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8-K - CURRENT REPORT - Loop Industries, Inc. | loopind_8k.htm |
Exhibit
99.1
Loop Industries Announces Temporary Reduction of Activities due to
COVID-19
MONTREAL (QC) / ACCESSWIRE / March 25, 2020 / Loop
Industries, Inc (Nasdaq: LOOP) today announced its measures to
comply with the order of the Quebec provincial government to
minimize all non-priority services and activities until April 13,
due to the ongoing COVID-19 pandemic.
The order provides exemptions
that allow businesses that provide non-priority services to
maintain minimal operations to ensure the resumption of their
activities, bearing in mind the directives issued by public health
authorities. Consequently, the company will maintain reduced
operations at the pilot plant and protect its investment in its
assets, which are utilized for the continuing development of its
depolymerization technology for the production of sustainable PET
plastic.
The
company’s main focus during the time frame of the government
order will be to continue working with its joint venture partner,
Indorama Ventures Limited, to oversee the engineering for the
Spartanburg joint venture facility and pursue its plans for the
commercialisation of its technology. The company has made
arrangements for employees to work remotely to support these
engineering activities. The government order is not expected to
impact the company’s ability to work to advance this project.
The company will provide an update on the status and timing of the
commissioning of the Spartanburg facility when it reports its
fourth quarter and full year results in its 10-K in early
May.
The
company continues to be in a good liquidity position, with
approximately $30 million of cash and cash equivalents on
hand.
About Loop Industries
Loop Industries is a technology company whose mission is to
accelerate the world's shift toward sustainable PET plastic and
polyester fiber and away from our dependence on fossil fuels. Loop
owns patented and proprietary technology that depolymerizes no and
low-value waste PET plastic and polyester fiber, including plastic
bottles and packaging, carpets and textiles of any color,
transparency or condition and even ocean plastics that have been
degraded by the sun and salt, to its base building blocks
(monomers). The monomers are filtered, purified and polymerized to
create virgin-quality Loop™ branded PET resin and polyester
fiber suitable for use in food-grade packaging, thus enabling our
customers to meet their sustainability objectives. Loop Industries
is contributing to the global movement towards a circular economy
by preventing plastic waste and recovering waste plastic for a more
sustainable future for all.
Common shares of the Company are listed on the Nasdaq Global Market
under the symbol "LOOP."
For more information, please visit www.loopindustries.com.
Follow us on Twitter: @loopindustries,
Instagram: loopindustries,
Facebook: Loop
Industries and
LinkedIn: Loop
Industries
Forward-Looking Statements
This news release contains "forward-looking statements." Such
statements may be preceded by the words "intends," "may," "will,"
"plans," "expects," "anticipates," "projects," "predicts,"
"estimates," "aims," "believes," "hopes," "potential" or similar
words. 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 consequently, actual results may differ materially from those
expressed or implied by such forward-looking statements. Such risks
and uncertainties include, without limitation, risks and
uncertainties associated with (i) commercialization of our
technology and products, (ii) our status of relationship with
partners, (iii) development and protection of our intellectual
property and products, (iv) industry competition, (v) our need for
and ability to obtain additional funding, (vi) building our
manufacturing facility, (vii) our ability to sell our products in
order to generate revenues, (viii) our proposed business model and
our ability to execute thereon, (ix) adverse effects on the
Company's business and operations as a result of increased
regulatory, media or financial reporting issues and practices,
rumors or otherwise, and (x) other factors discussed in our
subsequent filings with the SEC. More detailed information about
Loop and the risk factors that may affect the realization of
forward-looking statements is set forth in our filings with the
Securities and Exchange Commission (SEC). Investors and security
holders are urged to read these documents free of charge on the
SEC's web site at http://www.sec.gov.
Loop assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events or otherwise.
For More Information:
Investors:
Nelson
Gentiletti
Chief
Operating and Chief Financial Officer
Loop
Industries, Inc.
+1
(450) 951 8555 ext. 223
ngentiletti@loopindustries.com
Media Inquiries:
Stephanie
Corrente
Director
Marketing & Investor Relations
Loop
Industries, Inc.
+1
(450) 951-8555 ext. 226
scorrente@loopindustries.com
SOURCE: Loop Industries,
Inc.