EarthShell and Huhtamaki Sign Definitive Joint
Venture Agreement
Polarcup EarthShell Joint Venture to Commercialize Environmentally Responsible
Disposable Foodservice Packaging EarthShell Announces Second Major Milestone in
Two-Week Period
BALTIMORE--(BUSINESS WIRE)--May 24, 1999-- In a major industry announcement today, EarthShell
Corporation (Nasdaq: ERTH - news) and Finland-based Huhtamaki Oyj (Polarcup), the largest manufacturer of
foodservice disposables outside North America, stated that they have signed definitive agreements establishing a
new joint venture company, Polarcup EarthShell. This joint venture will commercialize EarthShell Packaging® for
the foodservice industry throughout Europe, Australia and New Zealand. The joint venture will also address the
Asian market on a country by country basis.
''The signing of this definitive joint venture agreement with Huhtamaki represents the achievement of a major
milestone for EarthShell,'' said Simon K. Hodson, Chief Executive Officer of EarthShell Corporation. ''As an
industry leader with worldwide interests in food and food packaging, Huhtamaki is an excellent joint venture
partner. Additionally, Huhtamaki's commitment to helping develop environmentally responsible products is
consistent with EarthShell's philosophy.''
This announcement follows by two weeks the accomplishment of EarthShell's first major milestone when the
Company announced its readiness to ship its first commercial products.
''We're pleased to be taking this significant next step in our relationship with EarthShell, and to be able to offer
our customers an environmentally responsible option without sacrificing performance or cost considerations,'' said
Huhtamaki chief executive officer Timo Peltola. ''It is exciting to be part of this packaging revolution and we
believe that our customers will share in this excitement as well. EarthShell represents a strategic and important part
of our future business plans to solidify and grow our existing market share.''
Huhtamaki and EarthShell will immediately begin planning and engineering EarthShell's next manufacturing facilities
for commercial production of an expanded product range beginning next year. ''We feel our momentum building
as we continue to lay the foundation for significant supply of EarthShell products to the foodservice industry,'' Mr.
Hodson added. To reinforce the unique attributes of EarthShell Packaging, the EarthShell brand name and logo
will be identified on each product in the marketplace.
Huhtamaki recently announced its intent to acquire Royal Packaging Industries Van Leer N.V., the makers of
Chinet® brand disposable plates and bowls. If consummated, this acquisition would increase Huhtamaki's total
packaging revenue to USD $3.3 billion.
''Through this partnership, Huhtamaki's customers will enjoy the benefits of EarthShell Packaging products that
are environmentally sensible throughout their life cycle, from raw material sourcing to manufacturing and disposal,''
said Mr. Hodson. EarthShell products have been validated as biodegradable in the presence of air and moisture
and are compostable.
The EarthShell material is a major breakthrough in packaging technology. This revolutionary material is made from
abundant and renewable ingredients such as limestone, potato starch, recycled fiber and water. EarthShell
Packaging has been designed with the environment in mind and meets the performance requirements of major
foodservice operators.
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