PARADISE VALLEY, Ariz.--(BUSINESS WIRE)--Biodegradable plastics manufacturer Casey Container Corp. (OTC: CSEY) today announced the $10 million Stock Purchase Agreement ("Agreement") signed in April is continuing to move forward. Despite unforeseen delays, the investment group has informed the Company they still intend to close the Agreement.
On April 8, 2014, the Company announced the Board of Directors of Casey Container Corp. ("Casey") approved an Agreement between the Company and an investment group, whereby the Company will issue forty percent (40%) of the issued and outstanding Common shares of Casey at the time of close in exchange for $5 million in equity funding and a 6% long-term Note for an additional $5 million, with a payment grace period of interest and principal. The Agreement and related Note are subject to change upon closing.
Martin Nason, CEO and President, stated, "Although we are anxious to close, we understand a funding of this size can take time. We've maintained continuous communication with the investment group and have provided them all information requested. Casey continually engages in discussions with domestic and international companies seeking a true biodegradable plastics solution."
Plastic pollution and disposal is a serious worldwide problem. Casey has spent considerable time defining its business strategies to become a major force in solving plastic pollution worldwide. EcoPure(r) is a proprietary organic biodegradable additive that promotes and accelerates the biodegradation process in landfill environments, has years of continual independent ASTM laboratory testing to support its claims and been used in numerous plastic products since 2009. Small percentage amounts are mixed with various plastic resins, such as PET, HDPE, PP, PS, PC, EVA and EPS that renders the plastic biodegradable without changing the properties of the original polymer, a significant product differentiator.
About Casey Container Corp
Casey Container Corp. is engaged in the design and custom manufacture of biodegradable PET, PE, HDPE, PP, PS, PC, EVA, EPS and other plastic polymers for use in the bottled water, beverage, container, and other consumer and industrial product markets.
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 the ability of Casey to close the above referenced funding, Casey's ability to sell its products and be profitable, function within the economic, competitive, governmental and technological environments in the plastics industry and their impact on 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.