{"id":39720,"date":"2017-01-17T06:50:07","date_gmt":"2017-01-17T05:50:07","guid":{"rendered":"https:\/\/rss.nova-institut.net\/public.php?url=http%3A%2F%2Fwww.plasticsnews.com%2Farticle%2F20161227%2FNEWS%2F161229959%2Fsolegear-buys-lindars-bioplastic-division"},"modified":"2017-01-13T13:30:24","modified_gmt":"2017-01-13T12:30:24","slug":"solegear-announces-acquisition-of-lindars-bioplastic-division","status":"publish","type":"post","link":"https:\/\/renewable-carbon.eu\/news\/solegear-announces-acquisition-of-lindars-bioplastic-division\/","title":{"rendered":"Solegear Announces Acquisition of LINDAR\u2019s Bioplastic Division"},"content":{"rendered":"<p><strong>(Vancouver, BC) Solegear Bioplastic Technologies Inc. (the \u201cCompany\u201d or \u201cSolegear\u201d) (TSX-V:SGB) is pleased to announce that it entered into a definitive agreement on December 22, 2016 with LINDAR Corporation (\u201cLINDAR\u201d) to acquire 100% of LINDAR\u2019s bioplastic division for CAD$845,000, comprising 4,225,000 common shares of the Company (the \u201cShares\u201d) at a deemed price of $0.20 per share (the \u201cAsset Purchase\u201d).<\/strong><\/p>\n<p>Located in Minnesota, LINDAR has been producing thermoformed packaging since 1993 and is a recognized leader in packaging innovations, including single-serve and tamper evident food packaging.<\/p>\n<p>\u201cThe food industry has been most significantly impacted by consumer and regulatory concerns about safety,\u201d said Paul Antoniadis, CEO of Solegear. \u201cLINDAR was one of the early innovators to embrace the important role packaging design can play in ensuring food safety. By combining LINDAR\u2019s thermoformed packaging know-how with Solegear\u2019s commitment to engineering plant-based materials with no BPAs or phthalates, this acquisition positions Solegear with the people, infrastructure, products and pricing to further scale our business at a faster rate.\u201d<\/p>\n<p>\u201cThe opportunity to create scale and engage more customers about what\u2019s now possible with plant-based packaging is something that is much easier to achieve with Solegear than on our own,\u201d said Tom Haglin, President of LINDAR. \u201cAs LINDAR\u2019s bioplastic division becomes part of the Solegear family, LINDAR will be able to capitalize on this business association by introducing new and expanded products with greater capabilities.\u201d Haglin added: \u201cWe are excited for the opportunity to become a Solegear shareholder, and what it will bring to our current customer base as well as new clients!\u201d<\/p>\n<p>Solegear &amp; LINDAR have also agreed to negotiate and enter into an outsourced operating agreement (the \u201cOutsourcing Agreement\u201d) under which LINDAR will provide certain management, operational, financing, marketing, sales, logistics, warehousing and other support services to the Company. The LINDAR team will continue to market and sell bioplastic packaging, making the transition seamless for LINDAR\u2019s existing bioplastic customers, which includes a wide range of US retailers and food producers.<\/p>\n<p>The purchased assets generated over CAD$1.3 million in revenue in 2015. Revenues generated from the purchased assets are expected to be accretive to Solegear during the current fiscal year. Issuance of the Shares to LINDAR is conditional upon execution of the Outsourcing Agreement, and completion of the Asset Purchase remains subject to TSX Venture Exchange approval. The Shares will be issued from treasury and subject to a 24 -month hold period from the signing date of the Outsourcing Agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Vancouver, BC) Solegear Bioplastic Technologies Inc. (the \u201cCompany\u201d or \u201cSolegear\u201d) (TSX-V:SGB) is pleased to announce that it entered into a definitive agreement on December 22, 2016 with LINDAR Corporation (\u201cLINDAR\u201d) to acquire 100% of LINDAR\u2019s bioplastic division for CAD$845,000, comprising 4,225,000 common shares of the Company (the \u201cShares\u201d) at a deemed price of $0.20 per [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","nova_meta_subtitle":"","footnotes":""},"categories":[5572],"tags":[11635,7105],"supplier":[12969,2124],"class_list":["post-39720","post","type-post","status-publish","format-standard","hentry","category-bio-based","tag-innovation","tag-packaging","supplier-lindar-corporation","supplier-solegear-bioplastics-inc"],"_links":{"self":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/39720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/comments?post=39720"}],"version-history":[{"count":0,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/39720\/revisions"}],"wp:attachment":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media?parent=39720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/categories?post=39720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/tags?post=39720"},{"taxonomy":"supplier","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/supplier?post=39720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}