MONTREAL, Oct. 29, 2014 /CNW Telbec/ - Imaflex Inc. (TSXV: IFX) is pleased to announce it has filed a patent application with the United States Patent and Trademark Office for a production process converting waste latex paint into plastic film. The patent application titled "Methods of Recycling Waste Latex Paint" outlines Imaflex's proprietary approach to reconditioning latex paint waste for the use in blown film extrusion. Imaflex foresees that in the future, recycled latex paint could provide the company with a very low cost feedstock for many of its industrial bag products and further reduce the carbon footprint of its products.
"Paint recycling adds to our growing pipeline of innovative products and technologies," commented Joseph Abbandonato, CEO of Imaflex. "As our legacy plastic business steadily grows, we have increasingly focused and invested in R&D in order to create proprietary products that can accelerate our revenue and profit trajectory. The outcome of this investment has been remarkable. The recent commercial launch of our citrus greening combating film, the imminent submission of the registration dossier for our herbicide releasing agricultural films, and now our waste paint recycling technology, are all examples of disruptive and sustainable technologies deriving from our increased R&D activities."
Of all household hazardous wastes, leftover paint is considered the single most voluminous and expensive material that local governments have to manage. It is estimated, by U.S. Environmental Protection Agency, that annually between 35 to 103 million gallons post-consumer latex paint waste is generated in the U.S., and approximately 30 percent of recollected waste latex paint is non-reusable scrap, posing a major environmental threat.
Joseph Abbandonato added, "Our advanced recycling process offers a more economical and environmentally sound alternative to handle waste latex paint than landfill disposal."
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Cautionary Statement on Forward Looking Information
Certain information included in this press release constitutes "forward-looking" statements within the meaning of Canadian securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the management of the Corporation, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. The Corporation cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Imaflex to be materially different from the Corporation's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Corporation's most recent Management Discussion and Analysis filed on SEDAR. The Corporation disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
SOURCE: Imaflex Inc.
For further information: Imaflex Inc., Joseph Abbandonato, President and C.E.O, Giancarlo Santella, CPA, CA - Corporate Controller, Tel: (514) 935-5710, Fax: (514) 935-0264, e-mail: [email protected], Website: www.imaflex.com