TORONTO, ON and BEIT SHEAN, ISRAEL / ACCESSWIRE / February 2, 2023 / K.B. Recycling Industries Ltd., conducting business as Alkemy ("Alkemy" or the "Company") (TSXV:AKMY), is providing an update of its ongoing operations.
In 2022, Alkemy endeavored to progress in its business development. As noted in the Company's MD&A, dated November 28, 2022, Alkemy shut down its Israeli production site, in order to enjoy cost savings and reduce operational losses.
The Israeli site was built and developed as a prototype manufacturing facility that utilized the company's 'waste-to-product' process, demonstrating a proof of concept for this process and its economic and environmental benefits and advantages.
Following the acquisitions of Plasticos Flome S.L. ("Flome"), a plastics manufacturing company based in Valencia, Spain, and oceansix GmbH in Berlin, Germany, which focuses on developing innovative and disruptive products with a focus on the environment, the Company is now seeking to expand into its target markets, and to utilize more conducive conditions in Europe, such as government support and incentives, lower production costs and greater availability of plastic waste.
As a result, Alkemy has decided to reorganize its geographical operating structure and development and production activities to Europe. This change will allow Alkemy to be closer to key target markets and focus on key expansion efforts.
In January 2023, Alkemy relocated certain components of its Israeli production facility to Germany, and the Israeli site was permanently closed. At this time, as Alkemy is exploring options in Europe, it has temporarily suspended its activity with respect to the manufacturing and sales of recycled boards and sheets, as it focuses on other core activities as described below.
With these reorganizational steps, Alkemy intends to leverage its newly acquired business and technology resources and capabilities to focus its business development efforts on its new products under development, as well as to expand through Flome's products and business connections.
Following its acquisition of oceansix GmbH in Germany, Alkemy is in the process of changing its name to "oceansix solutions Ltd." and will provide an update once the name change has been completed. The name change remains subject to final approval by the Israeli Companies Registrar and TSX Venture Exchange. For more information go to oceansix.
"We are taking a decisive step towards realigning Alkemy and oceansix. It was consistent to close the activities in Israel and with this step lower operating losses. The Companies financial resources will flow into the development and marketing of the oceansix environmental projects - which are also based on plastics recycling. "noted the Chairman of the Board of Directors, Mr. Yoav Horowitz.
About Alkemy (K.B. Recycling Industries Ltd.)
Alkemy (in the process of being renamed oceansix Solutions Ltd.) is a technology and manufacturing company on an environmental mission. It engages in manufacturing and R&D activities to create innovative plastic based products and build transformative businesses that disrupt conventional methods for a better tomorrow. Alkemy is based in Israel with two subsidiaries in Germany and Spain.
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to anticipated events or results and may include information regarding the Company's financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "budgets", "scheduled", "estimates", "outlook", "forecasts", "projects", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances.
Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, risks and uncertainties associated with market conditions and the satisfaction of all applicable regulatory requirements, as well as risks and uncertainties associated with the Company's business and finances in general.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in forward-looking information. The opinions, estimates or assumptions referred to above and the risk factors described in the "Risk Factors" section of the MD&A of the Company dated November 28, 2022 should be considered carefully.
Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes is not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. Forward-looking information contained in this press release represents the Company's expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
K.B. Recycling Industries Ltd.
Tel: + 972545607935
Email: [email protected]
SOURCE: K.B. Recycling Industries Ltd.