TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim. Latest fiscal year: 2017; Most recent quarter: 1; Fiscal year end month: N/A; All Ratios are calculated for the latest fiscal year end unless otherwise indicated. Data Source: Reuters Fundamentals Business Summary Loop Industries, Inc., formerly First American Group Inc., is a manufacturer of Purified Terephthal-hic Acid (PTA) and Mono Ethylene Glycol (MEG), the chemical components used in manufacturing polyethylene terephthalate (PET). The Company is engaged in designing, prototyping and building a closed loop plastics recycling business using a de-polymerization technology. Its technology useswaste PET plastics, such as water bottles, soda bottles, consumer packaging, carpets and industrial waste as feedstock to process. These feedstocks are available through municipal triage centers, in-dustrial recycling and landfill reclamation projects. The Company operates in the United States and Canada. The Company focuses on depolymerizing waste plastics and converts them into valuable chemicals, ready to be reintroduced into the manufacturing of virgin plastics.
Loop Industries Announces Agreement to Purchase Site for its First Manufacturing Facility in Montreal, Canada
October 04, 2017
Since Release $14.97
Loop Industries, Inc. (OTCQX: LLPP) (“Loop Industries” or “Loop” or the “Company”) announced today that it has agreed to purchase the site where it plans to build the Company’s first manufacturing facility. The industrial site is located in Montreal, Canada. Completion of the manufacturing facility is planned for Q4 2018. Along with other conditions, the purchase offer is conditioned on the zoning acceptance by the city of Montreal East. The purchase price is $1,200,000 Cdn.
The new facility is anticipated to have a total processing capacity of approximately 53 million pounds (24,000 M/T) per year of waste PET/polyester plastic. The resulting Purified Terephthalic Acid (PTA) and Mono Ethelyne Glycol (MEG) will be used to manufacture Loop™ branded PET resin. The Loop™ branded PET resin is anticipated to be commercially available in Q1 2019.
Additionally, the Company has sourced several streams of waste PET/polyester plastic feedstocks as well as identified potential customers who have indicated that they will purchase the production from this new facility.
Daniel Solomita, Loop Industries’ Founder and CEO, commented, “Over the past 18 months we have successfully operated our pilot plant and in the process, we were able to significantly improve and optimize our patented depolymerization process. The acquisition of this site and the building of our first commercial scale plant is a tremendous first step towards the expansion of Loop Industries’ technology. Our goal is to provide Loop™ branded PET resin to sustainability-committed consumer goods companies focused on improving the environmental impact of PET plastic packaging. Loop’s technology permits for low quality PET/Polyester feedstocks such as polyester fibers, colored PET plastics and opaque PET plastics to be upcycled into high value chemicals. Loop’s technology is poised to accelerate the world’s shift towards a sustainable, circular economy that decouples PET plastic and polyester fiber from fossil fuels.”
Loop Industries Announces Uplisting to The NASDAQ Global Market
November 20, 2017
MONTREAL, Nov. 20, 2017 (GLOBE NEWSWIRE) -- Loop™ Industries, Inc. (NASDAQ:LOOP), a leader in sustainably produced polyethylene terephthalate (Polyester/PET) resin, today announced that its shares of common stock were approved for listing on The NASDAQ Global Market. The shares will commence trading today under the trading symbol "LOOP."
“The listing of our shares on The NASDAQ Global Market represents a very exciting and important milestone for Loop as we move forward with our planned expansion and path to commercialization for our revolutionary technology,” said Daniel Solomita, founder and CEO of Loop Industries. “We believe listing on NASDAQ will open new doors for our Company with heightened exposure, better access to Wall Street and stronger liquidity. We look forward to sharing our investment story with a global audience as we continue our groundbreaking work in accelerating the world’s shift toward sustainable plastic.”
About Loop Industries, Inc.
Loop Industries is an environmentally responsible manufacturer of Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG), the fundamental chemical components used in manufacturing polyethylene terephthalate (PET). PET plastic is most commonly found in beverage bottles, consumer packaging and polyester fiber. Loop Industries' proprietary process sustainably converts waste plastics into high purity PTA and MEG that can be used to create up to 100 percent recycled food-grade PET resin. This commercial-grade PET resin can be used in a variety of bottling, consumer packaging and other industrial applications. globenewswire.com
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