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8-K - CURRENT REPORT - Loop Industries, Inc. | lp_8k.htm |
Exhibit 99.1
MONTREAL, QC/ ACCESSWIRE / February 26, 2021 - Loop
Industries, Inc. (Nasdaq: LOOP) (the “Company” or
“Loop”), a leading sustainable plastics technology
innovator, today announced that Nelson Gentiletti is retiring, and
as such is stepping down from his roles as the Company’s COO
and CFO. Mr. Andrew (Drew) Hickey is appointed as CFO of the
Company effective March 1, 2021. Nelson Gentiletti will remain with
the Company until April 30 to ensure a smooth and successful
transition of his responsibilities, which includes the completion
of the Company’s year-end reporting.
Drew
Hickey has had a successful career of more than 25 years both in
North America and Europe in investment banking with large Canadian
banks. He will be responsible for Loop’s corporate functions,
including finance and legal. He will also draw upon his strong
background in financing activities globally to help drive the
commercialization of Loop’s technology.
“I
am pleased to welcome Drew Hickey to Loop at this exciting stage of
our strategic development,” said Daniel Solomita, Loop’s Founder and
CEO. “Drew is a
sophisticated corporate finance professional, and his experience
and thoughtful demeanour will make him a valuable asset to
Loop’s leadership team. I look forward to working together
with him as we initiate new commercialization projects to
capitalize on our technology.”
Mr.
Solomita and the Board of Directors would also like to express
their appreciation to Nelson Gentiletti for his role over the past
two years in Loop’s continuing development as a public
company, including his leadership in enhancing Loop’s
corporate governance, financial controls, and reporting practices,
as well as his role in positioning the business for the future. We
wish Nelson continued success in retirement.
About Loop Industries
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 low-energy 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 saltwater, into 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
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” as
defined in the U.S. Private Securities Litigation Reform Act of
1995. Such statements may be preceded by the words
“intends”, “may”, “will”,
“plans”, “expects”,
“anticipates”, “should”,
“could”, “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 among other things: (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 scale, manufacture and
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 a novel
strain of coronavirus (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 and
resulting furloughs of our employees, 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) the outcome of the
current SEC investigation or recent class action litigation filed
against us, (xii) our ability to hire and/or retain qualified
employees and consultants and (xiii) 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:
Media
Inquiries:
Stephanie
Corrente
Loop
Industries, Inc.
+1
(450) 951-8555 ext. 226
scorrente@loopindustries.com
Investor
Inquiries:
Greg
Falesnik
MZ
Group—MZ North America
+1
949-259-4987
LOOP@mzgroup.us
www.mzgroup.us