EarthShell and DuPont Form Strategic Alliance to Accelerate Commercialization of
/FROM PR NEWSWIRE PHILADELPHIA 800-523-4424/
TO BUSINESS AND ENVIRONMENTAL EDITORS:
EarthShell and DuPont Form Strategic Alliance to
Accelerate Commercialization of Environmentally Preferred Packaging
SANTA BARBARA, Calif. and WILMINGTON, Del., April 11
/PRNewswire-FirstCall/ -- EarthShell Corporation (Nasdaq: ERTH) and DuPont
(NYSE: DD) announced today that they have expanded their relationship from the
joint development agreement formed in April 2001 to a strategic alliance.
Initially, the companies will focus on the $1 billion global food service
wraps market. The alliance combines EarthShell patented composite material
technology with DuPont expertise in materials, development, manufacturing and
marketing - offering environmentally preferred packaging and systems to the
food service industry such as restaurants, quick service, and convenience
stores.
EarthShell and DuPont intend to collaborate closely to identify
opportunities that combine EarthShell Packaging with DuPont(TM) Biomax(R)
hydro/biodegradable polyester coatings/films and technology. Biomax(R) offers
a unique combination of biodegradability and superior barrier properties for
better performance over a wider range of applications than is possible with
other coatings or films. EarthShell Packaging can use Biomax(R) in its
disposable packaging such as bowls, plates, cups and sandwich wraps.
EarthShell Packaging is manufactured using composite technology that
combines inorganics such as abundantly available limestone with organics such
as renewable starch. The products, which biodegrade in composting
environments, combine excellent performance with environmental benefits. When
compared to traditional food service packaging materials, EarthShell
disposable products are uniquely cost competitive.
As part of the strategic alliance, the companies have signed a non-binding
letter of intent to license EarthShell flexible food service wrap technology
exclusively to DuPont. The letter also allows for future expansion to other
EarthShell technologies and products. Under the alliance, DuPont assumes
leadership of the development, production, marketing and distribution of the
food service wraps and takes a more active role in the promotion of other
EarthShell Packaging products. For all products DuPont sells that use the
EarthShell technology, EarthShell will receive a royalty.
"We are pleased with the progress of our joint development, and see the
strategic alliance as the logical next step in our relationship with
EarthShell," said David P. Ferretti, global business manager-DuPont Packaging
& Industrial Polymers. "We have worked with EarthShell for over a year, and
believe in the unique environmental attributes of their technology and
products. At DuPont, we intend to utilize our strong applications development
capabilities and broad market access to expedite the commercialization of
these exciting new products."
"We are delighted to expand our DuPont relationship, with the goal of
bringing EarthShell Packaging to market and accelerating revenue growth," said
Simon Hodson, president and chief executive officer at EarthShell Corporation.
"With focus on our core competency, EarthShell will continue to develop
innovative technologies that satisfy consumer demand for more environmentally
preferable products."
EarthShell Corporation is engaged in licensing and commercializing its
proprietary composite material technology for the manufacture of disposable
food service packaging, including cups, plates, bowls, hinged-lid container
and sandwich wraps. In addition to certain environmental characteristics,
EarthShell Packaging is designed to be cost- and performance-competitive
compared to other food service packaging materials. Additional information may
be found via the Internet at www.earthshell.com.
The strategic business unit of DuPont Packaging & Industrial Polymers is a
global supplier of ethylene copolymers, polyamides and polyesters to the food
and non-food industries. For more information on DuPont Packaging, visit
www.dupont.com/packaging.
During 2002, DuPont is celebrating its 200th year of scientific
achievement and innovation - providing products and services that improve the
lives of people everywhere. Based in Wilmington, Del., DuPont delivers
science-based solutions for markets that make a difference in people's lives
in food and nutrition; health care; apparel; home and construction;
electronics; and transportation.
Forward-Looking Statements: This news release contains forward-looking
statements based on management's current expectations, estimates and
projections. All statements that address expectations or projections about the
future, including statements about the company's strategy for growth, product
development, market position, expected expenditures and financial results are
forward-looking statements. Some of the forward-looking statements may be
identified by words like "expects," "anticipates," "plans," "intends,"
"projects," "indicates," and similar expressions. These statements are not
guarantees of future performance and involve a number of risks, uncertainties
and assumptions. Many factors, including those discussed more fully elsewhere
in this release and in documents filed with the Securities and Exchange
Commission by DuPont, particularly its latest annual report on Form 10-K and
quarterly report on Form 10-Q, as well as others, could cause results to
differ materially from those stated. These factors include, but are not
limited to, changes in the laws, regulations, policies and economic
conditions, including inflation, interest and foreign currency exchange rates,
of countries in which the company does business; competitive pressures;
successful integration of structural changes, including restructuring plans,
acquisitions, divestitures and alliances; cost of raw materials, research and
development of new products, including regulatory approval and market
acceptance; and seasonality of sales of agricultural products.
DuPont (TM) and Biomax(R) are a trademark and registered trademark of E.I.
du Pont de Nemours and Company.
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SOURCE DuPont Packaging & Industrial Polymers
/CONTACT: Vince Truant of EarthShell Corporation, +1-410-847-9420; orHeide
Rowan of DuPont, +1-302-992-6678 or heide.i.rowan@usa.dupont.com/
/Web site: earthshell.com /
/Web site: dupont.com /
Apr-11-2002 19:43 GMT
Symbols:
US;DD US;ERTH
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