Joint Venture Agreement

The Company, through its wholly-owned subsidiary Loop Innovations, LLC, a Delaware limited liability company, entered into a Joint Venture Agreement with Indorama Holdings LP, USA, an indirect subsidiary of Indorama Ventures Public Company Limited, on September 24, 2018 to form a 50:50 joint venture limited liability company by the name of Indorama Loop Technologies, LLC (“ILT”).

ILT will manufacture and commercialize polyester resin for beverage and consumer packaged goods companies and will have an exclusive license to use the Company’s proprietary technology to retrofit existing manufacturing facilities.