PLASCRED CIRCULAR INNOVATIONS INC. PlasCred Primus Plant Achieves Key Milestone
Q2 2023 Highlights:
- Completed negotiation of a reverse takeover ("RTO") and financing agreement with
Cover Technologies Inc. ("CTI"), a company listed on theCanadian Stock Exchange ("CSE"). Subsequent toJune 30 , CTI's name was changed toPlasCred Circular Innovations Inc , and the listing application for the combined companies on CSE was approved. Trading under the symbol PLAS commenced onAugust 8, 2023 . - Secured an additional short-term debt financing of
$1,000,000 through a new loan agreement. - Invested roughly
$330,000 in the ongoing construction of the Primus pilot plant, strategically located in a 1,000 square foot space withinCalgary's industrial zone.
Operational Results:
For the six months ending
- Net loss and comprehensive loss:
$(696,432) - Basic and diluted loss per common share:
$(0.07)
Comparatively, for the quarter ending
- Net loss and comprehensive loss:
$(413,273) - Basic and diluted loss per common share: $(0.04)
Financial Position as of
- Cash on hand:
$1.1 million - Cash to be received on subsequent closing of Reverse Takeover:
$1.6 million - Outstanding debt:
$1.3 million - Intercompany loans of
$1.9 million were eliminated on closing of the RTO.
By the close of Q2 2023, PlasCred had channeled
Shares Outstanding:
As of
PlasCred is at the forefront of rebalancing the future of plastics. The company is transforming plastic waste by granting it a valuable second life. With a vision of advancing towards a climate-positive future, PlasCred aspires to be among the largest advanced plastic waste upcycler's in
ON BEHALF OF THE BOARD
Forward-looking Statements
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that PlasCred anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements are based on assumptions, including expectations and assumptions concerning the metaverse and the Company's growth plan. While PlasCred considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in public disclosure recorded and filed under the Company's profile on www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of
The Canadian Securities Exchange (operated by
SOURCE
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