Montreal, QC (GLOBE NEWSWIRE) - Loop Industries, Inc. (Nasdaq: LOOP), a leading technology innovator in sustainable plastic, today announced that it has joined leading global consumer brands, including PepsiCo, Danone, The Coca Cola Company, Unilever, L’Oréal and others in signing the New Plastics Economy Global Commitment developed by the Ellen MacArthur Foundation in collaboration with United Nations Environment.
The New Plastics Economy Global Commitment is being officially unveiled at the Our Ocean Conference in Bali today, Monday, October 29, 2018. At the heart of the Global Commitment is a vision of a New Plastics Economy, where plastics never become waste – a circular approach to create the “new normal” for plastic packaging.
The Global Commitment and its vision for a circular economy for plastic are supported by 250 organizations ‘drawing a line in the sand’, including many of the world’s largest packaging producers, brands, retailers and recyclers, as well as governments and NGOs, and 40 universities, institutions and academics. More than fifteen financial institutions with in excess of $2.5 trillion in assets under management have also endorsed the Global Commitment and over $200 million has been pledged by five venture capital funds to create a circular economy for plastic.
“We are proud to sign the New Plastics Economy Global Commitment,” said Daniel Solomita, Founder & CEO, Loop Industries. “Joining leading companies from around the world by supporting and activating the Commitment fuels our goal to accelerate the world’s shift toward sustainable plastic and away from the traditional, take, make and dispose economy. It is inspiring to be part of this transition to a circular plastic economy.”
As the demand for sustainable packaging solutions continues to grow, Loop Industries has emerged with truly transformational technology that allows no and low value plastics to be diverted, recovered and recycled endlessly into new, virgin-quality Loop™ PET plastic. This innovation allows plastic bottles and packaging of any color, transparency or condition, carpet, clothing and other polyester textiles that may contain colors, dyes or additives, and even ocean plastics that have been degraded by sun and salt to meet FDA requirements for use in food-grade packaging.
About Loop Industries, Inc.
Loop’s mission is to accelerate the world’s shift toward sustainable plastic and away from our dependence on fossil fuels. Loop has created a revolutionary technology poised to transform the plastics industry. This ground-breaking technology decouples plastic from fossil fuels by depolymerizing waste polyester plastic to its base building blocks (monomers). The monomers are then repolymerized to create virgin-quality polyester plastic that meets FDA requirements for use in food-grade packaging. For more information, please visit www.loopindustries.com. Follow us on Twitter: @loopindustries and Instagram: loopindustries
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, (ii) development and protection of our intellectual property, (iii) unexpected industry competition, (iv) the need to raise capital to meet business requirements, (v) our manufacturing facility, and (vi) and our ability to sell our products in order to generate revenues. 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.
© 2018 GlobeNewswire, Inc. All Rights Reserved.
SOURCE: Loop Industries, Inc. USCopyright 2018 PR Newswire. All Rights Reserved