ECO2 Plastics, Inc. Reports First Quarter Financial Results.RIVERBANK, Calif., May 13 /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 2009 first quarter financial results in a Form 10-Q filing. The Company reported revenues of $525,000 for the quarter ended March 31, 2009 versus $1.5 million during the same period in 2008. Operating losses were reduced to $2.3 million during the period from $3.3 million in the prior year period. Net Losses for the first quarter 2009 were $4.6 million versus net losses of $11.6 million for the prior year. Cash losses from operating activity were $1.0 million in the first quarter of 2009 versus $2.1 million for the first quarter of 2008. As announced in November 2008, the Company executed on a strategy of reduced operations in an effort to minimize near term operating losses and conserve cash, while focusing on additional process enhancements. Significant investments in equipment have occurred during the quarter and subsequent period with the goal of improving quality and yields, continued reductions in operating costs and increased throughput. 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 operations are improving, our continued focus must be on raising additional funds to 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. For more information please email press@eco2plastics.com or call 650-279-8619. 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, +1-650-279-8619, press@eco2plastics.com Web Site: http://www.eco2plastics.com/ |
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