Loop Industries reports Q1 EPS (15c) vs. (38c) last year

Reports Q1 revenue $27K vs. $0 last year. CEO Daniel Solomita commented, “The signing of the joint venture agreement with SKGC in the first quarter marks the next phase in our strategic partnership with them, as we progress towards breaking ground later this year on our Infinite Loop manufacturing facility in Ulsan, South Korea. We are very excited to expand our technology into the Asian market to support our global brand customers by supplying them with Loop branded PET resin and polyester made from 100% recycled content. The Ulsan facility is the first of many planned Infinite Loop manufacturing facilities in partnership with SKGC. Through this partnership, Loop benefits from SKGC’s vast operational, financial and construction resources. Loop is also collaborating closely with its partners, SKGC and SUEZ, on our expansion into the European market with our planned Infinite Loop France facility in Saint-Avold, France. Consumer demand for our product is very strong as we continue to supply high quality PET resin from our Terrebonne, Quebec, manufacturing facility to global brand companies from multiple sectors including consumer packaging, fashion and textiles, automotive and the toy industry.”