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Prime Minister Harper Tours EcoSynthetix Centre of Innovation
December 2, 2011
BURLINGTON, ON, Dec. 2, 2011 /CNW/ – EcoSynthetix Inc. (TSX: ECO), a renewable chemicals company that produces a family of commercially proven bio-based products, today announced that The Right Honourable Stephen Harper, Prime Minister of Canada, spent this morning touring the Company's Burlington, Ontario, Centre of Innovation. EcoSynthetix established its headquarters in Burlington in 2010 and recently commissioned a pilot scale production line at this location, which is being used for research and development purposes to support new product development.
"The synthetic polymer market consumes 15-20% of global oil production annually in order to manufacture a range of products we use every day, such as coated paper and personal care products," said John van Leeuwen, Chairman and CEO of EcoSynthetix. "We are leading the move away from expensive, volatile petroleum-based polymers toward our cost effective, bio-based products. We are honoured that the Prime Minister would take the time to tour our facility and are pleased to see that innovation is a priority for the government."
Petroleum-based polymers are used in products that consumers encounter every day such as paper, paints and textiles. EcoSynthetix's proprietary EcoSphere® Biolatex® polymers are currently used primarily in the coated paper and paperboard markets to substitute for petroleum-based polymers in binding applications. These bio-based materials represent the first disruptive technology to be introduced to the synthetic polymer market in decades. EcoSynthetix's polymers are lower cost than petroleum-based alternatives, while offering significant environmental advantages. Four of the top 20 players in the coated paper and paperboard industries are customers and ten of the top 20 are conducting trials with the Company's product right now.
In August 2011, EcoSynthetix completed an IPO on the Toronto Stock Exchange (TSX) that raised over $100 million, primarily to finance additional production capacity as well as research and development efforts. The Company's current production capacity is 155 million pounds, which will be expanded to 235 million pounds by the end of the year.
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 supplemented prospectus dated July 27, 2011. 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.
Image with caption: "Left to Right – John van Leeuwen (Chairman and CEO of EcoSynthetix), Stephen Harper (Prime Minister), Mike Wallace (MP for Burlington) (CNW Group/EcoSynthetix Inc.)". Image available at: http://photos.newswire.ca/images/download/20111202_C3549_PHOTO_EN_7810.jpg
Image with caption: "Stephen Harper (Prime Minister), John van Leeuwen (Chairman and CEO of EcoSynthetix), Mike Wallace (MP for Burlington) (CNW Group/EcoSynthetix Inc.)". Image available at: http://photos.newswire.ca/images/download/20111202_C3549_PHOTO_EN_7809.jpg
Audio with caption: "Prime Minister Harper Tours EcoSynthetix Centre of Innovation". Audio available at: http://stream1.newswire.ca/media/2011/12/02/20111202_C3549_AUDIO_EN_7801.mp3
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Source: Canada Newswire (December 2, 2011 – 1:30 PM EST)
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