RIVERBANK, Calif., Nov. 6 /PRNewswire-FirstCall/ -- ECO2 Plastics, Inc., (OTC Bulletin Board: EOPI), the eco-friendly recycling company that is changing the way plastics are recycled, today reported its 2009 third quarter financial results in a Form 10-Q filing. The Company reported the following results:
- Revenues of $1.4 million for the quarter were achieved versus $2.5 million during the same period in 2008.
- Revenues for the nine months ended September 30th were $3.0 million in 2009 versus $5.4 million in 2008.
- Net losses from operations were $9.6 million for the quarter versus $3.3 million during the same period in the prior year, and net losses were $10.0 million for nine months ended September 30th versus $12.8 million for the prior year.
- Excluding a one-time impairment of assets related to the closing of the plant during the quarter, net losses from operations were $2.0 million for the quarter versus $3.3 million during the same period in the prior year, and net losses were $6.1 million for nine months ended September 30th versus $9.6 million for the prior year.
During the quarter, the Company closed its existing facility in Riverbank, CA. Dismantling of the plant is nearing completion and the Company has identified a suitable site for the new facility as well as new equipment to construct a new plant. The Company has not yet executed a lease agreement or a purchase agreement for the equipment, which will be subject to raising additional financing. Additionally, the Company filed a second amendment to a preliminary 14C and 13E3 with the SEC to conduct a 1 for 2000 reverse stock split. The filing continues to be under review and a definitive 14C will be filed following completion of answers to the SEC's comments.
Rod Rougelot, CEO of ECO2 Plastics stated, "Raising additional financing remains our primary focus with the goal of being operational again in the second quarter of 2010."
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. The Company is headquartered in Riverbank, California.
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.
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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.