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8-K - FORM 8-K - Loop Industries, Inc. | lp_8k.htm |
Exhibit 99.1
LOOP
INDUSTRIES REPORTS FOURTH QUARTER CONSOLIDATED FINANCIAL RESULTS OF
FISCAL 2020 AND PROVIDES UPDATES ON BUSINESS
DEVELOPMENTS
MONTREAL, May 4, 2020 (ACCESSWIRE) - Loop Industries, Inc. (NASDAQ: LOOP)
(the “Company” or “Loop
Industries”), a leading sustainable
plastics technology innovator,
today announced its consolidated financial results for the fourth
quarter and fiscal year ended February 29, 2020, and provided an
update on its continuing progress in implementing its business
plan.
Commercialization Progress
On
March 25, 2020, due to the COVID-19 pandemic, the Québec
provincial government issued an order that all non-essential
business and commercial activity in the province is required to
shut down until April 13 and and the order provides exemptions that
allow us to continue reduced operations at the pilot plant and we
have been continuing work with our joint venture partner, Indorama
Ventures Holdings LP (“Indorama”), and our engineering
partner, to oversee the engineering for the Spartanburg joint
venture facility and pursue our plans for the commercialization of
our technology. We have made arrangements for certain employees to
work remotely to support these engineering activities. The
government has recently announced that we can re-start complete
operations on May 11.
The
Québec provincial government order has not significantly
impacted our ability to work to advance this project to date and
the commercialization plan for commissioning of the planned
Spartanburg facility is currently unchanged. However, the planned
timing may potentially be affected by the COVID-19 pandemic. We are
monitoring the potential impact of the pandemic on the global
economy and capital markets, as well as on the operations of our
partners who are critical to achieving the anticipated
commissioning date of the facility scheduled for the third quarter
of the calendar year 2021. Both Loop and our partners are fully
committed to the joint venture and are working diligently on the
commercialization plan.
1
Fourth Quarter Ended February 29, 2020
The
following table summarizes our operating results for the
three-month periods ended February 29, 2020 and February 28, 2019,
in U.S. Dollars.
|
Three
Months Ended
|
||
|
February
29,
2020
|
February
28,
2019
|
$
Change
|
Revenues
|
$-
|
$-
|
$-
|
|
|
|
|
Expenses
|
|
|
|
Research and
development
|
|
|
|
Stock-based
compensation
|
311,253
|
250,251
|
61,002
|
Other
research and development
|
1,159,676
|
273,815
|
885,861
|
Total
research and development
|
1,470,929
|
524,066
|
946,863
|
|
|
|
|
General and
administrative
|
|
|
|
Stock-based
compensation
|
547,327
|
575,240
|
(27,913)
|
Legal
settlement
|
-
|
4,041,627
|
(4,041,627)
|
Other
general and administrative
|
1,221,037
|
1,514,203
|
(293,166)
|
Total
general and administrative
|
1,768,364
|
6,131,070
|
(4,362,706)
|
|
|
|
|
Depreciation and
amortization
|
245,065
|
136,285
|
108,780
|
Impairment of
intangible assets
|
-
|
298,694
|
(298,694)
|
Interest and other
finance costs
|
406,215
|
425,964
|
(19,749)
|
Interest
income
|
(136,913)
|
-
|
(136,913)
|
Foreign exchange
loss (gain)
|
4,303
|
38,632
|
(34,329)
|
Total
expenses
|
3,757,963
|
7,554,711
|
(3,796,748)
|
Net
loss
|
$(3,757,963)
|
$(7,554,711)
|
$3,796,748
|
The net
loss for the three-month period ended February 29, 2020 decreased
$3.80 million to $3.76 million, as compared to the net loss for the
three-month period ended February 28, 2019 which was $7.55
million. The decrease is primarily due to decreased general
and administrative expenses of $4.36 million, a decrease in
impairment of intangible assets of $0.30 million, an increase in
interest income of $0.14 million, partially offset by higher
research and development expenses of $0.95 million and by higher
depreciation and amortization of $0.11 million.
Research
and development expenses for the three-month period ended February
29, 2020 amounted to $1.47 million compared to $0.52 million for
the three-month period ended February 28, 2019, representing an
increase of $0.95 million, or $0.89 million excluding stock-based
compensation. The increase of $0.89 million was primarily
attributable to higher employee related expenses of $0.63 million,
higher spending for purchases and consumables of $0.15 million and
higher professional fees of $0.06 million. The increase in non-cash
stock-based compensation expense of $0.06 million is mainly
attributable to the timing of certain stock awards provided to
employees.
General
and administrative expenses for the three-month period ended
February 29, 2020 amounted to $1.77 million compared to $6.13
million for the three-month period ended February 28, 2019,
representing a decrease of $4.36 million, or $0.29 million
excluding stock-based compensation and the legal settlement. The
decrease of $4.36 million was primarily due to a legal settlement
expense which amounted to $4.04 million for the three-month period
ended February 28, 2019 compared to nil for the three-month period
ended February 29, 2020. Other variances were attributable to lower
employee related expenses of $0.23 million, lower legal, accounting
and other professional fees of $0.41 million offset by higher
Directors’ and Officers’ insurance expenses of $0.24
million. Stock-based compensation expense for the three-month
period ended February 29, 2020 amounted to $0.55 million compared
to $0.58 million for the three-month period ended February 28,
2019, representing a decrease of $0.03 million. The decrease was
mainly attributable to lower stock awards provided to
executives.
Depreciation
and amortization for the three-month period ended February 29, 2020
totaled $0.25 million compared to $0.14 million for the three-month
period ended February 28, 2019, representing an increase of $0.11
million. The increase is mainly attributable to an increase in the
amount of fixed assets held at the Company’s pilot plant and
corporate offices. Impairment of intangible assets for the
three-month period ended February 29, 2020 was nil compared to
$0.30 million for the three-month period ended February 28, 2019,
representing a decrease of $0.30 million. The increase is entirely
attributable to the write-off of the remaining intangible asset
balance of the GEN I technology of $0.30 million in the three-month
period ended February 28, 2019.
Interest
and other finance costs for the three-month period ended February
29, 2020 totaled $0.41 million compared to $0.43 for the
three-month period ended February 28, 2019, representing a decrease
of $0.02 million. The decrease is mainly attributable to a decrease
in interest expense relating to the convertible notes converted
during the year in the amount of $0.06 million offset by an
increase in accretion expense also relating to the convertible
notes converted during the year in the amount of $0.04
million.
2
Fiscal year Ended February 29, 2020
The
following table summarizes our operating results for the years
ended February 29, 2020 and February 28, 2019, in U.S.
Dollars.
|
Years
Ended
|
||
|
February
29,
2020
|
February
28,
2019
|
$
Change
|
Revenues
|
$-
|
$-
|
$-
|
|
|
|
|
Expenses
|
|
|
|
Research and
development
|
|
|
|
Stock-based
compensation
|
1,252,394
|
1,160,254
|
92,140
|
Other
research and development
|
3,464,781
|
2,288,293
|
1,176,488
|
Total
research and development
|
4,717,175
|
3,448,547
|
1,268,628
|
|
|
|
|
General and
administrative
|
|
|
|
Stock-based
compensation
|
2,216,997
|
2,824,902
|
(607,905)
|
Legal
settlement
|
-
|
4,041,627
|
(4,041,627)
|
Other
general and administrative
|
4,998,423
|
5,986,336
|
(987,913)
|
Total
general and administrative
|
7,215,420
|
12,852,865
|
(5,637,445)
|
|
|
|
|
Depreciation and
amortization
|
830,432
|
502,996
|
327,436
|
Impairment of
intangible assets
|
-
|
298,694
|
(298,694)
|
Interest and other
finance costs
|
2,223,304
|
467,082
|
1,756,222
|
Interest
income
|
(500,478)
|
-
|
(500,478)
|
Foreign exchange
loss (gain)
|
19,602
|
(33,773)
|
53,375
|
Total
expenses
|
14,505,455
|
17,536,411
|
(3,030,956)
|
Net
loss
|
$(14,505,455)
|
$(17,536,411)
|
$ 3,030,956
|
The net
loss for the year ended February 29, 2020 decreased by $3.03
million, to $14.51 million, as compared to the net loss for the
year ended February 28, 2019 which was $17.54 million. The decrease
is primarily explained by lower general and administrative expenses
of $5.64 million, an increase in interest income of $0.50 million
and a decrease of impairment of intangible assets of $0.30 million
offset by an increase in research and development expenses of $1.27
million, an increase in interest and other finance costs of $1.76
million, an increase in depreciation and amortization of $0.33
million and an increase in foreign exchange of $0.05
million.
Research
and development expenses for year ended February 29, 2020 amounted
to $4.72 million compared to $3.45 million for the year ended
February 28, 2019, representing an increase of $1.27 million, or
$1.18 million excluding stock-based compensation. The increase of
$1.18 million was primarily attributable to higher employee related
expenses of $1.01 million, increased purchases and consumables of
$0.21 million, higher travel costs of $0.06 and higher facilities
costs of $0.05 offset by lower professional fees of $0.30 million.
The increase in non-cash stock-based compensation expense of $0.09
million was attributable to the timing of certain stock awards
provided to employees.
General
and administrative expenses for the year ended February 29, 2020
totaled $7.22 million compared to $12.85 million for the year
ended February 28, 2019, representing a decrease of $5.64 million,
or $0.99 million excluding stock-based compensation and the legal
settlement. The decrease of $5.64 million was primarily
attributable to a legal settlement expense which amounted to nil
for the year ended February 29, 2020 compared to $4.04 million for
the year ended February 28, 2019. Other variances were attributable
to lower legal fees of $2.04 million offset by higher
Directors’ and Officers’ insurance expenses of $0.4
million, higher employee related expenses of $0.27 million as well
as higher accounting and other professional fees of $0.27 million.
Stock-based compensation expense for the year ended February 29,
2020 amounted to $2.22 million compared to $2.82 million for the
year ended February 28, 2019, representing a decrease of $0.61
million. The decrease was mainly attributable to lower stock awards
provided to executives.
Depreciation
and amortization for the year ended February 29, 2020 totaled $0.83
million compared to $0.50 million for the year ended February 28,
2019, representing an increase of $0.33 million. The increase is
mainly attributable to an increase in the amount of fixed assets
held at the Company’s pilot plant and corporate offices.
Impairment of intangible assets for the year ended February 29,
2020 was nil compared to $0.30 million for the year ended February
28, 2019, representing a decrease of $0.3 million. The decrease is
mainly attributable to the write-off of the remaining intangible
asset balance of the GEN I technology of $0.3 in the year ended
February 28, 2019.
3
Interest
and other finance costs for the year ended February 29, 2020
totaled $2.22 million compared to $0.47 million for the year ended
February 28, 2019, representing an increase of $1.76 million. The
increase is mainly attributable to an increase in accretion expense
related to convertible notes of $1.76 million and increased
interest expense also relating to the convertible notes issued
during the year of $0.26 million offset by a gain on conversion
related to the convertible notes of $0.23 million and a decreased
expense for revaluation of financial instruments of $0.03
million.
LIQUIDITY AND CAPITAL RESOURCES
We are a development stage company with no revenues, and our
ongoing operations and commercialization plans 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 February 29, 2020, we had cash and cash
equivalents on hand of $33.72 million.
Although
we continue to be in a good liquidity position with cash and cash
equivalents on hand of $33.72 million, in light of the current
global COVID-19 pandemic, our liquidity position may change,
including the inability to raise new equity and debt, disruption in
completing repayments or disbursements to our creditors.
Management continues to be positive
about our growth strategy and is evaluating our financing plans to
continue to raise capital to finance the start-up of commercial
operations and continue to fund the further development of our
ongoing operations.
As at
February 29, 2020, we have a long-term debt obligation to a
Canadian bank in connection with the purchase, in the year ended
February 28, 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 $1,042,520 (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
$4,344 (CDN$5,833) plus interest, until January 2021, at which time
it will be subject to renewal. It includes an option allowing for
the prepayment of the Loan without penalty.
We also
have a long-term debt obligation to Investissement Québec in
connection with a financing facility equal to 63.45% of all
eligible expenses incurred for the expansion of its Pilot Plant up
to a maximum of $3,425,423 (CDN$4,600,000). We received the first
disbursement in the amount of $ 1,645,122 (CDN$2,209,234) on
February 21, 2020. There
is a 36-month moratorium on both capital and interest repayments 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 bears interest at 2.36%. We have also agreed
to issue to Investissement Québec warrants to purchase shares
of our common stock in an amount equal to 10% of each disbursement
up to a maximum aggregate amount of $342,542 (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 us without penalty. On February 21, 2020,
upon the receipt of the first disbursement under this facility, we
issued a warrant to purchase 15,153 shares of common stock at a
price of $11.00 to Investissement Québec.
4
Flow of Funds
Summary of Cash Flows
A
summary of cash flows for the years ended February 29, 2020 and
February 28, 2019 was as follows:
|
Years
Ended
|
|
|
February 29,
2020
|
February
28,
2019
|
Net cash used in
operating activities
|
$(9,092,549)
|
$(7,562,487)
|
Net cash used in
investing activities
|
(3,388,985)
|
(2,046,119)
|
Net cash provided
by financing activities
|
40,463,141
|
7,328,024
|
Effect of exchange
rate changes on cash and cash equivalents
|
(97,326)
|
(35,741)
|
Net change in cash
and cash equivalents
|
$27,884,281
|
$(2,316,323)
|
Net Cash Used in Operating Activities
During
the year ended February 29, 2020, we used $9.10 million in
operations compared to $7.56 million during the year ended February
28, 2019 and $6.39 million during the year ended February 28, 2018.
The increase over each year is mainly due to increased operating
expenses as we move to the next phase of
commercialization.
Net Cash Used in Investing Activities
During
the year ended February 29, 2020, we used $3.39 million in
investing activities. We made capital asset investments of $2.54
million of which $2.44 million was mainly attributable to the
expansion and additions to our pilot plant and executive offices in
Terrebonne, Canada. We also invested $0.1 million in our
intellectual property as we developed, during the year ended
February 29, 2020, our next generation GEN II technology and filed
various patents in various jurisdictions around the world which
await approval. During the year ended February 29, 2020 we made
capital contributions to our joint venture with Indorama for a
total of $0.85 million.
Net Cash Provided by Financing
Activities
During
the year ended February 29, 2020, we raised $40.46 million mainly
through two separate registered direct offerings of common stock,
in the net amounts of $34.60 million and $4.20 million,
respectively, and through debt from a financing facility from
Investissement Québec in the amount of $1.61 million. We also
made payments totaling $0.05 million against our long-term debt,
representing the loan agreement we entered into during the year
ended February 28, 2018 to purchase the land and building of our
pilot plant and executive offices. During the year ended February
28, 2019, we raised $7.38 million through the issuance of
convertible debt and $15.69 million through the sale of additional
common stock and the exercise of warrants in the year ended
February 28, 2018.
During
the year ended February 29, 2020, we paid a total of $312,000 in
interest in connection with convertible notes (2019 – nil;
2018 – nil) that were converted during the year.
On
February 21, 2020, we received $1,645,122 (CDN$2,209,234) in
connection with the credit facility from Investissement Québec
to finance capital expenses incurred for the expansion of our pilot
plant. There is a 36-month moratorium on both capital and interest
repayments beginning on the date of receipt of the
funds.
As at
February 29, 2020, we were in compliance with its financial
covenants.
5
Loop Industries, Inc.
Consolidated Statements of Operations and Comprehensive
Loss
(in United States dollars)
|
Years Ended
|
||
|
February 29,
2020
|
February 28,
2019
|
February 28,
2018
|
Revenue
|
$-
|
$-
|
$-
|
|
|
|
|
Expenses
-
|
|
|
|
Research
and development
|
4,717,175
|
3,448,547
|
6,694,778
|
General
and administrative
|
7,215,420
|
8,811,237
|
6,860,623
|
Legal
settlement
|
-
|
4,041,627
|
-
|
Depreciation
and amortization
|
830,432
|
502,997
|
367,176
|
Impairment
of intangible assets
|
-
|
298,694
|
-
|
Interest
and other finance costs
|
2,223,304
|
467,082
|
5,125
|
Interest
income
|
(500,478)
|
-
|
-
|
Foreign
exchange loss (gain)
|
19,602
|
(33,773)
|
109,676
|
Total
expenses
|
14,505,455
|
17,536,411
|
14,037,378
|
|
|
|
|
Net
loss
|
(14,505,455)
|
(17,536,411)
|
(14,037,378)
|
|
|
|
|
Other
comprehensive loss -
|
|
|
|
Foreign
currency translation adjustment
|
(98,225)
|
(121,124)
|
(17,889)
|
Comprehensive
loss
|
$(14,603,680)
|
$(17,657,535)
|
$(14,055,267)
|
Loss
per share
|
|
|
|
Basic
and diluted
|
$(0.38)
|
$(0.52)
|
$(0.43)
|
Weighted
average common shares outstanding
|
|
|
|
Basic
and diluted
|
37,936,094
|
33,795,600
|
32,642,741
|
6
Loop Industries, Inc.
Condensed Consolidated Balance Sheets
(in United States dollars)
|
As at
|
|
|
February 29,
2020
|
February 28,
2019
|
|
|
|
Assets
|
|
|
Current
assets
|
|
|
Cash
and cash equivalents
|
$33,717,671
|
$5,833,390
|
Sales
tax, tax credits and other receivables
|
664,544
|
599,000
|
Prepaid
expenses
|
141,226
|
226,521
|
Total current
assets
|
34,523,441
|
6,658,911
|
Investment
in joint venture
|
850,000
|
-
|
Property,
plant and equipment, net
|
7,260,254
|
5,371,263
|
Intangible assets,
net
|
202,863
|
127,672
|
Total
assets
|
$42,836,558
|
$12,157,846
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
Current
liabilities
|
|
|
Accounts
payable and accrued liabilities
|
$2,082,698
|
$2,670,233
|
Convertible
notes
|
-
|
5,636,172
|
Warrants
|
-
|
219,531
|
Current
portion of long-term debt
|
52,126
|
53,155
|
Total
current liabilities
|
2,134,824
|
8,579,091
|
Long-term
debt
|
2,238,026
|
952,363
|
Total
liabilities
|
4,372,850
|
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; 39,910,774 shares issued and outstanding (2019
– 33,805,706)
|
3,992
|
3,381
|
Additional
paid-in capital
|
82,379,413
|
38,966,208
|
Additional
paid-in capital – Warrants
|
9,785,799
|
757,704
|
Additional
paid-in capital - Beneficial conversion feature
|
-
|
1.200,915
|
Common stock
issuable, 1,000,000 shares
|
-
|
800,000
|
Accumulated
deficit
|
(53,317,047)
|
(38,811,592)
|
Accumulated
other comprehensive loss
|
(388,449)
|
(290,224)
|
Total
stockholders' equity
|
38,463,708
|
2,626,392
|
Total
liabilities and stockholders' equity
|
$42,836,558
|
$12,157,846
|
7
Loop Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(in United States dollars)
|
Years Ended
|
||
|
February 29,
2020
|
February 28,
2019
|
February 28,
2018
|
Cash Flows from Operating Activities
|
|
|
|
Net
loss
|
$(14,505,455)
|
$(17,536,411)
|
$(14,037,378)
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation
and amortization
|
830,432
|
502,997
|
367,176
|
Impairment
of intangible assets
|
-
|
298,694
|
-
|
Warrants
issued for legal settlement
|
-
|
2,271,627
|
-
|
Shares
issued for legal settlement
|
-
|
1,770,000
|
-
|
Stock-based
compensation
|
3,469,390
|
3,985,160
|
6,547,313
|
Accrued
interest
|
363,390
|
109,804
|
-
|
Loss
on revaluation of warrants
|
8,483
|
65,167
|
-
|
Convertible
notes debt discount amortization
|
1,892,185
|
185,505
|
-
|
Deferred
financing costs
|
96,155
|
47,123
|
-
|
Gain
on conversion of convertible notes
|
(232,565)
|
-
|
-
|
Fair
value of warrants issued
|
7,744
|
-
|
-
|
Loss
on revaluation of foreign exchange contracts
|
27,129
|
-
|
-
|
Changes
in operating assets and liabilities:
|
|
|
|
Valued
added tax and tax credits receivable
|
(77,294)
|
(234,366)
|
(218,560)
|
Prepaid
expenses
|
83,876
|
285,052
|
(511,573)
|
Accounts
payable and accrued liabilities
|
(1,056,019)
|
687,161
|
1,821,536
|
Advances
from controlling stockholder
|
|
-
|
(360,000)
|
Net
cash used in operating activities
|
(9,092,549)
|
(7,562,487)
|
(6,391,486)
|
|
|
|
|
Cash Flows from Investing Activities
|
|
|
|
Investment
in joint venture
|
(850,000)
|
-
|
-
|
Additions
to property, plant and equipment
|
(2,439,013)
|
(1,892,654)
|
(2,710,053)
|
Additions
to intangible assets
|
(99,972)
|
(153,465)
|
(88,319)
|
Net
cash used in investing activities
|
(3,388,985)
|
(2,046,119)
|
(2,798,372)
|
|
|
|
|
Cash Flows from Financing Activities
|
|
|
|
Proceeds
from sales of common shares and exercise of warrants, net of share
issuance costs
|
39,216,399
|
(25,544)
|
15,694,497
|
Repayment
of advances from controlling stockholder
|
-
|
-
|
(278,472)
|
Proceeds
from issuance of long-term debt
|
1,645,122
|
-
|
-
|
Proceeds
from issuance of convertible notes
|
-
|
7,550,000
|
1,092,980
|
Deferred
financing costs
|
(34,254)
|
(143,277)
|
-
|
Payment
of accrued interest on convertible notes
|
(312,000)
|
|
|
Repayment
of long-term debt
|
(52,126)
|
(53,155)
|
(4,554)
|
Net
cash provided by financing activities
|
40,463,141
|
7,328,024
|
16,504,451
|
|
|
|
|
Effect
of exchange rate changes
|
(97,326)
|
(35,741)
|
(81,367)
|
Net
change in cash
|
27,884,281
|
(2,316,323)
|
7,233,226
|
Cash
and cash equivalents, beginning of year
|
5,833,390
|
8,149,713
|
916,487
|
Cash
and cash equivalents, end of year
|
$33,717,671
|
$5,833,390
|
$8,149,713
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
Income
tax paid
|
$-
|
$-
|
$-
|
Interest
paid
|
$368,482
|
$54,040
|
$5,125
|
Interest
received
|
$500,478
|
$-
|
$-
|
8
About Loop Industries
Loop Industries 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
Industries 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 Industries is contributing to the global movement towards a
circular economy by preventing plastic waste and recovering waste
plastic 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 Industries' 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, (x) disease epidemics and health related
concerns, such as the current outbreak of COVID-19, which could
result in (and, in the case of the COVID-19 outbreak, has resulted
in some of the following) reduced access to capital markets, supply
chain disruptions and scrutiny or embargoing of goods produced in
affected areas, government-imposed mandatory business closures,
travel restrictions or the like to prevent the spread of disease,
and market or other changes that could result in noncash
impairments of our intangible assets, and property, plant and
equipment, and (xi) other factors discussed in our subsequent
filings with the 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 Industries 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 and Media Inquiries:
Nelson
Gentiletti
Loop
Industries, Inc.
+1
(450) 951 8555 ext. 223
ngentiletti@loopindustries.com
9