Private-label manufacturer will use Danimer
Scientific’s NodaxTM PHA for marine degradable straws with plans to
expand into adjacent product categories
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DANIMER SCIENTIFIC AND EAGLE BEVERAGE TO
PRODUCE BIODEGRADABLE DRINKING STRAWS FOR QUICK SERVICE
RESTAURANTS
Private-label manufacturer will use Danimer
Scientific’s NodaxTM PHA for marine degradable straws with plans to
expand into adjacent product categories
Danimer Scientific, a leading developer and manufacturer of
biodegradable materials, and Eagle Beverage Products, a specialty
beverage manufacturer, today announced they will produce
biodegradable drinking straws for the quick service restaurant
(QSR) industry. The straws will degrade in environments ranging
from industrial composting facilities to home compost units and
oceans without leaving behind microplastics.
Eagle Beverage will manufacture the straws using Danimer
Scientific’s proprietary biopolymer, Nodax™ polyhydroxyalkanoate
(PHA). Tested by University of Georgia (UGA) researchers and the
UGA New Materials Institute, PHA is made from sustainable
materials, such as canola oil, to produce a proven biodegradable
alternative to traditional petrochemical plastics. The straws are
expected to be available for Eagle Beverage’s QSR customers to
purchase in early 2021. After launching the straws, Eagle Beverage
plans to explore expanding its offerings to include compostable
food containers, packaging and more.
“Reducing the impact of plastic waste is a critical issue across
the country, but consumers have limited ways to find eco-friendly
alternatives at fast food restaurants,” said Eagle Beverage Vice
President Aisha Kabani. “By partnering with Danimer Scientific to
produce a reliably biodegradable straw, we will provide a
cost-effective solution for restaurants to deliver guilt-free
beverage enjoyment to their customers. Petrochemical straws break
down into harmful microplastics and never fully degrade, but these
PHA straws will completely degrade in a matter of months.”
The straws will be 100% made in the United States as Danimer
Scientific produces Nodax PHA™ in its Kentucky- and Georgia-based
facilities, while Eagle Beverage manufactures the straws in its
Kent, Wash.-based facility. Danimer Scientific’s Nodax™ PHA
possesses seven TÜV AUSTRIA certifications and statements of
industrial and home compostability, is biodegradable in anaerobic
conditions, soil, freshwater and marine environments and is 100%
bio-based. All of Danimer Scientific’s biopolymers, including its
Nodax™ PHA, are FDA approved for food contact.
“PHA has become the go-to material for sustainable alternatives
to single-use plastic that do not sacrifice reliability or
quality,” said Danimer Scientific CEO Stephen Croskrey. “Eagle
Beverage has established robust relationships with some of the
largest fast food chains in the country, so we look forward to
partnering with them on supplying the industry with biodegradable
straws.”
On October 5, 2020, Danimer Scientific and Live Oak Acquisition
Corp. (NYSE: LOAK), a publicly-traded special purpose acquisition
company, announced the entry into a definitive agreement for a
business combination that will result in Danimer Scientific
becoming a public company on the New York Stock Exchange. For more
information on Danimer Scientific, visit
www.DanimerScientific.com.
For more information on Eagle Beverage, visit
www.Eagle-Beverage.com.
About Danimer Scientific
Danimer Scientific is a pioneer in creating more sustainable,
more natural ways to make plastic products. For more than a decade,
our renewable and sustainable biopolymers have helped create
plastic products that are biodegradable and compostable. They
return to nature instead of polluting our lands and waters. Our
technology can be found in a vast array of plastic end products
that people use every day. Applications for our biopolymers include
additives, aqueous coatings, fibers, filaments, films, hot-melt
adhesives and injection-molded articles, among others. We now hold
more than 150 granted patents and pending patent applications in
more than 20 countries for a range of manufacturing processes and
biopolymer formulations. For more information, visit
www.DanimerScientific.com.
About Eagle Beverage
Eagle Beverage Products has manufactured specialty beverage
products in Kent, Wash. since 1970. Our product line includes
cocktail mixers, energy drinks, coffee syrups, gourmet sauces,
frappe mixes, hot chocolates, apple ciders, sweet spices, beverage
straws and a variety of other products designed for food service.
Our products are found under a variety of brand names and they are
all manufactured in our Washington-based facility using premium
ingredients and high-end quality packaging. For more information,
visit www.Eagle-Beverage.com.
Forward-Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,”
“would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
All statements, other than statements of present or historical fact
included in this press release, regarding Live Oak Acquisition
Corp.’s (“Live Oak”) proposed acquisition of Danimer Scientific,
Live Oak’s ability to consummate the transaction, the benefits of
the transaction and the combined company’s future financial
performance, as well as the combined company’s growth plans and
strategy, future operations, estimated financial position,
estimated revenues and losses, projected costs, prospects, plans
and objectives of management are forward-looking statements. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Danimer Scientific’s management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on as, a guarantee, an assurance, a
prediction, or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to
predict and will differ from assumptions. Many actual events and
circumstances are beyond the control of Danimer Scientific. These
forward-looking statements are subject to a number of risks and
uncertainties, including those discussed in Live Oak’s registration
statement on Form S-4, filed with the Securities and Exchange
Commission (the “SEC”) on October 28, 2020 (the “Registration
Statement”), under the heading “Risk Factors,” and other documents
Live Oak has filed, or will file, with the SEC. If any of these
risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. In addition, forward-looking statements
reflect Danimer Scientific’s expectations, plans, or forecasts of
future events and views as of the date of this press release.
Danimer Scientific anticipates that subsequent events and
developments will cause its assessments to change. However, while
Danimer Scientific may elect to update these forward-looking
statements at some point in the future, Danimer Scientific
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Danimer Scientific’s assessments of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements
Important Information for Investors and Stockholders
In connection with the proposed transactions, Live Oak has filed
the Registration Statement on Form S-4 with the SEC, which includes
a preliminary proxy statement, to be distributed to holders of Live
Oak’s common stock in connection with Live Oak’s solicitation of
proxies for the vote by Live Oak’s stockholders with respect to the
proposed transactions and other matters as described in the
Registration Statement, as well as a prospectus relating to the
offer of the securities of Live Oak to be issued in connection with
the proposed transactions. After the Registration Statement has
been filed and declared effective, Live Oak will mail a definitive
proxy statement, when available, to its stockholders. Investors and
security holders and other interested parties are urged to read the
proxy statement/prospectus, any amendments thereto and any other
documents filed with the SEC carefully and in their entirety when
they become available because they will contain important
information about Live Oak, Danimer Scientific and the proposed
transactions. Investors and security holders may obtain free copies
of the preliminary proxy statement/prospectus and definitive proxy
statement/prospectus (when available) and other documents filed
with the SEC by Live Oak through the website maintained by the SEC
at http://www.sec.gov, or by directing a request to: Live Oak
Acquisition Corp., 774A Walker Rd., Great Falls, VA 22066 or (901)
985-2865. The information contained on, or that may be accessed
through, the websites referenced in this press release is not
incorporated by reference into, and is not a part of, this press
release.
Participants in the Solicitation
Live Oak and Danimer Scientific and their respective directors
and certain of their respective executive officers and other
members of management and employees may be considered participants
in the solicitation of proxies with respect to the proposed
transactions. Information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, is, and will be,
included in the Registration Statement and other relevant materials
filed, and to be filed, with the SEC regarding the proposed
transactions. Stockholders, potential investors and other
interested persons should read the Registration Statement carefully
before making any voting or investment decisions. When available,
these documents can be obtained free of charge from the sources
indicated above.
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version on businesswire.com: https://www.businesswire.com/news/home/20201117005256/en/
Danimer Scientific Anthony Popiel
Dalton Agency 404-876-1309 apopiel@daltonagency.com
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