VANCOUVER, BRITISH COLUMBIA— (December 16, 2014) Solegear Bioplastics and US-based Thermoform Engineered Quality (TEQ), an industry leader in the retail and medical packaging space, have signed a strategic agreement to accelerate the growth and expansion of Solegear’s bioplastics into identified growth sectors of the rigid plastic packaging marketplace.
Through this strategic alliance, Solegear and TEQ will gain a significant competitive advantage by leveraging each partner’s market, technology, capital and human resources to create new business opportunities for both companies.
“Solegear’s partnership with TEQ, a North American leader in thermoformed plastic packaging, grows our market reach and sales channels, allowing us to produce higher volumes of more environmentally responsible and sustainable bioplastic packaging,” said Toby Reid, CEO of Solegear. “This strategic alliance sets the stage to further broaden Solegear’s vision: providing a better performing and more sustainable alternative for rigid packaging solutions on a global basis.”
Solegear will also benefit from TEQ’s sales and marketing organization and consumer reach through trade events, as well as gain access to TEQ’s strategic alliance partners to leverage its products. In return, TEQ will enhance its capabilities and revenue by offering Solegear’s sustainable bioplastics materials to its current customers and new client prospects.
“We view this agreement as a key element our new business development by offering innovative choices to our customers – TEQ’s business will grow profitably by offering Solegear’s sustainable, proven product to our exceptional partners including Technipaq, Spartan Design, Belco and McFarland Medical,” says Randall K. Loga, President of TEQ. “We are excited about moving forward with leading solutions to bring bioplastics further into the packaging mainstream more quickly and efficiently.”
TEQ delivers innovative and sustainable design, engineering and manufacturing solutions to the medical and commercial markets for thermoformed packages and specialty products.
About Solegear Bioplastics
Solegear, based in Vancouver, British Columbia, is an innovator in the field of next-generation plastics. The Company is an advanced materials firm that engineers, produces and distributes high-performance bioplastics (bioplastics are a category of plastics that are bio-based, compostable, or both). Founded in 2006, Solegear has developed, and is commercializing, proprietary bioplastic technologies that utilize annually renewable plant-based ingredients formulated using green chemistry, to address the growing North American market opportunity for rigid plastic packaging and durable plastic goods.