PGOG (2.99) Perf Go Green Secures over $3 Million in Second Round of Funding
Thursday, June 12 2008 9:35 AM, EST
Business Wire "US Press Releases "
NEW YORK --(BUSINESS WIRE)--
Perf Go Green Holdings, Inc. ("Perf Go Green") (OTCBB: PGOG, www.perfgogreen.com), a marketer and distributor of biodegradable plastics, has raised $3.175 million in its second round of funding.
"Securing our second round of funding further demonstrates the financial community's belief in the potential of Perf Go Green and the movement toward more environmentally conscious products," said Michael Caridi, Chief Operating Officer, Perf Go Green. "These additional funds will enable us to quickly respond to consumer demand for distribution of Perf Go Green by hiring additional senior leadership and undertaking new product research and development and marketing and awareness campaigns."
Earlier this month, the company announced the completion of its share exchange transaction and related financing with Perf Go Green, Inc. (the "Reverse Merger") and commenced trading on the OTC Bulletin Board under the ticker symbol "PGOG." In total, the company has raised over $8 million .
Perf Go Green patented products are made of recycled plastics that are combined with an Oxo-Biodegradable proprietary application method to produce the film for the bags. When discarded in soil and exposed to the presence of microorganisms, moisture and oxygen, Perf Go Green products biodegrade, decomposing into simple materials found in nature much faster than regular plastics, which can take hundreds of years to break down. Through this process and the use of recycled plastics, the company effectively removes plastic waste from the environment.
Founded in November 2007 , Perf Go Green premiered at the March 2008 International Home and Housewares Show in Chicago , where its products received an honor for their design quality and innovation. In addition to offering its products online, Perf Go Green is rolling out its first items in nationwide chain stores later this year.
About Perf Go Green
Perf Go Green, Holdings Inc. (OTCBB: PGOG), www.perfgogreen.com, is a New York -based biodegradable plastics company. The corporate name reflects the "Go Green" mission from inception to create a Green company for the development of eco-friendly, non-toxic, food contact compliant, biodegradable plastic products as a practical and viable solution to eliminating plastic waste from the world environment.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission . The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Perf Go Green Holdings, Inc.
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