MONTREAL, April 26, 2018 (GLOBE NEWSWIRE) -- Loop™ Industries, Inc. (NASDAQ:LOOP) today announced that it has appointed Nelson Switzer as Chief Growth Officer to lead the commercialization of Loop’s disruptive sustainability technology and build the Loop brand in the marketplace. He will report to Daniel Solomita, Loop's Founder and Chief Executive Officer.
Nelson comes to Loop following a successful career with Nestlé, the world’s largest consumer packaged goods company. During his time with Nestlé, Nelson was the Chief Sustainability Officer for Nestlé Waters North America, Plastic Strategy Leader for Nestlé in North America and Sustainability Leader for Nestlé in the United States. Prior to that, Nelson led the Sustainable Business Solutions consulting practice for PricewaterhouseCoopers advising public, private, not-for-profit and government clients. Nelson also has served as Head of Corporate Responsibility at Centrica plc NA, Senior Manager of Environmental Affairs at the Royal Bank of Canada and has held adjunct positions and executive in residence status at leading universities including the University of Waterloo and Ivey School of Business.
Since the introduction of Loop’s revolutionary technology, Loop has been focused on optimizing the technology in order to pursue its mission to transform the global PET/polyester market by providing 100% sustainably produced, Loop™ branded resin, which closes the loop on plastic demanded by consumers, governments and global consumer brands. In his role at Loop, Nelson will work closely with Mr. Solomita to oversee a number of strategic priorities, including strategy development, innovation and brand marketing, customer engagement and relationship management, and government relations.
“As Loop moves its technology towards global commercialization and continues to build its strategic leadership team, Nelson’s business experience, commitment to sustainability and innovation, and relationships in industry, government and civil society will be a huge benefit,” said Mr. Solomita.
“I am very excited to join Loop to help the company bring this groundbreaking sustainability technology to market. Not only does Loop’s technology fill a massive market demand, but it is a solution for one of the world’s most pressing environmental challenges,” commented Mr. Switzer. “It is clear that the prospects of growth for Loop are exceptional and demonstrates clearly that transitioning to the circular economy is both achievable and profitable.”
About Loop Industries, Inc.
Loop’s mission is to accelerate the world’s shift toward sustainable plastic and away from our dependence on fossil fuels. Loop has created a revolutionary technology poised to disrupt the plastics industry. This ground-breaking technology decouples plastic from fossil fuels by depolymerizing waste polyester plastic to its base building blocks (monomers). The monomers are then repolymerised to create virgin-quality polyester plastic that meets FDA requirements for use in food-grade packaging. Loop™ branded polyester resin allows consumer goods companies to meet and exceed their stated sustainability goals and circular ambitions. For more information, please visit www.loopindustries.com.
Cautionary Statements Regarding Forward-Looking Statements
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. These forward-looking statements are based on our current assumptions, expectations and beliefs and are subject to substantial risks, estimates, assumptions, uncertainties and changes in circumstances that may cause the Company’s actual results, performance or achievements, as well as the Company’s expectations regarding materiality or significance and the restatement’s quantitative effects, to differ materially from those expressed or implied in any forward-looking statement. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the risk that additional information may arise from the Company’s and its audit committee’s internal review, the risk that the process of preparing and auditing the restated financial statements or other subsequent events would require the Company to make additional adjustments and the time and effort required to complete the restatement of its financial statements, whether the reassessment of the Company’s internal controls over financial reporting could lead the Company to conclude that there were deficiencies in its internal control over financial reporting that constitute material weaknesses; the Company’s responses to potential comments from the SEC; 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; the costs and expenses of the restatement; the initiation of legal proceedings; the volatility of the Company’s stock price; and other risks described more fully in the Company’s filings with the SEC. In addition, please refer to the risk factors contained in the Company’s SEC filings, including the Company’s most recent Annual Report on Form 10-K. Because the risks, estimates, assumptions and uncertainties referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date hereof, and, except as required by law, the Company assumes no obligation and does not intend to update any forward-looking statement to reflect events or circumstances after the date hereof.
Contact
Frank Zitella
Chief Financial Officer
Tel.: (450) 951-8555
FZitella@LoopIndustries.com