Solegear Announces Financial Results for Fiscal Year 2017

Solegear Bioplastic Technologies (TSXV:SGB) has announced its audited financial results for the 12 months ended February 28, 2017.
As quoted in the press release:

Solegear reports revenues of $2,066,061 for the fiscal year ended February 28, 2017 compared to revenues of $146,036 for the fiscal year ended February 29, 2016. The Company reports a net and comprehensive loss of $3,290,496 for the fiscal year ended February 28, 2017 compared to a net and comprehensive loss of $4,150,857 for the fiscal year ended February 29, 2016.
The Company had cash reserves of $1,033,648 at February 28, 2017 compared to $678,237 at February 29, 2016 and subsequently received $283,830 in gross new private placement proceeds as announced on May 5, 2017.
Fiscal 2017 Highlights:

• Exceeded projected sales growth and delivered fiscal year revenues of $2 million, delivering over 14x growth compared to fiscal year 2016
• Delivered gross profit margins of 31% of sales and reduced losses by 40% per share
• Awarded US Patent 9,416,255 covering the synthesis of certain bio-based additives
• Launched good natured™ brand of plant-based organizational products at retailers and online in Canada and the US, accessing the $10+ billion North American home and business organization market
• Expanded to over 120 plant-based food packaging SKUs across bakery, ready-made meals, produce and deli categories
• Established a competitive and highly scalable supply chain with LINDAR Corp & Ex-Tech Plastics

Click here to read the full press release.