Solegear narrows loss, improves revenue

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In Vancouver, Solegear Bioplastic Technologies reports sales of $412,525 for the three months ended August 31, compared with no revenues in the year-ago quarter. For the six months ended August 31, sales were $738,686, compared with $3,982 for the corresponding period in 2015.

The renewable plastics maker reports a net $619,643 and $1,113,882 for the three and six months ended August 31, compared corresponding losses of $755,606 and $1,705,719, respectively, in 2015.

Solegear says it had cash reserves of $450,835 as of August 31 and has since received $79,436 in new loans from Western Economic Diversification Canada.

Quarter highlights include 29% sales growth over the previous quarter and a US patent covering biobased additives.

Solegear CEO Paul Antoniadis says the company is achieving momentum in awareness and customer adoption of bioplastics. “This strategic focus, along with our team’s commitment to commercial traction and cost controls, continues to strengthen Solegear’s position as an emerging leader in the bioplastics industry.”