Materials Science Technology Leader Rolls Out
Customized Portfolio of Plant-based Solutions for Supermarkets
Footprint, a global materials science technology company focused
on creating a healthy planet, today announced the launch of a
customized and tested portfolio of solutions for supermarkets
designed to replace single-use plastics and foam, building on
plant-based fiber solutions the company currently provides to
individual food producers.
“Footprint is already delivering new materials for frozen food,
ready-to-eat, dairy, meat and produce suppliers to replace plastic
before products get to the supermarket,” Footprint Senior Vice
President of Sales Jeff Bassett said. “To accelerate the
transition, we’ve created a set of offerings for supermarkets to
use with their own private-brand products, or to support in-store
packaging and eliminate legacy plastic. We believe Footprint is
best positioned to replace legacy plastic with plant-based
solutions in every aisle of the supermarket.”
Historically, no good alternatives existed for plastic or foam
meat trays, deli foods, microwaveable meals and shelf-stable
containers, that could also withstand rigorous performance
requirements of supermarkets such as resistance to humidity,
hot/cold environments, oil and grease resistance, automated
de-nesting and microwaving.
Several of these solutions were developed and tested by working
with global consumer brands and are available in stores today. They
are also being offered at scale to supermarkets directly.
“Our partnership with Footprint has helped us to expand our
offerings of bio-based packaging options that support our
commitment to reduce plastic waste,” said Chad Coester, Senior Vice
President of Own Brands of Albertsons Companies. “These innovative
materials will help us work toward our Plastics and Packaging
Pledge goals to have 100% of our Own Brands product packaging be
reusable, recyclable or compostable by 2025.”
Other items, like mushroom or berry containers and produce trays
are also part of the supermarket line typically brought into stores
by third party suppliers.
“Working in coordination with some of our key partners, we were
able to trial Footprint’s plant-based fiber trays for our corn
offerings and ultimately replace foam trays at select retail
locations,” said Katie Veenstra, Director of Marketing of GloriAnn
Farms. “Footprint helped us develop a tray that performs as well as
foam while meeting our, and our retail customers’ sustainability
goals.”
Based on the west coast, GloriAnn Farms is one of the nation’s
leading value-added sweet corn suppliers, shipping their corn
products both domestically and internationally.
Research shows that consumers are increasingly aware of the
health and environmental detriments of plastic, with 84% of people
surveyed saying they select products with less single-use plastic
packaging (1). Another survey noted that 88% of people feel that
brands have a responsibility to take care of the planet and its
people (2).This has become more apparent through the COVID-19
pandemic as there has been a spike in plastic use and eating at
home which has contributed to hyper-sensitivity around the
abundance of disposable food containers and what they’re made of
(2).
To learn more about Footprint's plastic-free alternatives, visit
www.FootprintUS.com.
About Footprint
Footprint has a clear vision to create a healthier planet and
healthier people. Phase one of our mission is to provide solutions
that eliminate single-use and short-term use plastics in our food
chain. Footprint’s team of engineers use plant-based fiber
technology to design, develop and manufacture biodegradable,
compostable, and recyclable products that compete with plastic’s
cost, and performance. Footprint is rapidly expanding into new
categories with customized and patented solutions for customers.
Footprint’s products have already led to a global redirection of 61
million pounds of plastic waste from entering the air, earth, and
water working with leading global consumer brands.
In December 2021, Footprint announced its intention to list on
NASDAQ as a public company in a business combination agreement with
Gores Holdings VIII, Inc. (Nasdaq: GIIX, GIIXW and GIIXU). Full
information on this definitive agreement can be found here.
Footprint was founded in by former Intel engineers, Troy Swope
and Yoke Chung. The company employs more than 2,500 employees, with
operations in the U.S., Mexicali, Europe, and Asia. Footprint was
named to the 2020 Fortune “Change the World” list in 2020, is a
member of the World Economic Forum’s Global Innovators Community,
was named a CNBC Disruptor 50 company and Newsweek’s America’s
Greatest Disruptors/Planet Protectors in 2021.
About Gores Holdings VIII, Inc.
Gores Holdings VIII, Inc. (Nasdaq: GIIXU) is a special purpose
acquisition company sponsored by an affiliate of The Gores Group,
LLC, founded by Alec Gores. Gores Holdings VIII, Inc. completed its
initial public offering in March 2021, raising approximately $345
million in cash proceeds for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. Gores Holdings VIII, Inc.’s strategy is to identify,
acquire and, after the initial business combination, to build a
company in an industry or sector that complements the experience of
its management team and can benefit from their operational
expertise.
1) BCG Survey on COVID-19 and Environment, conducted May 20–29,
2020, in Brazil, China, France, India, Indonesia, South Africa, the
UK, and the US.
2) Regeneration Rising: Sustainable Future report, conducted
February 2021, in U.S., U.K., and China
Forward-Looking Statements
Certain statements in this press release (“Press Release”) may be considered “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995 and within the meaning of the federal securities laws
with respect to the proposed business combination between the Gores
Holdings VIII Inc. (“Gores Holdings
VIII”) and Footprint International Holdco, Inc.
(“Footprint”), including statements
regarding the benefits of the proposed business combination, the
anticipated timing of the proposed business combination, the
likelihood and ability of the parties to successfully consummate
the proposed business combination and the PIPE investment, the
amount of funds available in the trust account as a result of
shareholder redemptions or otherwise, the services offered by
Footprint and the markets in which Footprint operates, business
strategies, debt levels, industry environment, potential growth
opportunities, the effects of regulations and Gores Holdings VIII’s
or Footprint’s projected future results. These forward-looking
statements generally are identified by the words “believe,”
“predict,” “project,” “potential,” “expect,” “anticipate,”
“estimate,” “intend,” “strategy,” “future,” “forecast,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “should,”
“will be,” “will continue,” “will likely result,” and similar
expressions (including the negative versions of such words or
expressions).
Forward-looking statements are predictions, projections and
other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
document, including but not limited to: (i) the risk that the
proposed business combination may not be completed in a timely
manner or at all, which may adversely affect the price of Gores
Holdings VIII securities; (ii) the risk that the proposed business
combination may not be completed by Gores Holdings VIII’s business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by Gores
Holdings VIII; (iii) the failure to satisfy the conditions to the
consummation of the proposed business combination and PIPE
investment, including the approval of the proposed business
combination by Gores Holdings VIII’s stockholders, the satisfaction
of the minimum trust account amount following redemptions by Gores
Holdings VIII’s public stockholders and the receipt of certain
governmental and regulatory approvals; (iv) the failure to obtain
financing to complete the proposed business combination, including
to consummate the PIPE investment, (v) the effect of the
announcement or pendency of the proposed business combination on
Footprint’s business relationships, performance, and business
generally; (vi) risks that the proposed business combination
disrupts current plans of Footprint and potential difficulties in
Footprint’s employee retention as a result of the proposed business
combination; (vii) the outcome of any legal proceedings that may be
instituted against Gores Holdings VIII or Footprint related to the
agreement and the proposed business combination; (viii) changes to
the proposed structure of the business combination that may be
required or appropriate as a result of applicable laws or
regulations or as a condition to obtaining regulatory approval of
the business combination (ix) the ability to maintain the listing
of the Gores Holdings VIII’s securities on the NASDAQ; (x) the
price of Gores Holdings VIII’s securities, including volatility
resulting from changes in the competitive and highly regulated
industries in which Footprint plans to operate, variations in
performance across competitors, changes in laws and regulations
affecting Footprint’s business and changes in the combined capital
structure; (xi) the ability to implement business plans, forecasts,
and other expectations after the completion of the proposed
business combination, and identify and realize additional
opportunities; and (xii) other risks and uncertainties set forth in
the section entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statement” in Gores Holdings VIII final prospectus
relating to its initial public offering (File No. 333-252483)
declared effective by the U.S. Securities and Exchange Commission
(the “SEC”) on February 24, 2021. The
foregoing list of factors is not exhaustive. There may be
additional risks that neither Gores Holdings VIII or Footprint
presently know or that Gores Holdings VIII or Footprint currently
believe are immaterial that could also cause actual results to
differ from those contained in the forward-looking statements. You
should carefully consider the foregoing factors and the other risks
and uncertainties that will be described in Gores Holdings VIII’s
definitive proxy statement contained in the Registration Statement
(as defined below), including those under “Risk Factors” therein,
and other documents filed by Gores Holdings VIII from time to time
with the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and Gores Holdings VIII and Footprint
assume no obligation and, except as required by law, do not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Neither
Gores Holdings VIII nor Footprint gives any assurance that either
Gores Holdings VIII or Footprint will achieve its expectations.
Projections
This Press Release contains financial forecasts with respect to
Footprint’s projected financial results, including revenue.
Footprint’s independent auditors have not audited, reviewed,
compiled or performed any procedures with respect to the
projections for the purpose of their inclusion in this Press
Release, and accordingly, they did not express an opinion or
provide any other form of assurance with respect thereto for the
purpose of this Press Release. These projections should not be
relied upon as being necessarily indicative of future results. The
assumptions and estimates underlying the prospective financial
information are inherently uncertain and are subject to a wide
variety of significant business, economic and competitive risks and
uncertainties that could cause actual results to differ materially
from those contained in the prospective financial information.
Accordingly, there can be no assurance that the prospective results
are indicative of the future performance of Footprint or that
actual results will not differ materially from those presented in
the prospective financial information. Inclusion of the prospective
financial information in this Press Release should not be regarded
as a representation by any person that the results contained in the
prospective financial information will be achieved.
Actual results may differ as a result of the completion of the
Footprint’s financial reporting period closing procedures, review
adjustments and other developments that may arise between now and
the time such financial information for the period is finalized. As
a result, these estimates are preliminary, may change and
constitute forward-looking information and, as a result, are
subject to risks and uncertainties. Neither Footprint’s nor Gores
Holdings VIII’s independent registered accounting firm has audited,
reviewed or compiled, examined or performed any procedures with
respect to the preliminary results, nor have they expressed any
opinion or any other form of assurance on the preliminary financial
information.
Additional Information about the Proposed Transaction and
Where to Find It
In connection with the proposed business combination, Gores
Holdings VIII intends to file a registration statement on Form S-4
(the “Registration Statement”) that is
expected to include a preliminary prospectus and preliminary proxy
statement of Gores Holdings VIII. The definitive proxy
statement/final prospectus and other relevant documents will be
sent to all Gores Holdings VIII stockholders as of a record date to
be established for voting on the proposed business combination and
the other matters to be voted upon at a meeting of Gores Holdings
VIII’s stockholders to be held to approve the proposed business
combination and other matters (the “Special
Meeting”). Gores Holdings VIII may also file other documents
regarding the proposed business combination with the SEC. The
definitive proxy statement/final prospectus will contain important
information about the proposed business combination and the other
matters to be voted upon at the Special Meeting and may contain
information that an investor will consider important in making a
decision regarding an investment in Gores Holdings VIII’s
securities. Before making any voting decision, investors and
security holders of Gores Holdings VIII and other interested
parties are urged to read the Registration Statement and the proxy
statement and all other relevant documents filed or that will be
filed with the SEC in connection with the proposed business
combination as they become available because they will contain
important information about the proposed business
combination.
The definitive proxy statement/final prospectus will be mailed
to stockholders of Gores Holdings VIII as of a record date to be
established for voting on the business combination. Investors and
security holders will also be able to obtain free copies of the
definitive proxy statement/final prospectus and all other relevant
documents filed or that will be filed with the SEC by Gores
Holdings VIII through the website maintained by the SEC at
www.sec.gov, or by directing a request to Gores Holdings VIII,
Inc., 6260 Lookout Road, Boulder, CO 80301, attention: Jennifer
Kwon Chou or by contacting Morrow Sodali LLC, Gores Holdings VIII’s
proxy solicitor, for help, toll-free at (800) 662-5200 (banks and
brokers can call collect at (203) 658-9400).
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in Solicitation
Gores Holdings VIII, Footprint and certain of their respective
directors, executive officers may be deemed participants in the
solicitation of proxies from Gores Holdings VIII’s stockholders
with respect to the proposed business combination. A list of the
names of those directors and executive officers of Gores Holdings
VIII and a description of their interests in Gores Holdings VIII is
set forth in Gores Holdings VIII’s filings with the SEC (including
Gores Holdings VIII’s final prospectus relating to its initial
public offering (File No. 333-252483) declared effective by the SEC
on February 24, 2021). Additional information regarding the
interests of those persons and other persons who may be deemed
participants in the proposed business combination may be obtained
by reading the Registration Statement regarding the proposed
business combination when it becomes available. The documents
described in this paragraph are available free of charge at the
SEC’s web site at www.sec.gov, or by directing a request to Gores
Holdings VIII, Inc., 6260 Lookout Rd., Boulder, CO 80301,
attention: Jennifer Kwon Chou. Additional information regarding the
names and interests of such participants will be contained in the
Registration Statement for the proposed business combination when
available.
No Offer and Non-Solicitation
This Press Release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of Gores Holdings VIII, Footprint or the combined company, nor
shall there be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act of 1933, as amended.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220204005044/en/
Heather Knox SVP Communications, Footprint
Heather.knox@footprintus.com
Laura Zilverberg Allison + Partners for Footprint
footprint@allisonpr.com
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