MONTREAL QC/ ACCESSWIRE / February 26, 2021 - Loop Industries, Inc. (Nasdaq: LOOP) (the“Company” or “Loop”), a leading sustainable plastics technology innovator, today announced that NelsonGentiletti is retiring, and as such is stepping down from his roles as the Company’s COO and CFO. Mr.Andrew (Drew) Hickey is appointed as CFO of the Company effective March 1, 2021. Nelson Gentilettiwill remain with the Company until April 30 to ensure a smooth and successful transition of hisresponsibilities, which includes the completion of the Company’s year-end reporting.
Drew Hickey has had a successful career of more than 25 years both in North America and Europe ininvestment banking with large Canadian banks. He will be responsible for Loop’s corporate functions,including finance and legal. He will also draw upon his strong background in financing activities globally tohelp drive the commercialization of Loop’s technology.
“I am pleased to welcome Drew Hickey to Loop at this exciting stage of our strategic development,” saidDaniel Solomita, Loop’s Founder and CEO. “Drew is a sophisticated corporate finance professional, andhis experience and thoughtful demeanour will make him a valuable asset to Loop’s leadership team. Ilook forward to working together with him as we initiate new commercialization projects to capitalize onour technology.”
Mr. Solomita and the Board of Directors would also like to express their appreciation to Nelson Gentilettifor his role over the past two years in Loop’s continuing development as a public company, including hisleadership in enhancing Loop’s corporate governance, financial controls, and reporting practices, as wellas his role in positioning the business for the future. We wish Nelson continued success in retirement.
About Loop Industries
Loop Industries is a technology company whose mission is to accelerate the world’s shift toward sustainable PET plastic and polyester fiber and away from our dependence on fossil fuels. Loop owns patented and proprietary technology that depolymerizes no and low-value waste PET plastic and polyester fiber, including plastic bottles and packaging, carpets and textiles of any color, transparency or condition and even ocean plastics that have been degraded by the sun and salt, to its base building blocks (monomers). The monomers are filtered, purified and polymerized to create virgin-quality Loop™ branded PET resin and polyester fiber suitable for use in food-grade packaging, thus enabling our customers to meet their sustainability objectives. Loop Industries is contributing to the global movement towards a circular economy by preventing plastic waste and recovering waste plastic for a more sustainable future for all.
Common shares of the Company are listed on the Nasdaq Global Market under the symbol “LOOP.”
This news release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond Loop’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) commercialization of our technology and products, (ii) our status of relationship with partners, (iii) development and protection of our intellectual property and products, (iv) industry competition, (v) our need for and ability to obtain additional funding, (vi) building our manufacturing facility, (vii) our ability to sell our products in order to generate revenues, (viii) our proposed business model and our ability to execute thereon, (ix) adverse effects on the Company’s business and operations as a result of increased regulatory, media or financial reporting issues and practices, rumors or otherwise, and (x) other factors discussed in our subsequent filings with the SEC. More detailed information about Loop and the risk factors that may affect the realization of forward-looking statements is set forth in our filings with the Securities and Exchange Commission (SEC). Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. Loop assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise
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