Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - Loop Industries, Inc. | lp_8k.htm |
Exhibit 99.1
LOOP
INDUSTRIES PROVIDES COMMERCIALIZATION UPDATE AND REPORTS FOURTH
QUARTER AND FISCAL YEAR 2021 FINANCIAL RESULTS
●
CONVERSION OF PILOT
PLANT INTO INFINITE LOOP™ DEMONSTRATION AND TRAINING
FACILITY
●
OBTAINED
NO-OBJECTION LETTER FROM THE FDA
●
ADVANCED STAGES OF
PRE-FEASIBILITY ENGINEERING DESIGN FOR INFINITE LOOP™
COMMERCIAL FACILITIES
●
SITE PURCHASE IN
BÉCANCOUR, QUÉBEC FOR PLANNED INFINITE LOOP™
PROJECT
●
ADDITIONS TO
LEADERSHIP TEAM TO EXECUTE COMMERCIALIZATION PLANS
MONTREAL, QC/ACCESSWIRE/ JUNE 1, 2021— Loop
Industries, Inc. (Nasdaq: LOOP) (the “Company” or
“Loop”), a clean technology company focused on
accelerating a circular plastics economy by manufacturing 100%
recycled polyethylene terephthalate (« PET »)
plastic and polyester fiber, today reported its consolidated
financial results for the fourth quarter and fiscal year ended
February 28, 2021 and provided an update on commercialization
efforts.
Commercialization Update
Conversion of Pilot Plant into Infinite Loop™ Demonstration
Facility
In Q3
2021, the Company decided to convert its Terrebonne, Québec
pilot plant to an Infinite LoopTM demonstration and
training facility. This demonstration facility will showcase the
Infinite LoopTM end-to-end
technology and manufacturing process for producing recycled PET
resin to potential partners and customers. Additionally, the
facility will provide operational training in advance of the
commissioning of commercial plants. Significant equipment upgrades
have been made to the facilities. PET polymerization equipment is
expected to be ordered and installed by end of calendar
year 2021. We expect this equipment to be operational in early
2022.
Regulatory Requirements for use in Food-Grade
Applications
On
March 1, 2021, Loop received a no-objection letter
(“NOL”) from the US Federal Food and Drug
Administration (“FDA”) to confirm the capability of
Loop’s tertiary recycling process in cleaning and producing
post-industrial and post-consumer recycled PET for use in the
manufacture of food-contact articles that contact all food types
under all conditions of use for which PET is permitted. We believe
obtaining the NOL, in addition to the European Union REACH
registration confirmation obtained in Q3 2021, is an important
milestone in addressing food packaging regulations, and supports
our targeted market opportunity for commercializing Loop™
recycled PET resin.
Infinite Loop™ Engineering Update
In
partnership with engineering, procurement and construction firm
Worley, the Company continues to focus on the completion of the
Infinite LoopTM facility
pre-feasibility engineering design for a target capacity of up to
70,000 metric ton/year facilities. This includes the integration of
Loop’s depolymerization technology with
INVISTA/Chemtex’s polymerization know-how. We intend to use
this pre-feasibility design for the Bécancour, Québec
Infinite LoopTM
facility.
Québec Project
We are
in the planning phase for an Infinite Loop™manufacturing
facility in the province of Québec (the “Québec
Project”). On May 27, 2021, we acquired a 19 million
square foot parcel of land in Bécancour, Québec for
approximately $4.8 million. The site is located near existing
industrial infrastructure, which reduces project costs, permitting
time and does not result in the destruction of wetlands or forest.
Loop will not exercise the purchase option which was agreed in
January 2021 to acquire approximately 2 million square feet of
land in Bécancour, Québec. Therefore, we will cease
monthly payments for the option rights.
European Partnership
On
September 10, 2020, we announced a strategic partnership with SUEZ
GROUP (“Suez”), with the objective to build the first
Infinite Loop™ manufacturing facility in Europe. With the
combination of the Infinite Loop™ technology and the resource
management expertise of Suez, this partnership seeks to respond to
growth in demand in Europe from global beverage and consumer goods
brand companies. We, together with Suez, have initiated the
groundwork necessary to support an eventual final investment
decision for the project. The current priorities are site
selection, permitting, feedstock requirements and pre-feasibility
engineering design. We are
targeting final site selection during the summer of
2021.
Joint Venture with Indorama Ventures Limited
Ongoing
COVID-19-related travel restrictions and quarantine requirements
between Canada and the US continued to cause disruptions in our
timetable. The
joint venture partners continue to monitor the COVID-19 commercial
and regulatory implications on the project.
Leadership Team
To
support the Company on its upward trajectory, Loop is investing in
building a commercialization team to integrate best-in-class
processes and practices, while maintaining its entrepreneurial
culture. In January 2021, Mr. Yves Perron joined Loop as
Vice-President, Engineering and Construction. In his role, he is
focused on building a strong engineering and construction team to
execute Loop’s commercialization plans.
Loop
announced the retirement of Mr. Nelson Gentiletti as the
Company’s Chief Operating Officer and Chief Financial Officer
(“CFO”) and the appointment of Mr. Drew Hickey as
the Company’s CFO, both effective March 1, 2021. Mr. Hickey
is responsible for Loop’s corporate functions, including
finance and legal, and will focus on capital markets activities to
support the commercialization of Loop’s
technology.
Board of Directors
On
April 8, 2021, Loop announced the appointment of Ms. Louise
Sams to its Board of Directors. An experienced executive with a
proven record of leadership and governance, Ms. Sams retired in
2019 from a successful career as Executive Vice President and
General Counsel of Turner Broadcasting, Inc, where she oversaw the
whole gamut of the Company’s legal activities and played a
valued role on its executive leadership team. Since her retirement,
Ms. Sams has joined the boards of two US publicly listed companies
and currently serves as the Chair of the Board of Trustees of
Princeton University.
Fourth Quarter Ended February 28, 2021
The
following table summarizes our operating results for the
three-month periods ended February 28, 2021 and February 29, 2020,
in U.S. Dollars.
|
|
Three months
ended
|
||
|
|
February 28,
2021
|
February 29,
2020
|
Change
|
|
Revenues
|
$-
|
$-
|
$-
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
Research and
development
|
|
|
|
|
Stock-based
compensation
|
362,321
|
311,253
|
51,068
|
|
External
engineering
|
2,414,038
|
65,871
|
2,348,167
|
|
Employee
compensation
|
1,000,652
|
766,977
|
233,675
|
|
Machinery and
equipment expenditures
|
3,823,535
|
-
|
3,823,535
|
|
Demonstration plant
operating expenses
|
466,724
|
280,043
|
186,681
|
|
Other
|
115,651
|
46,785
|
68,866
|
|
Total research and
development
|
8,182,921
|
1,470,929
|
6,711,992
|
|
|
|
|
|
|
General and
administrative
|
|
|
|
|
Stock-based
compensation
|
537,556
|
547,327
|
(9,771)
|
|
Professional
fees
|
2,807,583
|
275,151
|
2,532,432
|
|
Employee
compensation
|
760,450
|
382,645
|
377,805
|
|
Directors and
officers insurance
|
616,693
|
345,366
|
271,327
|
|
Other
|
91,720
|
217,875
|
(126,155)
|
|
Total general and
administrative
|
4,814,002
|
1,768,364
|
3,045,638
|
|
|
|
|
|
|
Depreciation and
amortization
|
121,321
|
245,065
|
(123,744)
|
|
Interest and other
financial expenses
|
55,980
|
406,215
|
(350,235)
|
|
Interest
income
|
(14,649)
|
(136,913)
|
122,264
|
|
Foreign exchange
loss
|
33,929
|
4,303
|
29,626
|
|
Total
expenses
|
13,193,503
|
3,757,963
|
9,435,540
|
|
Net
loss
|
$(13,193,503)
|
$(3,757,963)
|
$(9,435,540)
|
The net
loss for the three-month period ended February 28, 2021 increased
$9.44 million to $13.19 million, as compared to the net loss for
the three-month period ended February 29, 2020 which was $3.76
million. The increase is primarily due to increased research
and development expenses of $6.71 million, increased general and
administrative expenses of $3.05 million and a decrease in interest
income of $0.12 million, partially offset by lower interest and
other financial expenses of $0.35 million, an increased foreign
exchange loss of $0.03 million and by lower depreciation and
amortization expenses of $0.12 million.
The
$6.71 million increase in research and development for the
three-month period ended February 28, 2021 was primarily
attributable to the following:
●
$3.82 million
increase in purchases of research and development machinery and
equipment, including two new recently installed depolymerization
reactors. Starting in Q3 of fiscal 2021, the Company expensed research and development machinery
and equipment in accordance with ASC 730, Research and Development
Costs, and no longer capitalizes these costs. The timing of this accounting treatment is
related to management’s decision to convert our pilot plant
to exclusively a demonstration and training facility for our future
Infinite Loop™ manufacturing facilities, therefore foregoing
any alternative future use of its machinery and equipment assets
in other applications.
;
●
$2.35 million
increase in external engineering expenses for ongoing design work
for our Infinite LoopTM manufacturing
process;
●
$0.23 million
increase in employee compensation expenses; and
●
$0.19 million
increase in pilot plant and laboratory operating
expenses.
The
$3.05 million increase in general and administrative expenses for
the three-month period ended February 28, 2021 was primarily
attributable to the following:
●
$2.53 million
increase in expenses for legal and professional fees due to costs
principally associated with the ongoing SEC investigation and class
action suits;
●
$0.38 million
increase in employee compensation expenses; and
●
$0.27 million
increase in insurance expenses mainly due to directors and officers
(“D&O”) insurance renewal costs.
The
$0.12 million decrease in depreciation and amortization expenses
for the three-month period ended February 28, 2021 is mainly
attributable to the write-down of machinery and equipment assets
related to the decision in the
third quarter of fiscal 2021 to
dedicate the demonstration and training facility to research and
development activities. Although the machinery and equipment
will continue to be utilized at our demonstration and training
facility as it is an integral part of supporting the
commercialization of our technology, application of ASC 730, Research and Development Costs
requires machinery and
equipment assets to be written off and
all future costs associated with the demonstration and training
facility to be recognized as a research and development
expense in the consolidated statements of operations and
comprehensive loss.
The
decrease in interest and other financial expenses of $0.35 million
for the three-month period ended February 28, 2021 is mainly
attributable to a decrease in interest expense and accretion
expense relating to the convertible notes converted in fiscal 2020
in the amount of $0.31 million and $0.05 million, respectively,
offset by increased interest and accretion expenses related to the
Investissement Québec loan totaling $0.02
million.
Fiscal Year Ended February 28, 2021
The
following table summarizes our operating results for the years
ended February 28, 2021 and February 29, 2020, in U.S.
Dollars.
|
|
Years
ended
|
||
|
|
February 28,
2021
|
February 29,
2020
|
Change
|
|
Revenues
|
$-
|
$-
|
$-
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
Research and
development
|
|
|
|
|
Stock-based
compensation
|
1,417,004
|
1,252,394
|
164,610
|
|
External
engineering
|
5,655,997
|
149,333
|
5,506,664
|
|
Employee
compensation
|
3,040,121
|
2,279,579
|
760,542
|
|
Machinery and
equipment expenditures
|
6,149,075
|
-
|
6,149,075
|
|
Demonstration plant
operating expenses
|
1,852,615
|
901,687
|
950,928
|
|
Other
|
572,202
|
134,182
|
438,020
|
|
Total research and
development
|
18,687,014
|
4,717,175
|
13,969,839
|
|
|
|
|
|
|
General and
administrative
|
|
|
|
|
Stock-based
compensation
|
2,257,622
|
2,216,997
|
40,625
|
|
Professional
fees
|
4,613,717
|
1,193,884
|
3,419,833
|
|
Employee
compensation
|
2,131,597
|
2,299,175
|
(167,578)
|
|
Directors and
officers insurance
|
2,072,647
|
761,876
|
1,310,771
|
|
Other
|
464,757
|
743,488
|
(278,731)
|
|
Total general and
administrative
|
11,540,340
|
7,215,420
|
4,324,920
|
|
|
|
|
|
|
Depreciation and
amortization
|
775,675
|
807,447
|
(31,772)
|
|
Impairment of
property, plant and equipment
|
5,043,119
|
22,985
|
5,020,134
|
|
Interest and other
financial expenses
|
81,996
|
2,223,304
|
(2,141,308)
|
|
Interest
income
|
(93,043)
|
(500,478)
|
407,435
|
|
Foreign exchange
loss
|
309,822
|
19,602
|
290,220
|
|
Total
expenses
|
36,344,923
|
14,505,455
|
21,839,468
|
|
Net
loss
|
$(36,344,923)
|
$(14,505,455)
|
$(21,839,468)
|
|
|
|
|
|
The net
loss for the year ended February 28, 2021 increased $21.84 million
to $36.34 million, as compared to the net loss for the year ended
February 29, 2020 which was $14.51 million. The increase is
primarily due to increased research and development expenses of
$13.97 million, increased expense for impairment of property, plant
and equipment of $5.02 million, increased general and
administrative expenses of $4.32 million, a decrease in interest
income of $0.41 million and an increased foreign loss of $0.29
million, partially offset by lower interest and other financial
expenses of $2.14 million and by lower depreciation and
amortization expenses of $0.03 million.
The
$13.97 million increase in research and development for the year
ended February 28, 2021 was primarily attributable to the
following:
●
$6.15 million
increase in purchases of research and development machinery and
equipment, including two new recently installed depolymerization
reactors. The Company expensed research and development machinery
and equipment in accordance with ASC 730, Research and Development
Costs, and no longer capitalizes these costs. The timing of this accounting treatment is
related to management’s decision to convert our pilot plant
to exclusively a demonstration and training facility for our future
Infinite Loop™ manufacturing facilities, therefore foregoing
any alternative future use of its machinery and equipment assets in
other applications;
●
$5.51 million
increase in external engineering expenses for ongoing design work
for our Infinite LoopTM manufacturing
process;
●
$0.95 million
increase in pilot plant and laboratory operating expenses;
and
●
$0.76 million
increase in employee compensation expenses.
The
$4.32 million increase in general and administrative expenses for
the year ended February 28, 2021 was primarily attributable to the
following:
●
$3.42 million
increase in expenses for legal and professional fees due to costs
principally associated with the ongoing SEC investigation and class
action suits; and
●
$1.31 million
increase in insurance expenses mainly due to D&O insurance
renewal costs.
The
$0.32 million decrease in depreciation and amortization expenses
for the three-month period ended February 28, 2021 is mainly
attributable to the write-down of machinery and equipment assets
related to the decision in the
third quarter of fiscal 2021 to
dedicate the demonstration and training facility to research and
development activities. Although the machinery and equipment
will continue to be utilized at our demonstration and training
facility as it is an integral part of supporting the
commercialization of our technology, application of ASC 730, Research and Development Costs
requires machinery and
equipment assets for a total of $5.04
million to be written off and all future costs associated with the
demonstration and training facility to be recognized as a
research and development expense in the consolidated statements of
operations and comprehensive loss.
The
decrease in interest and other financial expenses of $2.14 million
for the three-month period ended February 28, 2021 is mainly
attributable to a decrease in interest expense and accretion
expense relating to the convertible notes converted in fiscal 2020
in the amount of $1.89 million and $0.36 million, respectively,
offset by increased interest and accretion expenses related to the
Investissement Québec loan totaling $0.08
million.
Loop Industries, Inc.
Consolidated Statements of Operations and Comprehensive
Loss
(in United States dollars)
|
|
Years
Ended
|
|
|
|
February
28, 2021
|
February
29, 2020
|
|
Revenue
|
$-
|
$-
|
|
|
|
|
|
Expenses :
|
|
|
|
Research
and development
|
18,687,014
|
4,717,175
|
|
General
and administrative
|
11,540,340
|
7,215,420
|
|
Write-down and
impairment of property, plant and equipment
|
5,043,119
|
22,985
|
|
Depreciation
and amortization
|
775,675
|
807,447
|
|
Interest and other
financial expenses
|
81,996
|
2,223,304
|
|
Interest
income
|
(93,043)
|
(500,478)
|
|
Foreign
exchange loss (gain)
|
309,822
|
19,602
|
|
Total
expenses
|
36,344,923
|
14,505,455
|
|
|
|
|
|
Net
loss
|
(36,344,923)
|
(14,505,455)
|
|
|
|
|
|
Other
comprehensive loss -
|
|
|
|
Foreign
currency translation adjustment
|
381,859
|
(98,225)
|
|
Comprehensive
loss
|
$(35,963,064)
|
$(14,603,680)
|
|
Loss
per share
|
|
|
|
Basic
and diluted
|
$(0.89)
|
$(0.38)
|
|
Weighted
average common shares outstanding
|
|
|
|
Basic
and diluted
|
40,983,752
|
37,936,094
|
Loop Industries, Inc.
Consolidated Balance Sheets
(in United States dollars)
|
|
As
at
|
|
|
|
February
28, 2021
|
February
29, 2020
|
|
|
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash
and cash equivalents
|
$35,221,951
|
$33,717,671
|
|
Sales
tax, tax credits and other receivables
|
1,763,835
|
664,544
|
|
Prepaid
expenses
|
609,782
|
141,226
|
|
Total current
assets
|
37,595,568
|
34,523,441
|
|
Investment
in joint venture
|
1,500,000
|
850,000
|
|
Property,
plant and equipment, net
|
3,513,051
|
7,260,254
|
|
Intangible assets,
net
|
794,894
|
202,863
|
|
Total
assets
|
$43,403,513
|
$42,836,558
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable and accrued liabilities
|
$8,124,865
|
$2,082,698
|
|
Current
portion of long-term debt
|
938,116
|
52,126
|
|
Total
current liabilities
|
9,062,081
|
2,134,824
|
|
Long-term
debt
|
1,516,008
|
2,238,026
|
|
Total
liabilities
|
10,578,989
|
4,372,850
|
|
|
|
|
|
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; 42,413,691 shares issued and outstanding (2020
– 39,910,774)
|
4,242
|
3,992
|
|
Additional
paid-in capital
|
113,662,677
|
82,379,413
|
|
Additional
paid-in capital – Warrants
|
8,826,165
|
9,785,799
|
|
Accumulated
deficit
|
(89,661,970)
|
(53,317,047)
|
|
Accumulated
other comprehensive loss
|
(6,590)
|
(388,449)
|
|
Total
stockholders' equity
|
32,824,524
|
38,463,708
|
|
Total
liabilities and stockholders' equity
|
$43,403,513
|
$42,836,558
|
|
|
|
|
Loop Industries, Inc.
Consolidated Statements of Cash Flows
(in United States dollars)
|
|
February
28, 2021
|
February
29, 2020
|
|
Cash Flows from Operating Activities
|
|
|
|
Net
loss
|
$(36,344,923)
|
$(14,505,455)
|
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation
and amortization
|
775,675
|
807,447
|
|
Stock-based
compensation
|
3,674,626
|
3,469,390
|
|
Write-down
and impairment of property, plant and equipment
|
5,043,120
|
22,985
|
|
Accretion,
and accrued interest
|
76,446
|
2,255,575
|
|
Deferred
financing costs
|
-
|
96,155
|
|
Gain
on conversion of convertible notes
|
-
|
(232,565)
|
|
Other,
net
|
(32,605)
|
43,356
|
|
Changes
in operating assets and liabilities:
|
|
|
|
Valued
added tax and tax credits receivable
|
(1,034,014)
|
(77,294)
|
|
Prepaid
expenses
|
(449,535)
|
83,876
|
|
Accounts
payable and accrued liabilities
|
5,800,575
|
(1,056,019)
|
|
|
|
|
|
Net
cash used in operating activities
|
(22,490,636)
|
(9,092,549)
|
|
|
|
|
|
Cash Flows from Investing Activities
|
|
|
|
Investment
in joint venture
|
(650,000)
|
(850,000)
|
|
Additions
to property, plant and equipment
|
(1,735,079)
|
(2,439,013)
|
|
Additions
to intangible assets
|
(592,285)
|
(99,972)
|
|
Net
cash used in investing activities
|
(2,977,364)
|
(3,388,985)
|
|
|
|
|
|
Cash Flows from Financing Activities
|
|
|
|
Proceeds
from sales of common shares and exercise of warrants, net of share
issuance costs
|
26,649,253
|
39,182,145
|
|
Proceeds
from issuance of long-term debt
|
-
|
1,645,122
|
|
Payment
of accrued interest on convertible notes
|
-
|
(312,000)
|
|
Repayment
of long-term debt
|
(50,585)
|
(52,126)
|
|
Net
cash provided by financing activities
|
26,598,668
|
40,463,141
|
|
|
|
|
|
Effect
of exchange rate changes
|
373,612
|
(97,326)
|
|
Net
change in cash
|
1,504,280
|
27,884,281
|
|
Cash
and cash equivalents, beginning of year
|
33,717,671
|
5,833,390
|
|
Cash
and cash equivalents, end of year
|
$35,221,951
|
$33,717,671
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
Income
tax paid
|
$-
|
$-
|
|
Interest
paid
|
$38,157
|
$368,482
|
|
Interest
received
|
$93,043
|
$500,478
|
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
suitable for use in food-grade packaging and polyester fiber, thus
enabling our customers to meet their sustainability objectives.
Loop Industries is contributing to the global movement towards a
circular economy by reducing plastic waste and recovering waste
plastic for a sustainable future.
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 Loop 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 “continute” the negative of
such terms or similar words. These forward-looking statements
include, without limitation, statements about our market
opportunity, our strategies, ability to improve and expand our
capabilities, competition, expected activities and expenditures as
we pursue our business plan, the adequacy of our available cash
resources, regulatory compliance, plans for future growth and
future operations, the size of our addressable market, market
trends, and the effectiveness of the Company’s internal
control over financial reporting. 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 scrutiny 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, government employment subsidy programs,
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, (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