LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On February 28, 2017, Loop Industries, Inc., a Nevada corporation
(the Company), entered into an agreement for services (the
Agreement) with an affiliate of PepsiCo, effective as of January
1, 2017. On the same day, the Company and PepsiCo entered into a
statement of work to the Agreement whereby the Company will
manage a mail back recycling program for certain specified
products sold by PepsiCo and its affiliates, divisions and
subsidiaries, including providing materials for mailing
recyclables to the Company and processing the returned items.
PepsiCo will pay the Company for the costs of the mailing
materials, the mail back and shipping costs, and a management
fee.
The Agreement expires on the later of (i) December 1, 2017 and
(ii) the completion of all outstanding, executed statements of
work, unless earlier terminated by PepsiCo to the terms of the
Agreement.
The foregoing description of the Agreement is a summary and is
qualified in its entirety by the terms of the Agreement. A copy
of the Agreement will be filed as an exhibit to the Companys
Annual Report on Form 10-K for the year ended February 28, 2017.
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. LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) Recent Trading Information
LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) closed its last trading session 00.00 at 6.30 with shares trading hands.