Loop Industries Provides Business Update and Reports First Quarter Financial Results of Fiscal Year 2022 ACCESSWIRE 16 Jul 2021, 07:05 GMT+10 MONTREAL, QC / ACCESSWIRE / July 15, 2021 / Loop Industries, Inc. (NASDAQ:LOOP) (the 'Company' or 'Loop'), a clean technology company focused on accelerating a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate ('PET') plastic and polyester fiber, today provided an update on its activities, and reported its consolidated financial results for the first quarter of fiscal year 2022. SK global chemical Strategic Partnership and Equity Investment On June 23, 2021, Loop announced announced that it intends to form a strategic partnership with SK global chemical Co. Ltd. ('SKGC'), a subsidiary of South Korea's SK Group, one of Asia's largest conglomerates, to accelerate the commercialization of Loop's sustainable PET plastic and polyester fiber manufacturing technology throughout Asia. Loop and SKGC intend to form a joint venture with exclusivity to build sustainable food-grade PET resin and polyester fiber manufacturing facilities throughout Asia to support global brand companies. Under the terms of the Memorandum of Understanding ('MOU') for the proposed joint venture, SKGC will own 51 percent of the joint venture and Loop will own 49 percent. Loop will also receive a recurring annual royalty fee as a percentage of revenue from each facility for the use of its technology.