear Bioplastic Technologies Inc. (the “Company” or “Solegear“) (TSX VENTURE:SGB) today announced its audited financial results for the 12 months ended February 28, 2017.
Solegear reports revenues of $2,066,061 for the fiscal year ended February 28, 2017 compared to revenues of $146,036 for the fiscal year ended February 29, 2016. The Company reports a net and comprehensive loss of $3,290,496 for the fiscal year ended February 28, 2017 compared to a net and comprehensive loss of $4,150,857 for the fiscal year ended February 29, 2016.
The Company had cash reserves of $1,033,648 at February 28, 2017 compared to $678,237 at February 29, 2016 and subsequently received $283,830 in gross new private placement proceeds as announced on May 5, 2017.
Fiscal 2017 Highlights:
- Exceeded projected sales growth and delivered fiscal year revenues of $2 million, delivering over 14x growth compared to fiscal year 2016
- Delivered gross profit margins of 31% of sales and reduced losses by 40% per share
- Awarded US Patent 9,416,255 covering the synthesis of certain bio-based additives
- Launched good natured™ brand of plant-based organizational products at retailers and online in Canada and the US, accessing the $10+ billion North American home and business organization market
- Expanded to over 120 plant-based food packaging SKUs across bakery, ready-made meals, produce and deli categories
- Established a competitive and highly scalable supply chain with LINDAR Corp & Ex-Tech Plastics
“We had set forth aggressive growth and operational milestones for fiscal 2017, and I could not be more proud of our Solegear team and partners. We delivered,” said Paul Antoniadis CEO of Solegear. “In the last year we’ve strengthened the team, widened our product assortment, built the customer base with recurring purchase orders, and put in place a supply chain that supports scalable growth in our new year.”
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.
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. Such factors include (i) that recent commercial announcements do not get executed as forecasted, (ii) that the Company’s sales pipeline does not convert into revenue generating customers as anticipated, and (iii) that suitable growth opportunities are not identified.
When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
Other than as required under securities laws, we do not undertake to update this information at any particular time.
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.
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