Under the banner Yunhong CTI Green Initiative, the two entities have partnered to develop compostable, biodegradable and recyclable components for the Company's existing and expanding product lines
LAKE BARRINGTON, IL / ACCESSWIRE / January 26, 2023 / Yunhong CTI Ltd. (Nasdaq:CTIB) ("Yunhong CTI" or the "Company"), a leading manufacturer of custom film products, foil and latex novelty balloons, and flexible packaging products, today announced that through its partnership with Yunhong Biotechnology, Inc. ("YB"), a member of the Yunhong Group ("YG") family of companies, established to bring to the U.S. market its advanced compostable materials, it is supporting research and development programs to develop compostable, biodegradable and recyclable components for Yunhong CTI's existing and expanding product lines. This effort includes cooperation with university research and development departments, technological institutes, laboratories, manufacturers and policy makers in the United States and China.
YG has been awarded patents in China for its compostable materials that are designed be used broadly in manufacturing and distribution, potentially including the manufacture of balloon products and peripherals within the Yunhong CTI portfolio. Yunhong CTI has been engaged in prototype development of these material solutions. It is expected that YG's patented technologies will allow Yunhong CTI to bring to market products that will meet biodegradable and compostable standards and customer objectives in the US.
In total, YG has been awarded four patents in China for its sustainable materials. YG contracted with Hubei Yonghe Mingda Assets Appraisal Co., Ltd., which performed an independent patent valuation on one of the issued patents at a value in excess of $300 million (USD). Yunhong CTI has not independently performed any valuation of the patents.
The companies are currently in prototype development on various product components. In addition to supporting the development of YG's environmentally friendly materials solutions, Yunhong CTI is in preliminary negotiations with a potential partner to expedite its ability to bring sustainable products to market.
Mr. Li Yubao, Chairman of both the Yunhong China Group and Yunhong CTI, stated, "We are very excited to announce our Green Initiative, with the goal of incorporating our advanced compostable materials technology into many products, potentially including the products that Yunhong CTI currently offers to its customers. We believe this important collaboration, together with YG's research and development efforts internally and with leaders in the field, has the potential to forge a clear path forward for compostable green products and packaging materials, strengthening it as a viable alternative to plastics and preventing it from ending up in landfills."
YB's proprietary technology has been awarded LFGB certification in China and CE certification through the Instituto Servizi Europei Technologici (Italy).
About Yunhong CTI Ltd.
Yunhong CTI Ltd. is one of the leading manufacturers and marketers of foil balloons and produces laminated and printed films for commercial uses. Yunhong CTI also distributes Candy Blossoms and other gift items and markets its products throughout the United States and in several other countries. For more information about our business, visit our corporate website at www.ctiindustries.com.
Statements made in this release that are not historical facts are "forward-looking" statements (within the meaning of Section 21E of the Securities Exchange Act of 1934) that involve risks and uncertainties and are subject to change at any time. These "forward-looking" statements may include, but are not limited to, statements containing words such as "may," "should," "could," "would," "expect," "plan," "goal," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar expressions. We have based these forward-looking statements on our current expectations and projections about future results. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from statements made herein. We cannot anticipate the duration of increased tariffs between the United States and other countries, particularly China. We do not know the ultimate resolution of elevated helium prices that impact our customers and negatively impact our revenue. We cannot anticipate future impacts from inflation, supply chain, labor availability and freight issues, and any global instability. We do not know whether we will be successful in passing such additional costs through to customers. The COVID-19 pandemic has had a negative impact on our operations, and we do not yet know the ultimate depth or duration of that disruption. We cannot guarantee that our common stock will continue to trade on the Nasdaq stock exchange, or any electronic exchange. More information on factors that could affect CTI's business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Investor Relations Contact:
SOURCE: Yunhong CTI Ltd.
View source version on accesswire.com: