Yunhong CTI Ltd. Announces the Arrival of Yunhong Biotechnology, Inc.
Bringing patented advanced materials to the US to enhance environmental sustainability
LAKE BARRINGTON, IL / ACCESSWIRE / August 11, 2022 / 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 the arrival of Yunhong Biotechnology, Inc. ("YB") in the United States. YB, a member of the Yunhong Group family of companies, was established in California to bring to the U.S. market its advanced materials for a compostable alternative to many of the materials used and disposed of in landfills, with all products to be made in the U.S.A.
"Environmental stewardship could not be more important," said Frank Cesario, Chief Executive Officer of Yunhong CTI and a member of the Board of Directors of YB. "One of the advantages of being connected to the Yunhong Group is that we have access to strong ideas and technology on both sides of the world. YB offers a solution set that is patented in China, with patent applications coming in the US and UK, and offers compostable alternatives to some of the Styrofoam and plastic solutions that we use today.
"With Yunhong CTI positioning as a strategic partner with YB, it also avails us to an excellent position from which to challenge the materials we use every day in the balloon and gift solutions industry. We strive to operate responsibly, and now have an opportunity to look for new and better material solutions that we could use ourselves," finished Cesario.
Increased usage in the packaging industry and an increase in strict environmental regulations are key factors driving the compostable products market. Compostable products are also being increasingly used in more durable applications such as in textiles, consumer goods, automotive parts and building & construction where the focus is on the use of renewable (bio) resources.
In California and other states, legislatures are acting to require increased use of compostable products and passing measures to ensure that retail products labeled as "compostable" or "home compostable" meet specific standards.
Recent studies have projected that the Global Compostable Foodservice Packaging Market to be over USD 18 billion in the year 2022. The market is projected to grow at a CAGR of over 9% earning revenues of around USD 32 billion by the end of 2028.
YB's proprietary technology has been awarded LFGB certification in China and products have been awarded CE certification through the Instituto Servizi Europei Technologici (Italy).
"As Yunhong CTI has deep experience solving the needs for retail customers, it only makes sense for Yunhong CTI to help market this exciting alternative to the solid waste we generate today," said Mr. Yubao Li, Chairman of both the Yunhong China Group and Yunhong CTI. "I firmly believe that solutions like those presented by YB are very much needed in our world today. I look forward to working with retail customers to expand our reach into the North American market."
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 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 depth or duration of that disruption. The ultimate impact of inflation and supply chain pressures, including the availability of labor, as well as potential material limitations related to responses to Russia's invasion of Ukraine, including helium availability and cost, are unknown at this time and might have a material impact on our business and financial performance. 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.
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SOURCE: Yunhong CTI Ltd.
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