Vancouver, BC – Solegear Bioplastic Technologies Inc. (TSX-V:SGB) (the “Company” or “Solegear”) is pleased to announce that it has received an increased annual program from a leading U.S. ready-to-eat produce provider that is expected to generate 400% growth in revenue from this customer in the current year.
The associated purchase orders include multiple packaging designs across the Fresh Cut Fruit and Vegetable categories that are distributed nationwide to a variety of retail and foodservice outlets.
“We are very optimistic about the significant growth in demand that we’re seeing from grocers and food producers wanting to convert to plant-based packaging that contains no hazardous chemicals or additives,” said Paul Antoniadis, CEO of Solegear. “Our growing relationships with over 60 customers across 20 states and provinces illustrates the priority leading food producers and customers are placing on the use of safer, renewable resources to package the food we’re feeding our families.”
Solegear’s food packaging assortment includes over 120 plant-based options across bakery, ready-made meals, produce, deli and dairy categories. The Company also offers custom packaging design services and safety screening through its Eco-package InsightsTM program to meet specific branding, sustainability, food security and visual merchandising requirements.
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 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 and www.mygoodnatured.com
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 contained in this news release regarding the expected revenue growth from a particular customer, and regarding expected growth of Solegear’s business generally, constitutes forward-looking information within the meaning of securities laws.
Implicit in this information are assumptions regarding future sales. Specifically we have assumed that future sales to this particular customer will meet the forecast level of sales based on recent communications with this customer. This assumption, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual revenue growth is subject to a number of risks and uncertainties, including that our customers’ business requirements may change or customers may choose to meet those requirements by purchasing competitive products.
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.