EcoSynthetix Signs Three-Year Contract with FutureMark Paper Company
- Installation of dry material handling system to allow higher substitution of EcoSphere® biolatex® binders in FutureMark's process -
BURLINGTON, ON, Aug. 3, 2012 /CNW/ - EcoSynthetix Inc. (TSX: ECO), a renewable chemicals company that produces a family of commercially proven bio-based products, today announced that FutureMark Paper Company (FutureMark) has signed a three-year contract for a minimum of 2.45 million dry pounds of EcoSphere biolatex binders delivered annually to its Alsip, Illinois, mill. As part of the contract, EcoSynthetix has agreed to install a state-of-the-art dry material handling solution. This equipment will provide ample capacity for FutureMark to increase its use of biolatex, which substitutes for petroleum-based styrene butadiene latex in FutureMark's paper coating. The new system is expected to be completed during the third quarter of 2012.
"Customer mills often have unique material handling requirements and this contract shows that we now have the capability to rapidly design and deliver a drop-in system that works," said John van Leeuwen, CEO of EcoSynthetix. "This removes one potential hurdle to commercial adoption for manufacturers that are seriously considering a switch to our products. This contract also demonstrates that our existing customers are looking to grow their substitution rates and are willing to sign multi-year contracts for higher volumes as we demonstrate our capability to deliver the right manufacturing solutions to get them there."
"Substituting petroleum-based binders with renewable biolatex is aligned with our commitment to produce high-quality, recycled coated paper in an environmentally sustainable way," added Steve Smith, Vice President of Operations at FutureMark Paper Company. "EcoSphere biolatex helps reduce the environmental footprint of our production process. It also lowers our materials and transport costs without compromising the quality of our recycled coated paper. We've had a lot of success with EcoSphere biolatex over the past few years, and we're looking forward to expanding our use of the product."
FutureMark Paper Company is North America's leading manufacturer of recycled coated paper. The Company's paper products average more than 90 percent recycled content and are used in magazines, catalogs, textbooks, pictorial books, advertising inserts and container labeling.
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix Inc. is a renewable chemicals company specializing in bio-based products that can be used as inputs in industrial manufacturing for a wide range of consumer products. The Company's products offer a reduced carbon footprint and are marketed primarily on the basis of lower cost, stable pricing and equal or superior performance. EcoSynthetix's lead product, ECOSPHERE® BIOLATEX® binders, is used commercially by a number of the global top 20 manufacturers in the coated paper and paperboard industry.
Forward Looking Statements
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. 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 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, 2012. 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.For further information:
John van Leeuwen
Chief Executive Officer
Phone: (289) 288-5010
Phone: (416) 815-0700 (Ext.238)