October 29, 2015— (Vancouver, BC) Solegear Bioplastic Technologies Inc. (the “Company” or “Solegear”) (TSX-V:SGB) today announced its unaudited financial results for the three and six months ended August 31, 2015.
Solegear remains in the early stages of commercialization reporting a net and comprehensive loss of $1,022,136 and $2,288,825 for the three months ended and six months ended August 31, 2015 compared to reporting a net and comprehensive loss of $519,310 and $1,051,401 for three and six months ended August 31, 2014.
The Company completed both a “go public” and a “recapitalization” transaction in March 2015. Included in the reported net and comprehensive losses for the six months ended August 31, 2015 are $680,090 of costs related to completing those transactions.
Solegear had $431,372 in cash reserves at August 31, 2015, and the Company completed a private placement on September 30, 2015 raising an additional $540,000 in gross receipts.
“Our Q2 financials meet our expectations, while continuing to grow our sales pipeline with major brands, “said Paul Antoniadis, CEO of Solegear. “Heading into the next two quarters, our focus will be on executing recently announced office products and packaging commercial orders, converting our sales pipeline and exploring additional opportunities to expand our product and customer portfolios.”
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-V: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, Polysole® and Traverse®, 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