SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Biodegradable plastics manufacturer Casey Container Corp. (CSEY) today announced receipt of a new Letter of Interest from a private German investment fund increasing the funding amount to $10 million. Casey has been working with the fund since March of 2012.
“Their interest in our long-term goals is very encouraging, and consistent with their desire to fund our growth and international expansion in the biodegradable plastics industry.”
Because Casey uses the EcoPure® additive, which has been proven by independent third-party testing facilities to fully biodegrade plastics in as little as three years, interested parties believe Casey's products have the potential to be a major market disruptor for plastics that must biodegrade in a landfill environment. The additive has successfully been used and subject to long-term testing, since 2009.
A second generation additive, EcoPure is added to plastic resin during the manufacturing process, making the product biodegradable in a landfill environment. Based on ASTM testing standards, it has been proven that landfill microbes can break down EcoPure-based plastics within as little as three years. This depends on gram weight of the plastic, microbe activity in the landfill, temperature, moisture level of landfill and the percentage of additive used in manufacturing the plastic. Maintaining the same physical properties as the original polymer, the additive works in every type of plastic resin tested thus far, including PET, HDPE, all polyesters and other polymers.
"We feel the increase is a sign of the investment fund's confidence in Casey Container. It is the result of strategic discussions related to our business model and strategies, key product differentiators, upcoming product launch, short- and long-term operating plans, and how we intend to execute on some very promising opportunities that have come to light recently," commented CEO Martin Nason. "Their interest in our long-term goals is very encouraging, and consistent with their desire to fund our growth and international expansion in the biodegradable plastics industry."
Casey Container's due diligence and financing processes were more complex than anticipated, but are virtually completed. Based on its current status, management is anticipating product shipment in First Quarter 2013.
Additional news will be forthcoming as the Company makes progress towards funding completion.
About Casey Container
Casey Container Corp. (OTC:CSEY) is engaged in the design and custom manufacture of biodegradable PET, HDPE and other plastic polymer preforms, bottles and containers for use in the bottled water, beverage and consumer products industries. Casey Container seeks to capture significant market share by offering biodegradable plastic packaging solutions leveraging the EcoPure® additive. For details, visit Casey's website at www.caseycontainer.com.
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Except for historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the company's operations, markets, products and prices as well as other factors addressed in the company's filings with the Securities and Exchange Commission. For all such forward-looking statements, we claim the safe harbor for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company disclaims any obligation to update any forward-looking statement made herein.