RCS - Loop Industries - Loop Industries Collaborates With On

Loop IndustriesAnnouncement

21/05/2024 15:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240521:nRSU3291Pa&default-theme=true

RNS Number : 3291P  Loop Industries  21 May 2024

Loop Industries Collaborates With On and Unveils Launch of the Cloudeasy
Cyclon, a Shoe Manufactured With the Infinite Loop(TM) Fiber-To-Fiber
Recycling Technology

MONTREAL, QC / ACCESSWIRE / May 21, 2024 / Loop Industries, Inc.
(Nasdaq:LOOP) (the "Company" or "Loop"), a clean technology company whose
mission is to accelerate a circular plastics economy by manufacturing 100%
recycled polyethylene terephthalate ("PET") plastic and polyester fiber, today
announced its collaboration with On, the Swiss sportswear brand, and unveiled
the launch of the Cloudeasy Cyclon shoe. This innovative shoe, part of On's
Circular Cyclon™ program, is a groundbreaking achievement in sustainable
footwear, featuring an upper crafted from yarn made with Loop's 100% recycled
polyester fiber using the Infinite Loop™ fiber-to-fiber recycling
technology.

Related Image
(https://www.accesswire.com/imagelibrary/cb3ea484-7812-4627-9eaa-3b0fc418711c/865285/loopshoe.jpg?v=1)

Photo: The Cloudeasy Cyclon shoe, featuring an upper crafted from yarn made
with Loop's 100% recycled polyester fiber using the Infinite Loop™
fiber-to-fiber recycling technology.

This collaboration combines On's commitment to performance and sustainability
with Loop's disruptive technology to manufacture a shoe that is not only
manufactured with recycled polyester fiber but can also be recycled into new
shoes endlessly. This closed-loop system minimizes waste and maximizes
sustainability, setting a new standard for environmentally responsible
footwear manufacturing. Coloured, multi-material textile waste that was
destined to be incinerated was diverted and upcycled into recycled polyester
fiber and used in the upper of the Cloudeasy Cyclon shoe. The recycled
polyester fiber was created from purified rDMT and rMEG monomers that were
manufactured at Loop's depolymerization facility in Terrebonne, Quebec, which
were then polymerized into 100% recycled virgin quality Loop™ PET resin by
Loop's strategic partner, Ester Industries Ltd. On is the first footwear
company to launch a shoe using the Infinite Loop™ fiber-to-fiber recycling
technology.

The Cloudeasy Cyclon represents a new era of sustainable footwear and sets a
precedent for circularity in the industry. The Infinite Loop™ technology not
only reduces reliance on virgin materials produced from fossil fuels but also
significantly cuts down carbon emissions by up to 79%(1). Together with Loop,
On is setting a new benchmark and standard for sustainable footwear, leading
the way towards a circular future for the footwear and textile industry.

"We are excited to collaborate with Loop Industries as we take this
significant next step in our circularity journey," said Begüm Kürkçü,
Director of Sustainability at On. "This latest expansion of the Cyclon program
brings us closer to our long-term vision of becoming circular through design
and business models."

Daniel Solomita, Founder and CEO of Loop Industries, commented " Our
collaboration with On is a prime example that demonstrates the power and
impact of fiber-to-fiber recycling, and showcases how polyester fiber waste
can be transformed into virgin quality, recycled materials for new products.
Our Infinite Loop™ technology enables brands to lower their carbon footprint
without impacting quality or performance and helps pave the way for a more
circular approach to manufacturing."

The Cloudeasy Cyclon is available online through On's subscription service
Cyclon™ at www.on.com/cyclon (https://pr.report/kdbo2cT3)

To view the press release issued by On, please click on the following link:

https://press.on-running.com/swiss-sportswear-brand-on-expands-its-circularity-program-with-two-new-shoe-models
(https://pr.report/UjwevMqo)

About On

On (https://pr.report/c2AmrNLK)  was born in the Swiss Alps in 2010 with the
mission to ignite the human spirit through movement - a mission that still
guides the brand today. Fourteen years after market launch, On delivers
industry-disrupting innovation in premium footwear, apparel and accessories
for high-performance running, outdoor, training, all-day activities and
tennis. On's award-winning CloudTec® (https://pr.report/LgyMRKqj)
 innovation, purposeful design and groundbreaking strides within
the circular economy  (https://pr.report/ElH5tpS8) have attracted a
fast-growing global fan base - inspiring humans to explore, discover and Dream
On.

On is present in more than 60 countries globally and engages with a digital
community on www.on.com (https://pr.report/IXPEfc3s) .

(1) Life Cycle Assessment of Loop GEN II Infinite Loop France done by
Franklin Associates, a division of ERG, compares kg for kg Loop PET vs. Virgin
PET. CO2 savings are compared to the production of virgin PET made from fossil
fuels and the avoided incineration of waste used as a feedstock.

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 Industries 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 suitable for use in food-grade packaging and
polyester fiber, thus enabling Loop Industries Collaborates With on and
Unveils Launch of the Cloudeasy Cyclon, a Shoe Manufactured With the Infinite
Loop™ Fiber-To-Fiber Recycling Technologyour customers to meet their
sustainability objectives. Loop™ PET plastic and polyester fiber can be
recycled infinitely without degradation of quality, successfully closing the
plastic loop. Loop Industries is contributing to the global movement towards a
circular economy by reducing plastic waste and recovering waste plastic for a
sustainable future.

Common shares of the Company are listed on the NASDAQ Global Market under the
symbol "LOOP."

For more information, please visit www.loopindustries.com
(https://pr.report/G-PaYMIQ) . Follow Loop on Twitter: @loopindustries,
Instagram: loopindustries, Facebook: Loop Industries and LinkedIn: Loop
Industries

Forward-Looking Statements

This news release contains "forward-looking statements" as defined in the U.S.
Private Securities Litigation Reform Act of 1995. Such statements may be
preceded by the words "intends," "may," "will," "plans," "expects,"
"anticipates," "should," "could," "projects," "predicts," "estimates," "aims,"
"believes," "hopes," "potential" or "continue" the negative of such terms or
similar words. These forward-looking statements include, without limitation,
statements about Loop's market opportunity, its strategies, ability to improve
and expand its capabilities, competition, expected activities and expenditures
as Loop pursues its business plan, the adequacy of its available cash
resources, regulatory compliance, plans for future growth and future
operations, the size of Loop's addressable market, market trends, and the
effectiveness of Loop's internal control over financial reporting.
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 among other things: (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
relative to our current and future financial commitments, (vi) engineering,
contracting, and building our manufacturing facilities, (vii) our ability to
scale, manufacture, and sell our products in order to generate revenues,
(viii) our proposed business model and our ability to execute thereon, (ix)
the ability to obtain the necessary approvals or satisfy any closing
conditions in respect of any of our proposed partnerships, (x) our joint
venture projects and our ability to recover certain expenditures in connection
therewith, (xi) adverse effects on the Company's business and operations as a
result of increased regulatory, media, or financial reporting scrutiny,
practices, rumors, or otherwise, (xii) disease epidemics and other
health-related concerns and crises, which could result in reduced access to
capital markets, supply chain disruptions and scrutiny, embargoing of goods
produced in affected areas, government-imposed mandatory business closures and
any resulting furloughs of our employees, government employment subsidy
programs, travel restrictions or the like to prevent the spread of disease, or
market or other changes that could result in non-cash impairments of our
intangible assets, and property, plant and equipment, (xiii) the effect of the
continuing worldwide macroeconomic uncertainty and its impacts, including
inflation, market volatility and fluctuations in foreign currency exchange and
interest rates, (xiv) the outcome of any SEC investigations or class action
litigation filed against us, (xv) our ability to hire and/or retain qualified
employees and consultants, (xvi) other events or circumstances over which we
have little or no control, and (xvii) other factors discussed in Loop's
subsequent filings with the Securities and Exchange Commission ("SEC"). More
detailed information about Loop and the risk factors that may affect the
realization of forward-looking statements is set forth in Loop's filings with
the 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
(https://pr.report/b03ric-Z) . Loop assumes no obligation to publicly update
or revise its forward-looking statements as a result of new information,
future events or otherwise.

For More Information:

Investor Relations:

Kevin C. O'Dowd, Investor Relations

Loop Industries, Inc.

+1 617-755-4602
kodowd@loopindustries.com (mailto:kodowd@loopindustries.com)

Media Inquiries:

Andrea Kostiuk, VP Marketing & Communications

Loop Industries, Inc.

+1 (450) 951-8555
akostiuk@loopindustries.com (mailto:akostiuk@loopindustries.com)

SOURCE: Loop Industries, Inc.

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAUAAORSBUVUAR