ECO2 Plastics, Inc. Reports 2008 Year End Financial Results and Review of Operations.
SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , April 14 /PRNewswire-FirstCall/ -- ECO E·co , Umberto Born 1932.
Italian writer best known for his novels, including The Name of the Rose (1981). He has also written extensively on semiotics and British and American popular culture. 2 Plastics, Inc., (BULLETIN BOARD: EOPI EOPI Electro-Optic Processor Interface ) , the eco-friendly recycling company that is changing the way plastics are recycled, today reported its 2008 year-end financial results in its 10-K filing. The Company reported revenues of $6.7 million for calendar year 2008 versus $4.3 million during 2007. 2008 operating losses were $12.3 million versus $16 million during the prior year, with net losses of $24 million in 2008 versus $32.6 million for the prior year. Cash losses from operating activity were $9.9 million in 2008 versus $7.2 million for 2007.
ECO2 finished the year with an increase in full-year revenue and decreased losses. The Company rode through a significant decline in plastic prices and was able to maintain, without a decrease, the spread between buy and sell prices of the commodity. Demand for the Company's product continues to exceed supply and the opportunity for growth remains strong in the Company's primary market of recycled PET flakes.
Organizationally, the management team was expanded with the addition of Fred Janz as Senior VP of Operations and Ray Salomon in the role of CFO See Chief Financial Officer. . Additionally, ECO2 reconfigured its Board of Directors with the addition of Tom Hutton, John Moragne, David Buzby and Alex Millar.
The Company raised over $15 million in financing rounds throughout the year and received investments from two institutions; Trident Capital Management and Peninsula Packaging. In addition to investing in the Company, Peninsula Packaging executed a long-term supply agreement with ECO2 for the purchase of recycled PET flake.
Operationally, the construction of the Company's proprietary next generation liquid carbon dioxide carbon dioxide, chemical compound, CO2, a colorless, odorless, tasteless gas that is about one and one-half times as dense as air under ordinary conditions of temperature and pressure. processing equipment was completed. The new system, along with other operating initiatives during the year, helped to reduce variable production costs per pound of production. In addition, with new equipment currently being installed in the plant, ECO2 anticipates further reduction in variable production costs throughout 2009, with the goal of achieving profitable operation.
The Company's development efforts to date have resulted in the issuance of nine US patents, with eleven additional patents in the pending state. During 2008, the firm's proprietary waterless cleaning process received approval by the FDA for use in food contact applications. ECO2 continued its development efforts with USCAR's Vehicle Recycling Partnership, researching the effectiveness of the Company's process in cleaning substances of concern from auto shredder residue. And finally, examination of commercially available recycling equipment to optimize the existing line and position the Company for expansion has been underway throughout the year.
Rod Rougelot, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ECO2 Plastics stated "Although the Company has accomplished many of its goals in 2008, our continued focus must be on raising additional funds to continue to improve our processes, acquire additional equipment to support our improved processes, strengthen our balance sheet and deliver positive cash flow from operations Cash flow from operations
A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses ."
About ECO2 Plastics (http://www.eco2plastics.com/)
ECO2 Plastics, (EOPI.OB), is a publicly traded company publicly traded company
A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. engaged in PET plastic recycling. The Company's patented process was developed through a research partnership with Honeywell FM&T and the US Department of Energy. ECO2 Plastics is the exclusive worldwide licensee of the patented and patent-pending technology. Headquartered in San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation).
The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] , the Company operates a recycling plant in Riverbank, California, with another plant currently under development.
ECO2's approach sets it apart from competitors that deploy water-based recycling processes. Unlike other recyclers, ECO2's process eliminates the use of water, respects and preserves the environment, while delivering a high quality recycled plastic flake, which is approved by the FDA for use in food contact applications. ECO2 Plastics is the only recycling company that can claim that (i) its plastic recycling technology has a negligible impact on the environment and (ii) is distinguishable from existing technologies when it comes to water waste and chemical contamination.
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Cautionary Warning Regarding Forward-Looking Statements
"Forward-looking statements," as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, may be included in this press release. These statements relate to future events and/or our future financial performance. These statements are only predictions and may differ materially from actual future events or results. ECO2 Plastics, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Please refer to the documents filed by ECO2 Plastics, Inc. with the Securities and Exchange Commission, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with our ability to (i) operate production lines with sufficient efficiency and cost effectiveness, (ii) increase revenues, (iii) obtain profitability, (iv) obtain additional financing, (v) manage changes in general economic and business conditions (including in the environmental technology and plastic recycling industries), (vi) react to actions of our competitors, (vii) develop new services and markets for our services and products, (viii) properly quantify the time and expense involved in such development activities, (ix) identify and manage risks in connection with acquisitions (x) identify and capitalize upon the level of demand for and market acceptance of our services and products and (xi) make any necessary changes to our business strategies.
CONTACT: ECO2 Plastics, Inc., +1-650-279-8619, email@example.com
Web Site: http://www.eco2plastics.com/