Operating losses were reduced to $2.3 million during the period from $3.3 million in the prior year period.
As announced in November 2008, the company executed on a strategy of reduced operations in an effort to minimize near term operating losses and conserve cash, while focusing on additional process enhancements. Significant investments in equipment have occurred during the quarter and subsequent period with the goal of improving quality and yields, continued reductions in operating costs and increased throughput.
Rod Rougelot, chief executive officer of ECO2 Plastics said, ‘Although operations are improving, our continued focus must be on raising additional funds to strengthen our balance sheet and deliver positive cash flow from operations.’
