LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
On November 23, 2018, Loop Industries, Inc. (the “Company”), entered into a multi-year master term and conditions supply agreement for Loop PET plastic, effective as of November 14, 2018 (the “MTC”), with the Coca-Cola Cross Enterprise Procurement Group (“CEPG”). CEPG is a procurement collaboration comprised primarily of authorized bottlers in the Coca-Cola system. The MTC is a multi-year agreement that enables members of CEPG (“Customers”) to enter into supply agreements with the Company for the purchase of Loop PET plastic from the Company’s joint venture facility established in the United States with Indorama Ventures PCL (as announced on September 28, 2018), and incorporate Loop™ PET plastic, which is 50% recycled material, into its product packaging.
to the MTC, the Company, either directly, or through an authorized manufacturer, will provide and deliver certain quantities of Loop™ PET plastic to Customers under supply agreements which incorporate the terms of the MTC. The Company makes certain representations, warranties and assurances as to the quality and grade of the Loop™ PET plastic.
The foregoing description of the MTC does not purport to be complete and is qualified in its entirety by reference to the MTC, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference. A copy of the Company’s press release regarding the foregoing is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Loop Industries, Inc. ExhibitEX-10.1 2 loop_ex101.htm MASTER TERM AND CONDITIONS SUPPLY AGREEMENT loop_ex101.htmEXHIBIT 10.1 MASTER TERMS & CONDITIONS SUPPLY AGREEMENT (“MTC”) This LOOP PET supply agreement (the “Agreement”) is made as of November 14,…To view the full exhibit click here
About LOOP INDUSTRIES, INC. (OTCMKTS:LLPP)
Loop Industries, Inc., formerly First American Group Inc., is a manufacturer of Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG), the chemical components used in manufacturing polyethylene terephthalate (PET). The Company is engaged in designing, prototyping and building a closed loop plastics recycling business using a de-polymerization technology. Its technology uses waste PET plastics, such as water bottles, soda bottles, consumer packaging, carpets and industrial waste as feedstock to process. These feedstocks are available through municipal triage centers, industrial recycling and landfill reclamation projects. The Company operates in the United States and Canada. The Company focuses on depolymerizing waste plastics and converts them into valuable chemicals, ready to be reintroduced into the manufacturing of virgin plastics.