Solegear Bioplastic Technologies has announced its audited financial results for the 12 months ended February 28, 2017.
Solegear reports revenues of $2,066,061 for the fiscal year ended February 28, 2017 compared to revenues of $146,036 for the fiscal year ended February 29, 2016.
The Company reports a net and comprehensive loss of $3,290,496 for the fiscal year ended February 28, 2017 compared to a net and comprehensive loss of $4,150,857 for the fiscal year ended February 29, 2016.
The Company had cash reserves of $1,033,648 at February 28, 2017 compared to $678,237 at February 29, 2016 and subsequently received $283,830 in gross new private placement proceeds as announced on May 5, 2017.
Fiscal 2017 Highlights:
Exceeded projected sales growth and delivered fiscal year revenues of $2 million, delivering over 14x growth compared to fiscal year 2016
Delivered gross profit margins of 31% of sales and reduced losses by 40% per share
Awarded US Patent 9,416,255 covering the synthesis of certain bio-based additives
Launched good natured™ brand of plant-based organizational products at retailers and online in Canada and the US, accessing the $10+ billion North American home and business organization market
Expanded to over 120 plant-based food packaging SKUs across bakery, ready-made meals, produce and deli categories
Established a competitive and highly scalable supply chain with LINDAR Corp & Ex-Tech Plastics
"We had set forth aggressive growth and operational milestones for fiscal 2017, and I could not be more proud of our Solegear team and partners. We delivered," said Paul Antoniadis CEO of Solegear. "In the last year we've strengthened the team, widened our product assortment, built the customer base with recurring purchase orders, and put in place a supply chain that supports scalable growth in our new year."
Solegear Bioplastic Technologies is an innovator in the field of next generation bioplastics made from annually renewable plant-based sources.
Committed to the principles of Green Chemistry, Solegear is driven by its mission to create healthier, safer and stronger communities by fundamentally changing the way plastics are made.
Solegear's proprietary bioplastic formulations are designed to meet today's social and corporate requirements to lower carbon emissions, reduce waste and remove toxicity typically associated with traditional petroleum-based plastics.
Together with its partners, Solegear custom engineers, produces and distributes its high-performance bioplastics as resin, sheets and finished goods with some of the highest percentages of renewable, plant-based materials currently available in the industry.