MONTRÉAL, QUEBEC / ACCESS Newswire / March 7, 2025 / Loop Industries, Inc. (Nasdaq:LOOP) ("Loop," or the "Company"), a clean technology company dedicated to accelerating circular fashion by manufacturing 100% recycled polyethylene terephthalate (PET) plastic and textile-to-textile polyester fiber, today announced the following senior leadership changes as it transitions to the next phase of its strategic development with the commercialization of its technology.
Adel Essadam, Vice President of Science and Technology, is promoted to the position of Chief Operating Officer. Adel is recognized as one of the most knowledgeable experts in the plastic chemical recycling industry and has become highly respected both within the industry and with his peers in the Company. This promotion reflects Adel's leadership role in negotiating and implementing the Company's ongoing joint ventures and technology licensing initiatives. Specifically, Adel led the recent successful financing, joint venture and technology licensing negotiations with Reed Societe Generale Group and the negotiation of the India joint venture ("India JV") with Ester Industries. Going forward, Adel will play the lead role supporting Founder and CEO Daniel Solomita in implementing initiatives to build out future commercial facilities and negotiating global technology licensing opportunities. Adel will sit on the board of Loop's India JV with Ester Industries and the joint venture with Reed Societe Generale Group in Europe.
Giovanni Catino, Vice President of Sales, is appointed Chief Revenue Officer, reflecting his leadership role in developing and implementing Loop's sales strategy with global apparel and food and beverage customers. Giovanni will play the lead role in building out our global supply chains, including the addition of polyester fiber as a product offering through partnerships with spinning companies. Giovanni will also sit on the board of the India JV with Ester Industries.
In conjunction with the above changes in senior leadership, Fady Mansour, CFO, will leave Loop with immediate effect. Nicolas Lafond, Senior Director of Finance and Corporate Secretary, will assume responsibility as Interim CFO. Nicolas has played the leading role in the Company's financial reporting and regulatory disclosure, working with Loop's external auditors and the Audit Committee of the Board of Directors.
The Company also noted that Spencer Hart was appointed to Loop's Board of Directors on February 10, 2025. Mr. Hart has had a career in investment banking spanning over 30 years. He has worked with clients across a variety of industries, with a focus on retail and consumer companies. Throughout his career, he has advised on many M&A and financing transactions, both public and private. He is currently a Senior Advisor with Guggenheim Securities, based in New York.
Daniel Solomita, Founder and CEO of Loop, commented "I am excited with the development of Adel and Giovanni as leaders within Loop's senior management team as we transition to the next stage of our strategic development with the commercialization and licensing of our technology. Also, I am grateful to be able to count on Nicolas Lafond to continue to oversee and ensure high standards in our financial reporting and internal controls. In addition, I welcome Spencer Hart to the Board of Directors. His experience and excellent reputation in capital markets and M&A will make him a valuable addition to the Board. I would also like to wish Fady Mansour success in his future career."
About Loop Industries
Loop Industries is a technology company whose mission is to accelerate the world's shift toward sustainable PET plastic and polyester fiber and away from our dependence on fossil fuels. Loop Industries owns patented and proprietary technology that depolymerizes no and low-value waste PET plastic and polyester fiber, including plastic bottles and packaging, carpets and textiles of any color, transparency or condition and even ocean plastics that have been degraded by the sun and salt, to its base building blocks (monomers). The monomers are filtered, purified and polymerized to create virgin-quality Loop™ branded PET resin suitable for use in food-grade packaging and polyester fiber, thus enabling our customers to meet their sustainability objectives. Loop™ PET plastic and polyester fiber can be recycled infinitely without degradation of quality, successfully closing the plastic loop. Loop Industries is contributing to the global movement towards a circular economy by reducing plastic waste and recovering waste plastic for a sustainable future.
Common shares of the Company are listed on the NASDAQ Global Market under the symbol "LOOP."
For more information, please visit www.loopindustries.com.
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Forward-Looking Statements
This news release contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "should," "could," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or "continue," the negative of such terms or similar words. These forward-looking statements include, without limitation, statements about the anticipated benefits of the leadership change discussed herein. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond Loop's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with among other things: (i) our ability to commercialize our technology and products, (ii) the status of our relationships with our partners, (iii) development and protection of our intellectual property and products, (iv) industry competition, (v) our need for and ability to obtain additional funding relative to our current and future financial commitments, (vi) our ability to continue as a going concern, (vii) engineering, contracting, and building our manufacturing facilities, (viii) our ability to scale, manufacture, and sell our products and to license our technology in order to generate revenues, (ix) our proposed business model and our ability to execute it, (x) our ability to obtain the necessary approvals or satisfy any closing conditions in respect of any of our proposed partnerships, (xi) our joint venture projects and our ability to recover certain expenditures in connection them, (xii) adverse effects on the Company's business and operations as a result of increased regulatory, media, or financial reporting scrutiny, practices, rumors, or otherwise, (xiii) public health issues, such as disease epidemics, which may lead to reduced access to capital markets, supply chain disruptions, and government-imposed business closures, (xiv) war, regional tensions, and economic or other conflicts that could impact market stability and our business; (xv) the effect of the continuing worldwide macroeconomic uncertainty and its impacts, including inflation, market volatility and fluctuations in foreign currency exchange and interest rates, (xvi) the outcome of any Securities and Exchange Commission ("SEC") investigations or class action litigation filed against us, (xvii) our ability to hire and/or retain qualified employees and consultants, (xviii) other events or circumstances over which we have little or no control, and (xix) other factors discussed in Loop's Annual Report on Form 10-K for the fiscal year ended February 29, 2024 filed with the SEC and in Loop's subsequent filings with the SEC. More detailed information about Loop and the risk factors that may affect the realization of forward-looking statements is set forth in Loop's filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. Loop assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise, unless otherwise required by law.
For More Information:
Investor Relations:
Kevin C. O'Dowd, Investor Relations
Loop Industries, Inc.
+1 617-755-4602
kodowd@loopindustries.com
SOURCE: Loop Industries
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