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In conjunction with this plan, on Tuesday, September 8, 2009, the Company closed its existing facility in Riverbank, CA. A total of 47 employees were laid off and the Company has begun dismantling existing equipment. The Company currently retains a total of 11 employees. During the course of the next six to nine months, the Company will not produce product for sale as we build our new plant. The Company has identified a suitable site for the new facility as well as new equipment that will be installed alongside certain existing equipment in order to complete an improved production line. The Company has not yet, however, made final decisions as to the site location or equipment vendor. The Company projects that development of the new plant will require approximately $9 million in new capital, including some funds required to pay currently outstanding accounts payable. The Company expects that a significant portion of this amount can be financed through equipment lease and other commercial credit facilities, while the balance of the requisite funding will need to be sourced from equity or debt investors. The Company expects that the newly developed plant will generate recycled plastic in sufficient volume and at sufficient quality and yield, along with an efficient cost of production, such that the business will operate profitably following completion of the new facility and achievement of targeted production volumes.
More detail regarding the background of the Company's decision can be found in Form 8-K filed today with the SEC.
About ECO2 Plastics (www.eco2plastics.com)
ECO2 Plastics, (EOPI.OB), is a publicly traded company 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, 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 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.
SOURCE ECO2 Plastics, Inc.
http://www.eco2plastics.com
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