MOUNT ARLINGTON, N.J. -- INSEQ Corporation ("INSEQ") (OTC Bulletin Board: INSQ - News), announced that it has completed manufacturing of the first generation prototype of GreenShift Industrial Design Corporation's ("GIDC") OneLid™ plastic waste reduction appliance for the food services industry.
An estimated 10 billion plastic beverage lids are discarded unused per year in the U.S. alone with a retail value of about $50 million per year. Unused plastic lid waste is generated mostly because of how lids are currently handled and dispensed -- most conventional methods force consumers to handle multiple lids in order to pick up a single lid, which creates waste, clutter and other sanitary issues.
OneLid™ is designed to minimize waste by ensuring that food service customers are presented with only one lid and by allowing restaurant staff to easily improve the handling of their inventory. With a sleek, customer friendly design and a form factor that allows for convenient placement, OneLid™ appliances will be an affordable way for food service establishments to save money on purchases while reducing waste disposal costs.
"The design is tight and meets our form factor goals, the feed mechanism has an operating efficiency of 99%, and the overall design is well on track to meeting our cost-efficacy requirements," said Tony Warnecke, president of INSEQ's design and manufacturing subsidiary. "We are excited by our progress and we are looking forward to meeting GreenShift's Early Adopter manufacturing targets."
Kevin Kreisler, INSEQ's chairman and the chairman and chief executive officer of GreenShift Corporation, said that "The speed with which Tony and his team moved from conceptual design to a functional prototype that meets all of the GIDC design goals is impressive and provides what I believe to be a clear demonstration of why Tony's group was such a strategic acquisition for INSEQ."
"Tony and his team are extremely talented and I believe that they merely need to be given the right opportunities and resources and they will be quite successful," added Kreisler. "To this end, GreenShift plans to rely extensively on INSEQ's design and manufacturing capabilities as GreenShift deploys its planned series of green appliances. We also plan to help INSEQ acquire companies that add strategic capabilities, earnings and assets to Tony's group."
Under the GIDC Early Adopter Program, INSEQ plans to sell OneLid™ appliances to early-adopters for no up-front cost but will instead charge on a per-lid basis for a defined period of time. GIDC and INSEQ plan to start marketing OneLid™ this quarter to specific early-adopters, and OneLid™ specifications and other relevant information will be made available later this month.
About INSEQ Corporation
INSEQ Corporation is a publicly traded company whose mission is to directly facilitate the efficient utilization of primary and secondary commodities including metals, chemicals, fuels and plastics.
INSEQ is 70% owned by GreenShift Corporation (OTC Bulletin Board: GSHF - News), a business development corporation whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
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