Loop Industries reports Q1 EPS (11c) vs. (15c) last year

Daniel Solomita, CEO of Loop, commented on the recent updates, saying: “We continue to be highly positive about our ongoing communications with Reed management and our shared vision for the future of Loop. We look forward to consummating the Reed financing, along with the parallel government financing, and breaking ground on the India project at the end of the fiscal year. The planned Infinite Loop(TM) India facility combines an experienced like-minded chemical manufacturing partner with low capital investment and low-cost manufacturing, with a plentiful supply of waste plastics which today cannot be recycled and is in close proximity to our customer’s supply chain. The partnership with Ester reflects a strategic focus going forward to concentrate capital investments in global low-cost manufacturing environments, and the Infinite Loop(TM) India facility is expected to provide very attractive economic returns. As recycling is eventually needed in all countries to tackle the ongoing plastic waste crisis, Loop intends to license its technology to partners in higher cost manufacturing countries.”