Funding Will Allow Company To Grow Production Capacity to Address Growing Demand for Compostable Plant-Based Packaging
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VANCOUVER, BC / ACCESSWIRE / October 15, 2019 / G-PAK Technology Inc. ("G-PAK" or the "Company"), a leader in plant-based packaging, is pleased to announce it is raising $2 million in a non-brokered private placement of units of G-PAK ("Units") at a price of CAD$0.65 per Unit. Each Unit consists of one Series A preferred share and one common share purchase warrant (a "Warrant") of G-PAK, with each Warrant entitling the holder to purchase one additional share of the Company at a price of CAD$1.10 per share for a period of two years from the date of issue, unless the company obtains a public listing, in which the warrants will have a two year duration from the date of listing.
G-PAK will use the proceeds for a deposit on a 10-lane proprietary G-POD system, brand awareness, continued R&D on existing K-Cup format and a compostable Nespresso pod, marketing and to hire additional team members. The 10-lane system would allow G-PAK to grow its annual production capacity (K-Cup format) from up to 25M pods to up to 125M pods.
New Key Hires, Financing Plan and Path Going Forward
G-PAK is in the process of commercializing and scaling our G-POD production (K-Cup) and is continuing further research and development on a compostable Nespresso pod. We recently made some key hires to implement our operational and strategic game plan.
G-PAK would like to welcome the following new key additions:
John LaGourgue - President & Director
John LaGourgue has focused his passion for micro-cap companies by investing and holding senior executive and board roles for over the last decade. John has a strong background in finance, capital markets and corporate development that fits well with his role as President of G-Pak Technology. His knowledge and experience will be integral as he drives the Company's business and public markets development.
Len Clough - Capital Markets Consultant
Len Clough began his career at RBC Dominion Securities in 1998 and spent 13 years in investment management. In 2013, he founded Toro Pacific Management Inc, a capital markets advisory firm focusing on high growth, early stage companies looking to access the Canadian capital markets. Mr. Clough has extensive public company management experience and has worked in senior management roles including CEO and as a Director of several companies. Toro Pacific Management Inc. has an extensive financial network and has been directly involved in capital formation exceeding CAD $100m in aggregate across various sectors.
Jason Rennie - Operations
Jason has been working in the natural foods sector for over 25 years. He spent the last 13 years as Production Manager for Ethical Bean Coffee Co., one of the leading Fair Trade Organic coffee brands in Canada. Jason successfully managed production, supply chain and logistics. He successfully grew the company from a start-up serving ten accounts to providing products for thousands of accounts across Canada, the US and Japan, including such retailers as Loblaws, Kroger and Costco. In addition he managed a variety of projects, from developing a private label coffee line for Amazon to overseeing a complete replacement of Ethical Bean roasting equipment. Working with the quality team, he helped to develop blends and ensured flavour profiles remained consistent over time. He also provided day to day management of Ethical Bean's single serve co-packers. As part of the management team, he played an important role in Ethical Bean Coffee Co's sale in 2018 to Kraft Heinz and helped manage the transition for Kraft after the sale was completed. He has a comprehensive background in food safety and is very experienced in managing third party certification programs such as Organic certification, Kosher certification and HACCP. Jason will be an integral part of the G-Pak team as we ramp up towards commercialization.
Anthony Rosenfeld - Advisor, Marketing and Strategy
Anthony holds 20 years of experience in marketing, strategy and business development. In 2007, pursuing his passion for natural health and sustainability, he joined Vega in its infancy as Vice President of Marketing. There he built a strong 50-member team that developed a leading marketing program overseeing consumer, trade, PR, creative and digital marketing. He played a key role in building an internationally recognized premium brand while seeing revenue grow from $3.5M in 2007 to $200M in 2015. Anthony received a Bachelor's degree from McGill University and American University and an MBA from the Ivey School of Business at Western University.
Dr. Zac Hudson - Advisor, Science & Technology
Dr. Zac Hudson is the Canada Research Chair in Sustainable Chemistry at the University of British Columbia. Dr. Hudson holds a B.Sc. and Ph.D in chemistry from Queen's University, and has held research fellowships at top universities in Japan, China, the US and UK. His Ph.D. thesis was named the top chemistry Ph.D. in all of Canada, as well as the top Ph.D. at Queen's in any field. He has published more than 50 peer-reviewed scientific papers, including six in Science or Nature journals, and holds 3 patents. He currently leads a team of 12 researchers at UBC developing new polymeric materials for sustainable technologies.
At G-PAK, we are proud to say that we continue to attract strong and seasoned personnel who have the operations, science and finance backgrounds to continue to ensure success.
About G-PAK
G-PAK is a leader in the development of environmentally friendly, plant-based consumer packaging. The company's first product the G-POD, is a 100% compostable, and patented single-serve beverage pod made from readily renewable materials. G-PAK is targeting the $23B global single serve beverage pod market, and intends to expand its packaging technology to include other plant based food and beverage packaging solutions.
*SOCIAL MEDIA LINKS
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For Investor Inquiries Please Contact:
Todd Hanas, Investor Relations
G-PAK Technology Inc.
Email - [email protected]
Ash Guglani, Director
G-PAK Technology Inc.
Email - [email protected]
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements; including forward-looking statements regarding expected growth in the global single serve hot beverage market and global coffee pod market value. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results or growth to be materially different from many future results or growth expressed or implied by the forward-looking statements. Actual results are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in the document. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect. There may be factors that cause actual results not to be as expressed or implied by the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, you should not place undue reliance on forward-looking statements. The forward-looking statements should not be relied upon as representing the Company's views as to any date subsequent to the date the document was prepared. Except as required by securities laws, the Company disclaims any responsibility to update the forward-looking statements or any risks, uncertainties or factors that may affect the forward-looking statements to reflect events or developments, including any revised forward-looking statements that might be published by the sources of the forward-looking information contained in the document. In addition, the document is not intended to express or simply any forward-looking statements regarding expected or anticipated results of operations, financial condition, performance or achievements of G-PAK Technology Inc. ("G-PAK" or the "Company") and the Company disclaims any such forward-looking statements. The results of operations, financial condition, performance, achievements or prospects of the Company involve known and unknown risks, uncertainties and other factors, including risks relating to the ability of the Company to obtain necessary financing, the impact of debt financing transactions, the Canadian and global economy generally and the Canadian, North American and Global market for the Company's products, consumer interest in the Company's products, competition, the regulatory environment, governmental legislative or regulatory actions or activities, potential litigation, and anticipated and unanticipated costs. The forward-looking statements contained in the document are expressly qualified in their entirety by this cautionary statement.
SOURCE: G-PAK TECHNOLOGY INC.