Loop Industries Announces Temporary Reduction of Activities due to COVID-19

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[{"type":"text","content":"MONTREAL, QC / ACCESSWIRE / March 25, 2020 / Loop Industries, Inc (Nasdaq: LOOP) today announced its measures to comply with the order of the Quebec provincial government to minimize all non-priority services and activities until April 13, due to the ongoing COVID-19 pandemic.The order provides exemptions that allow businesses that provide non-priority services to maintain minimal operations to ensure the resumption of their activities, bearing in mind the directives issued by public health authorities. Consequently, the company will maintain reduced operations at the pilot plant and protect its investment in its assets, which are utilized for the continuing development of its depolymerization technology for the production of sustainable PET plastic.The company's main focus during the time frame of the government order will be to continue working with its joint venture partner, Indorama Ventures Limited, to oversee the engineering for the Spartanburg joint venture facility and pursue its plans for the commercialisation of its technology. The company has made arrangements for employees to work remotely to support these engineering activities. The government order is not expected to impact the company's ability to work to advance this project. The company will provide an update on the status and timing of the commissioning of the Spartanburg facility when it reports its fourth quarter and full year results in its 10-K in early May.The company continues to be in a good liquidity position, with approximately $30 million of cash and cash equivalents on hand.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 ...

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