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8-K - CURRENT REPORT - Loop Industries, Inc. | loop_8k.htm |
Exhibit
99.1
LOOP
INDUSTRIES REPORTS THIRD QUARTER CONSOLIDATED FINANCIAL RESULTS OF
FISCAL 2020 AND PROVIDES UPDATES ON BUSINESS
DEVELOPMENTS
MONTREAL, January 9, 2020 (ACCESSWIRE) - Loop Industries, Inc. (NASDAQ: LOOP)
(the “Company” or “Loop”),
a leading
sustainable plastics technology innovator, today announced its consolidated financial
results for the third quarter ended November 30, 2019 of its 2020
fiscal year, and provided an update on its continuing progress in
implementing its business plan.
“Our focus this quarter has been on executing the engineering
work for the Spartanburg facility and further developing our
technology.” said Daniel Solomita, Loop’s Founder &
Chief Executive Officer.
“We also rebranded our
Waste to Resin (“WtRTM”)
greenfield facilities solution to Infinite LoopTM.
Infinite
LoopTM
is our fully integrated
and reimagined manufacturing facility for sustainable
Loop™
PET plastic resin and
polyester fiber. We are
continuing to develop the
engineering of the
Infinite
LoopTM
platform and we have increased
our efforts
on the development of Infinite LoopTM
projects,
in Europe and in North America.”
Results of Operations
The
following tables summarize our operating results for the
three-month period ended November 30, 2019 and 2018, in U.S.
Dollars.
|
Three Months
Ended November 30
|
||
|
2019
|
2018
|
$ Change
|
Revenues
|
$-
|
$-
|
$-
|
|
|
|
|
Operating
expenses
|
|
|
|
Research and
development
|
|
|
|
Stock-based
compensation
|
311,353
|
249,548
|
61,805
|
Other research and
development
|
966,819
|
542,563
|
424,256
|
Total research and
development
|
1,278,172
|
792,111
|
486,061
|
|
|
|
|
General and
administrative
|
|
|
|
Stock-based
compensation
|
565,440
|
721,358
|
(155,918)
|
Other general and
administrative
|
1,260,373
|
1,250,489
|
9,884
|
Total general and
administrative
|
1,825,813
|
1,971,847
|
(146,034)
|
|
|
|
|
Depreciation and
amortization
|
219,628
|
155,053
|
64,575
|
Interest and other
finance costs
|
693,027
|
14,883
|
678,144
|
Interest
income
|
(171,274)
|
-
|
(171,274)
|
Foreign
exchange (gain) loss
|
5,533
|
(20,132)
|
25,665
|
Total
operating expenses
|
3,850,899
|
2,913,762
|
937,137
|
Net
loss
|
(3,850,899)
|
(2,913,762)
|
(937,137)
|
1
Third Quarter Ended November 30, 2019
Following the decision of the joint venture with Indorama Ventures
Holdings LP to double the capacity of the Spartanburg plant due to
customer demand to 40,000 metric tons per year, as disclosed in our
10-Q for the period ended August 31, 2019, we identified a number
of enhancements to the plant design to improve the
operability and lower the total construction cost of the
plant. The additional engineering is underway and management
anticipates it will be completed by the end of this calendar
quarter and as a result, the
commissioning of the facility is anticipated to occur in the third
quarter of the calendar year 2021.
The net
loss for the three-month period ended November 30, 2019 increased
$0.94 million to $3.85 million, as compared to the net loss for the
three-month period ended November 30, 2018 which was $2.91
million. The increase of $0.94 million is primarily
attributable to an increase in interest and other finance costs of
$0.68 million, an increase in research and development expenses of
$0.49 million, an increase in depreciation and amortization
expenses of $0.06 million and an increase in foreign exchange loss
of $0.03 million, partially offset by lower general and
administrative expenses of $0.15 million, and by an increase in
interest income of $0.17 million.
Research
and development expenses for the three-month period ended November
30, 2019 amounted to $1.28 million compared to $0.79 million for
the three-month period ended November 30, 2018, representing an
increase of $0.49 million, or representing an increase of $0.42
million excluding stock-based compensation. The increase of $0.42
million was primarily attributable to by higher employee
compensation costs of $0.38, by higher purchases and freight costs
of $0.08 million, by higher facilities costs of $0.02, by higher
equipment rental costs of $0.02 and by higher license fees of $0.03
million, offset by lower legal and professional fees of $0.07
million and by higher research and development tax credits of $0.06
million. The increase in non-cash stock-based compensation expense
of $0.06 million is mainly attributable to the timing of stock
awards provided to certain employees.
General
and administrative expenses for the three-month period ended
November 30, 2019 amounted to $1.83 million compared to $1.97
million for the three-month period ended November 30, 2018,
representing a decrease of $0.14 million, or an increase of $0.01
million excluding stock-based compensation. The increase of $0.01
million was mainly attributable to higher employee compensation
costs of $0.15 million and by higher commercial insurance expenses
of $0.08 million, offset by lower legal and professional fees of
$0.20 million. Stock-based compensation expense for the three-month
period ended November 30, 2019 amounted to $0.57 million compared
to $0.72 million for the three-month period ended November 30,
2018, representing a decrease of $0.15 million, which was mainly
attributable to lower stock awards provided to
executives.
Depreciation
and amortization for the three-month period ended November 30, 2019
totaled $0.22 million compared to $0.16 million for the three-month
period ended November 30, 2018, representing an increase of $0.06
million. This increase is mainly attributable to the addition of
fixed assets at the Company’s pilot plant and corporate
offices.
Interest
and other finance costs for the three-month period ended November
30, 2019 totaled $0.69 million compared to $0.01 million the
three-month period ended November 30, 2018, representing an
increase of $0.68 million. The increase is mainly attributable to
an increase in accretion expense of $0.55 million, an increase in
interest expense of $0.10 million and by an increase in
amortization of deferred financing costs of $0.02
million.
2
Nine Months Ended November 30, 2019
The
following table summarizes our operating results for the nine-month
periods ended November 30, 2019 and 2018, in U.S.
Dollars.
|
Nine Months
Ended November 30
|
||
|
2019
|
2018
|
$ Change
|
Revenues
|
$-
|
$-
|
$-
|
|
|
|
|
Operating
expenses
|
|
|
|
Research and
development
|
|
|
|
Stock-based
compensation
|
941,142
|
910,004
|
31,138
|
Other research and
development
|
2,305,104
|
2,014,479
|
290,625
|
Total research and
development
|
3,246,246
|
2,924,483
|
321,763
|
|
|
|
|
General and
administrative
|
|
|
|
Stock-based
compensation
|
1,669,669
|
2,252,041
|
(582,372)
|
Other general and
administrative
|
3,777,387
|
4,469,755
|
(692,368)
|
Total general and
administrative
|
5,447,056
|
6,721,796
|
(1,274,740)
|
|
|
|
|
Depreciation and
amortization
|
585,367
|
366,710
|
218,657
|
Interest and other
finance costs
|
1,817,091
|
41,117
|
1,775,974
|
Interest
income
|
(363,565)
|
-
|
(363,565)
|
Foreign
exchange (gain) loss
|
15,297
|
(72,404)
|
87,701
|
Total
operating expenses
|
10,747,492
|
9,981,702
|
765,790
|
Net
loss
|
(10,747,492)
|
(9,981,702)
|
(765,790)
|
The net
loss for the nine-month period ended November 30, 2019 increased by
$0.77 million to $10.75 million, as compared to the net loss for
the nine-month period ended November 30, 2018 which was $9.98
million. The increase of $0.77 million is primarily due to an
increase in interest and other finance costs of $1.77 million, an
increase in research and development expenses of $0.32 million, ,
an increase in depreciation and amortization of $0.22 million and
an increase in the foreign exchange loss of $0.09 million,
partially offset by lower general and administrative expenses of
$1.27 million and an increase in interest income of $0.36
million.
Research
and development expenses for the nine-month period ended November
30, 2019 amounted to $3.24 million compared to $2.92 million for
the nine-month period ended November 30, 2018, representing an
increase of $0.32 million, or representing an increase of $0.29
million excluding stock-based compensation. The increase of $0.29
million was primarily attributable to higher employee compensation
costs of $0.55 million, by higher facilities costs of $0.04
million, by higher purchases and freight costs of $0.07, by higher
license fees of $0.03 million, by higher repairs and maintenance
costs of $0.02 million, and by higher meals, travel and
entertainment expenses of $0.04 million, offset by lower legal and
professional fees of $0.36 million and by higher research and
development tax credits of $0.16 million. The decrease in non-cash
stock-based compensation expense of $0.03 million is mainly
attributable to the timing of stock awards provided to certain
employees.
3
General
and administrative expenses for the nine-month period ended
November 30, 2019 amounted to $5.45 million compared to $6.72
million for the nine-month period ended November 30, 2018,
representing a decrease of $1.27 million, or a decrease of $0.69
million excluding stock-based compensation. The decrease of $0.69
million was mainly attributable to lower legal and professional
fees of $1.36 million, offset by higher employee compensation costs
of $0.50 million and by higher commercial insurance expenses
totaling $0.17 million. Stock-based compensation expense for the
nine-month period ended November 30, 2019 amounted to $1.67 million
compared to $2.25 million for the nine-month period ended November
30, 2018, representing a decrease of $0.58 million, which was
mainly attributable lower stock awards provided to
executives.
Depreciation
and amortization for the nine-month period ended November 30, 2019
totaled $0.59 million compared to $0.37 million for the nine-month
period ended November 30, 2018, representing an increase of $0.22
million. This increase is mainly attributable to the addition of
fixed assets at the Company’s pilot plant and corporate
offices.
Interest
and other finance costs for the nine-month period ended November
30, 2019 totaled $1.82 million compared to $0.04 million the
nine-month period ended November 30, 2018, representing an increase
of $1.78 million. The increase is mainly attributable to an
increase in accretion expense of $1.58 million, an increase in
interest expense of $0.31 million and by an increase in
amortization of deferred financing costs of $0.09 million, offset
by a gain on conversion of the November 2018 Notes of $0.23
million.
LIQUIDITY AND CAPITAL RESOURCES
Liquidity
Loop is a development stage company with no revenues, and our
ongoing operations are being financed by raising new equity and
debt capital. To date, we have been successful in raising capital
to finance our ongoing operations, reflecting the potential for
commercializing our branded resin and the progress made to date in
implementing our business plans.
As at
November 30, 2019, the Company had cash on hand of $35.5 million.
On May 29, 2019, the Company
entered into a Securities Purchase
Agreement (“Purchase Agreement”) with Northern Private
Capital Fund I Limited Partnership (“Northern Capital”)
pursuant to which the Company has issued to Northern Capital in a
registered direct offering (“Offering”) an aggregate of
4,093,567 shares of the Company’s common stock at a per share
purchase price of $8.55 per share, for aggregate net proceeds of
approximately $34.6 million, after deducting offering expenses
payable by the Company of approximately $400,000. Concurrently with
the Offering and pursuant to the Purchase Agreement, the Company
issued to Northern Capital options to purchase up to an additional
4,093,567 shares of the Company’s common stock at an exercise
price of $11.00 per share, which vested on December 15, 2019, and
are exercisable for three years following the closing date of the
Offering and which would result in further total net proceeds of
approximately $45 million. The proceeds from the Offering
will be used to finance the start-up of its joint venture
commercial operations, which is estimated to be between $15,000,000
and $20,000,000, and further fund the development of its technology
and new technologies and its ongoing pre-revenue
operations.
On February 27, 2019, Loop Industries, Inc. entered into a
Securities Purchase Agreement with a single institutional investor,
pursuant to which the Company agreed to issue and sell to the
Purchaser, in a registered direct offering
(“Offering”), an aggregate of 600,000 shares
(“Shares”) of the Company’s common stock at a per
share purchase price of $8.55 per share, for aggregate net proceeds
of approximately $4.2 million, after deducting placement agent fees
and estimated offering expenses payable by the Company of
approximately $0.9 million. The Offering closed on March 1, 2019.
The Company intends to use the net proceeds from the Offering for
general corporate purposes and working capital.
As at
November 30, 2019, we have a long-term debt obligation to a
Canadian bank in connection with the purchase, in Fiscal 2018, of
the land and building where our pilot plant and corporate offices
are located, at 480 Fernand-Poitras, Terrebonne, Québec, Canada J6Y 1Y4. On January 24,
2018, the Company obtained a CDN$1,400,000 20-year term instalment
loan (the “Loan”), from a Canadian bank. The Loan
bears interest at the bank’s Canadian prime rate plus 1.5%. By
agreement, the Loan is repayable in monthly payments of CDN $5,833
plus interest, until January 2021, at which time it will be subject
be renewal. It includes an option allowing for the prepayment of
the Loan without penalty.
On July 24, 2019, the Company executed an agreement with
Investissement Quebec providing it with a financing from which we
can draw a total equal to 63.45% of all eligible expenses incurred
for the expansion of our Pilot Plant up to a maximum
CDN$4,600,000. There is a 36-month
moratorium on both capital and interest repayments beginning as of
the first disbursement date. At the end of the 36-month moratorium,
capital and interest will be repayable in 84 monthly installments.
The loan will bear interest at 2.36%. The Company has also agreed
to issue to Investissement Quebec warrants convertible into common
shares in an amount equal to 10% of each disbursement up to a
maximum aggregate amount of CDN$460,000. The warrants will
be issued at a price per share equal to the higher of (i) $11.00
per share and (ii) the ten-day weighted average closing price of
Loop Industries’ shares of Common Stock on the Nasdaq stock
market for the 10 days prior to the issue of the warrants. The
warrants can be exercised immediately upon grant and will have a
term of three years from the date of issuance. The loan can be
repaid at any time by the Company without penalty. No disbursements
have yet been made under the agreement.
4
Flow of Funds
Summary of Cash Flows
A
summary of cash flows for the nine-month period ended November 30,
2019 and 2018 was as follows:
|
Nine Months
Ended November 30
|
|
|
2019
|
2018
|
Net cash used in
operating activities
|
$(6,819,748)
|
$(5,455,317)
|
Net cash used in
investing activities
|
(2,592,921)
|
(1,523,353)
|
Net cash provided
from (used in) financing activities
|
39,127,875
|
2,510,529
|
Effect of exchange
rate changes on cash and cash equivalents
|
(57,105)
|
(53,314)
|
Net increase
(decrease) in cash and cash equivalents
|
$29,658,101
|
$(4,521,455)
|
Net Cash Used in Operating Activities
During
the nine months ended November 30, 2019, we used $6.8 million in
operations compared to $5.5 million during the nine months ended
November 30, 2018. The Company continued to invest in research and
development on its existing technologies and new technologies,
particularly on the evolution of its GEN II technology as the
Company moves to the next phase of commercialization.
Net Cash Used in Investing Activities
During
the nine months ended November 30, 2019, the Company made
investments of $1.7 million in property, plant and equipment as
compared to $1.4 million for the nine months ended November 30,
2018, primarily in connection with the upgrade of its GEN II
industrial pilot plant.
During
the nine months ended November 30, 2019, the Company made
investments in intangible assets of $0.09 million as compared to
$0.09 million for the nine months ended November 30, 2018,
particularly in its GEN II patent technology in the United States
and around the world.
During
the nine months ended November 30, 2019, the Company also made its
initial contribution of $850,000
to Indorama Loop Technologies, LLC, the joint venture with
Indorama Ventures Holdings LP, USA.
Net Cash Provided from Financing
Activities
During
the nine months ended November 30, 2019, we raised net proceeds of
$39.2 million through the sale of common stock.
As at
November 30, 2019, the Company was in compliance with its financial
covenants.
Off-Balance Sheet Arrangements
As at
November 30, 2019, we did not have any off-balance sheet
arrangements as defined in the rules and regulations of the
SEC.
As at
November 30, 2019, we did not have any significant lease
obligations to third parties.
5
Loop Industries, Inc.
Consolidated Statements of Operations and Comprehensive
Loss
(in United States dollars)
|
Three Months
Ended November 30
|
Nine Months
Ended November 30
|
||
|
2019
|
2018
|
2019
|
2018
|
|
|
|
|
|
Revenue
|
$-
|
$-
|
$-
|
$-
|
|
|
|
|
|
Expenses
-
|
|
|
|
|
Research
and development, net
|
1,278,172
|
792,111
|
3,246,246
|
2,924,483
|
General
and administrative
|
1,825,813
|
1,971,847
|
5,447,056
|
6,721,796
|
Depreciation
and amortization
|
219,628
|
155,053
|
585,367
|
366,710
|
Interest
and other finance costs
|
693,027
|
14,883
|
1,817,091
|
41,117
|
Interest
income
|
(171,274)
|
-
|
(363,565)
|
-
|
Foreign
exchange loss (gain)
|
5,533
|
(20,132)
|
15,297
|
(72,404)
|
Total
expenses
|
3,850,899
|
2,913,762
|
10,747,492
|
9,981,702
|
|
|
|
|
|
Net
Loss
|
(3,850,899)
|
(2,913,762)
|
(10,747,492)
|
(9,981,702)
|
|
|
|
|
|
Other
comprehensive loss
|
|
|
|
|
Foreign
currency translation adjustment
|
7,552
|
(91,249)
|
(30,133)
|
(202,838)
|
Comprehensive
Loss
|
$(3,843,347)
|
$(3,005,011)
|
$(10,777,625)
|
$(10,184,540)
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
- Basic and
Diluted
|
$(0.10)
|
$(0.09)
|
$(0.29)
|
$(0.30)
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
|
|
|
- Basic and
Diluted
|
39,133,627
|
33,805,706
|
37,404,165
|
33,792,293
|
6
Loop Industries, Inc.
Condensed Consolidated Balance Sheets
(in United States dollars)
|
November 30,
2019
|
February 28,
2019
|
|
|
|
Assets
|
|
|
Current
assets
|
|
|
Cash
and cash equivalents
|
$35,491,491
|
$5,833,390
|
Sales
tax, tax credits and other receivables
|
631,436
|
599,000
|
Prepaid
expenses
|
173,153
|
226,521
|
Total
current assets
|
36,296,080
|
6,658,911
|
Investment
in joint venture
|
850,000
|
-
|
Property,
plant and equipment, net
|
6,495,389
|
5,371,263
|
Intangible assets,
net
|
206,831
|
127,672
|
Total
assets
|
$43,848,300
|
$12,157,846
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
Current
liabilities
|
|
|
Accounts
payable and accrued liabilities
|
$1,648,165
|
$2,670,233
|
Convertible
notes
|
4,926,734
|
5,636,172
|
Warrants
|
-
|
219,531
|
Current
portion of long-term debt
|
52,675
|
53,155
|
Total
current liabilities
|
6,627,574
|
8,579,091
|
Long-term
debt
|
904,257
|
952,363
|
Total
liabilities
|
7,531,831
|
9,531,454
|
|
|
|
Stockholders' Equity
|
|
|
Series
A Preferred stock, par value $0.0001; 25,000,000 shares authorized;
one share issued and outstanding
|
-
|
-
|
Common stock, par value $0.0001: 250,000,000
shares authorized; 39,232,528 shares issued and outstanding
(February 28, 2019 – 33, 805,706)
|
3,923
|
3,381
|
Additional
paid-in capital
|
75,290,970
|
38,966,208
|
Additional paid-in
capital – Warrants
|
9,700,102
|
757,704
|
Additional paid-in
capital – Beneficial conversion feature
|
1,200,915
|
1,200,915
|
Common stock
issuable, 1,000,000 shares
|
-
|
800,000
|
Accumulated
deficit
|
(49,559,084)
|
(38,811,592)
|
Accumulated
other comprehensive loss
|
(320,357)
|
(290,224)
|
Total
stockholders' equity
|
36,316,469
|
2,626,392
|
Total
liabilities and stockholders' equity
|
$43,848,300
|
$12,157,846
|
|
|
|
|
|
|
7
Loop Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(in United States dollars)
|
Nine
Months Ended November 30
|
|
|
2019
|
2018
|
Cash Flows from Operating Activities
|
|
|
Net
loss
|
$(10,747,492)
|
$(9,981,702)
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
|
|
Depreciation
and amortization
|
585,366
|
366,710
|
Stock-based
compensation expense
|
2,610,811
|
3,162,045
|
Accrued
interest
|
313,433
|
-
|
Loss
on revaluation of warrants
|
8,483
|
-
|
Debt
accretion
|
1,584,977
|
-
|
Deferred
financing costs
|
86,212
|
-
|
Gain
on conversion of convertible notes
|
(232,565)
|
-
|
Loss
on revaluation of foreign exchange contracts
|
10,881
|
-
|
Changes
in operating assets and liabilities:
|
|
|
Sales
tax, tax credits and other receivables
|
(37,536)
|
67,606
|
Prepaid
expenses
|
52,649
|
446,770
|
Accounts
payable and accrued liabilities
|
(1,054,967)
|
483,254
|
Net
cash used in operating activities
|
(6,819,748)
|
(5,455,317)
|
|
|
|
Cash Flows from Investing Activities
|
|
|
Investment
in joint venture
|
(850,000)
|
-
|
Additions
to property, plant and equipment
|
(1,647,433)
|
(1,428,174)
|
Additions
to intangible assets
|
(95,488)
|
(95,179)
|
Net
cash used in investing activities
|
(2,592,921)
|
(1,523,353)
|
|
|
|
Cash Flows from Financing Activities
|
|
|
Proceeds
from sale of common shares
|
40,273,751
|
-
|
Share
issuance costs
|
(1,106,370)
|
-
|
Proceeds
from issuance of convertible debt
|
-
|
2,450,000
|
Convertible
debt subscriptions
|
-
|
100,000
|
Repayment
of long-term debt
|
(39,506)
|
(39,471)
|
Net
cash provided from (used in) financing activities
|
39,127,875
|
2,510,529
|
|
|
|
Effect
of exchange rate changes
|
(57,105)
|
(53,314)
|
Net
change in cash and cash equivalents
|
29,658,101
|
(4,521,455)
|
Cash
and cash equivalents, beginning of period
|
5,833,390
|
8,149,713
|
Cash
and cash equivalents, end of period
|
$35,491,491
|
$3,628,258
|
|
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
Income
tax paid
|
$-
|
$-
|
Interest
paid
|
$45,668
|
$41,117
|
Interest
received
|
$363,565
|
$325
|
8
About Loop
Loop 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 is
contributing to the global movement toward a circular economy by
raising awareness about the importance of preventing and recovering
waste plastic from the environment to ensure plastic stays in the
economy 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
Loop
Industries, Inc.
+1
(450) 951 8555 ext. 223
ngentiletti@loopindustries.com
Media Inquiries:
Stephanie Corrente
Loop Industries, Inc.
+1 (450) 951-8555 ext. 226
scorrente@loopindustries.com
9