VC-backed Solegear to acquire Ex-Tech's bioplastics division
Solegear Bioplastic Technologies Inc (TSX-V: SGB) has agreed to acquire the bioplastics division of Ex-Tech Plastics Inc for $1.33 million in common shares of the company at a price of $0.20 per share. Vancouver-based Solegear, a developer of bioplastics from renewable plant-based sources, said the deal will provide it with annualized revenues of about US$2 million and accelerate product commercialization. Earlier this year, the company secured the second tranche of an investment from The Hillcore Group. Solegear went public in 2015, but remains a portfolio company of Canadian venture capital firm Yaletown Venture Partners.
17 March 2016•6 mins read
