SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Casey Container Corporation (OTCBB:CSEY) today announced that it has amended its July 1, 2011 Funding Agreement with Crown Hospitality Group, LLC. Instead of funding in tranches over a twelve-month period, the entire $4 million is due to be funded in full on or around February 29, 2012.
Although there have been unforeseen delays in receiving the installments agreed upon in the original Funding Agreement, Casey Container has been in discussions with Crown Hospitality Group regarding a potential increase of funding to accommodate international manufacturing facilities. The additional facilities would produce its biodegradable preforms using the organic biodegradable plastic additive EcoPure®. Casey will be filing a Form 8-K with the Securities Exchange Commission.
"Robust inquiries about Casey's PET and HDPE biodegradable plastics continue to steadily roll in from potential customers all over the world. Several international companies have also made requests to form joint venture partnerships with us to deliver biodegradable plastics in their respective industries," commented CEO Martin Nason. "The need for a truly biodegradable, affordable solution for environmentally friendly preforms, bottles and containers is enormous. The demand and anticipation we have experienced is very promising, and we are confident that the current worldwide demand will continue to be significant. This will allow us to rapidly build and sustain maximum production once we receive the full funding and launch production."
Casey has identified an ideal property for its first biodegradable preform and bottling facility, and intends to sign a lease and order equipment immediately after receiving its funding.
About Casey Container
Casey Container 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 an increasing market share in this extremely large and growing sector by offering biodegradable plastic packaging solutions leveraging the EcoPure® additive. For details, visit Casey's website at www.caseycontainer.com.
Safe Harbor for Forward Looking Statements:
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.
