BURLINGTON, ON, Sept. 28, 2016 /PRNewswire/ - EcoSynthetix Inc. (TSX: ECO) ("EcoSynthetix" or the "Company"), a renewable chemicals company that produces a portfolio of commercially proven bio-based products, today announced its first commercial customer for its DuraBind™ technology, which targets the wood composite market. The SWISS KRONO GROUP is a top five global producer of wood composites with multiple production facilities. It has completed industrial-stage trials and is now using DuraBind on one production line on an ongoing basis for its NAF ("No Added Formaldehyde") engineered wood products. EcoSynthetix' DuraBind technology is a sustainable, NAF resin solution for the multi-billion dollar global wood binder market.
"This important step, with such a strong industry player, validates DuraBind's capability to meet industry performance standards and deliver value to large-scale operators," said Jeff MacDonald, CEO of EcoSynthetix. "DuraBind is generating significant interest from a broad range of wood composite manufacturers, as well as retailers, who are actively searching for environmentally-friendly alternatives that reduce the use of formaldehyde. As manufacturers strive to conform to regulations that require lower formaldehyde emissions, DuraBind is ideally positioned, offering improved sustainability with comparable performance and economics."
"Our strategy is focused on bringing innovative, sustainable products to market. From both a value and performance perspective, EcoSynthetix has achieved the high standard that we establish for all of our products. DuraBind allows us to offer the highest standard of renewable bio-content in our NAF product line," said Hendrik Hecht, Managing Director of SWISS KRONO GERMANY.
With this initial accomplishment, the two companies have developed plans to introduce DuraBind technology in other products, as well as, at additional sites.
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix offers a range of engineered biopolymers that replace non-renewable chemicals used to manufacture many products, such as paper and packaging, and wood composites. The Company's flagship products, EcoSphere® biolatex® and DuraBind™ biopolymers, provide customers with a sustainable alternative that reduces the use of hazardous chemicals, improves performance and delivers economic benefits. The Company is publicly traded on the Toronto Stock Exchange (T:ECO).
About SWISS KRONO GROUP
Having emerged from the company Kronospan, founded in 1966 by entrepreneur Ernst Kaindl in Menznau, Switzerland, today, with more than 4,500 employees, the SWISS KRONO GROUP is one of the leading global engineered wood producers companies. In the 2014/15 fiscal year, the corporation achieved a turnover of CHF 1.8 billion. For the owner and employees, efficiency, uncompromised focus on quality and environmental orientation are at the centre of their business activities. The SWISS KRONO GROUP produces modern, environmentally compatible products made of wood, a naturally renewable resource, using long-term oriented and efficient methods. The headquarters of the SWISS KRONO GROUP are located in Lucerne, Switzerland.
Certain statements in this Press Release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of the Company, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward looking statements. The forward-looking statements in this Press Release include, but are not limited to, statements regarding the Company's ability to expand the Company's offering into other production lines, expected product pipeline, plans to expand the Company's business into new markets, and other statements regarding the Company's plans and expectations in 2016. These statements reflect our current views regarding future events and operating performance and are based on information currently available to us, and speak only as of the date of this Press Release. These forward-looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Those assumptions and risks include, but are not limited to, the Company's ability to successfully allocate capital as needed and to develop new products, as well as the fact that our results of operations and business outlook are subject to significant risk, volatility and uncertainty. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including the factors identified in the "Risk Factors" section of the Company's Annual Information Form dated March 30, 2016. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Unless required by applicable securities law, we do not intend and do not assume any obligation to update these forward-looking statements.
SOURCE EcoSynthetix Inc.