ECO2 Plastics files with FDA, reports 2007 financial results
During the first quarter of 2008, ECO2 Plastics, Inc.
completed the necessary FDA testing for the use of their product in the
manufacture of food contact applications. The Company’s product now meets
FDA standards for up to 100 percent inclusion in 12 categories of focus
by the FDA.
ECO2 Plastics reported its 2007 year-end financial
results with revenues of $4.3 million versus $61,000 during 2006. Operating
losses were $16 million versus $14.9 million during the prior year, with
net losses of $32.6 million in 2007 versus $20.8 million for the prior
year. Cash losses from operating activity were $7.2 million in 2007 versus
$4.1 million for 2006.
In January 2008, the Company announced a mechanical
problem that impacted the quality of material being produced. Production
lines were reconfigured, which resolved the quality issues and shipments
of prime quality flake began again in late February.