Surpasses $2 Million Revenue Milestone and Solidifies Supply Chain for Scalable Growth
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 27, 2017) - Solegear Bioplastic Technologies Inc. (the
"Company" or "Solegear") (TSX VENTURE:SGB) today announced its audited financial results for
the 12 months ended February 28, 2017.
Solegear reports revenues of $2,066,061 for the fiscal year ended February 28, 2017 compared to revenues of $146,036 for the
fiscal year ended February 29, 2016. The Company reports a net and comprehensive loss of $3,290,496 for the fiscal year ended
February 28, 2017 compared to a net and comprehensive loss of $4,150,857 for the fiscal year ended February 29, 2016.
The Company had cash reserves of $1,033,648 at February 28, 2017 compared to $678,237 at February 29, 2016 and subsequently
received $283,830 in gross new private placement proceeds as announced on May 5, 2017.
Fiscal 2017 Highlights:
- Exceeded projected sales growth and delivered fiscal year revenues of $2 million, delivering over 14x growth
compared to fiscal year 2016
- Delivered gross profit margins of 31% of sales and reduced losses by 40% per share
- Awarded US Patent 9,416,255 covering the synthesis of certain bio-based additives
- Launched good natured™ brand of plant-based organizational products at retailers and online in Canada
and the US, accessing the $10+ billion North American home and business organization market
- Expanded to over 120 plant-based food packaging SKUs across bakery, ready-made meals, produce and
deli categories
- Established a competitive and highly scalable supply chain with LINDAR Corp & Ex-Tech Plastics
"We had set forth aggressive growth and operational milestones for fiscal 2017, and I could not be more proud of our Solegear
team and partners. We delivered," said Paul Antoniadis CEO of Solegear. "In the last year we've strengthened the team, widened
our product assortment, built the customer base with recurring purchase orders, and put in place a supply chain that supports
scalable growth in our new year."
The Company's financial statements and other disclosures are available on SEDAR.
The Company's corporate profile is located at www.solegear.ca/investors.
About Solegear Bioplastic Technologies Inc.
Solegear Bioplastic Technologies Inc. (TSX VENTURE:SGB) is an innovator in the field of next generation bioplastics made
from annually renewable plant-based sources. Committed to the principles of Green Chemistry, Solegear is driven by its mission to
create healthier, safer and stronger communities by fundamentally changing the way plastics are made.
Solegear's proprietary bioplastic formulations are designed to meet today's social and corporate requirements to lower carbon
emissions, reduce waste and remove toxicity typically associated with traditional petroleum-based plastics. Together with its
partners, Solegear custom engineers, produces and distributes its high-performance bioplastics as resin, sheets and finished
goods with some of the highest percentages of renewable, plant-based materials currently available in the industry.
For more information: www.solegear.ca
On behalf of the Company:
"Paul Antoniadis" Chief Executive Officer and Director
Contact: 604-566-8466
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Venture Exchange) accepts responsibilities for the adequacy or accuracy of this release.
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Information in this news release that is not current or historical factual information may constitute forward-looking
information within the meaning of securities laws. By their nature, forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events,
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Company's sales pipeline does not convert into revenue generating customers as anticipated, and (iii) that suitable growth
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