Rapidly Expanding e2e Materials Closes Low Interest Loan and Secures Block Grant to Ramp Up Manufacturing in Geneva, New York Facility

Award-Winning Clean Technology Developer of Biocomposite Materials Secures $400K Loan From Ontario County Economic Development Corp. and $750K Block Grant From NY State Office of Community Renewal and Town of Geneva

ITHACA, N.Y., April 16, 2012 (GLOBE NEWSWIRE) -- e2e Materials, an innovative clean technology spinoff of Cornell University that develops advanced biocomposite materials used in a wide array of products for the furniture and automotive industries, today announced the closing of a low-interest $400,000 loan from the Ontario County Economic Development Corp (OCEDC) in support of a new manufacturing facility slated to open in Geneva, NY. In addition, the Town of Geneva and the New York State Office of Community Renewal (OCR) recently finalized the award of a $750,000 community development block grant for e2e. The loan and grant are part of an incentive package to attract e2e to its new 100,000 square foot production facility that is projected to support up to 200 green jobs over the next five years.

"There is increasing demand for our biocomposite products from a number of Fortune 100 companies and this is generating the need for much greater manufacturing capacity," said Patrick Govang, CEO of e2e Materials. "We're fortunate to have the enthusiastic support of the OCEDC, the Town of Geneva and the Office of Community Renewal who all recognize that e2e will stimulate job growth and revenue."

e2e will apply the OCEDC loan and OCR grant to purchase capital equipment and expand production capacity for the manufacturing of a variety of environmentally friendly products based on the company's zero formaldehyde biocomposite materials developed through 15 years of research at Cornell University.

"Having e2e as a business 'anchor' is a significant win for Ontario County," said Mike Manikowski, director of Ontario County's Department of Economic Development. "We now have one of the premier cleantech companies in the world opening a major manufacturing facility that will provide significant job creation and revenue stimulus."

e2e's new Geneva-based manufacturing facility is located in the HP Neun building at Gambee Road and Route 14.

e2e's proprietary biocomposites, featuring 28 pending patents, are made from plentiful feedstock that include soy flour and natural grass fiber such as jute, flax and kenaf. e2e's many advantages include up to an 81 percent reduction in energy consumption in the production of its biocomposites that also eliminate the use of formaldehyde or any toxic chemicals. The biocomposites are stronger, lighter, safer and cheaper than formaldehyde-laden wood-based products.  Using these biocomposite materials enables e2e to manufacture lighter products that maintain the tensile strength and durability approaching some steel products and have been extensively tested and validated to multiple industry standards. In addition, the company employs a unique 3-D forming capability that eliminates costly manufacturing processing steps and associated waste.

About e2e Materials

e2e Materials, based in Ithaca, NY, develops, designs, engineers and produces proprietary biocomposites for the furniture, cabinetry and other markets. e2e's proprietary composites are made from soy flour and natural grass fiber such as jute, flax and kenaf. Products made from e2e's biocomposite are stronger, lighter, safer and cheaper than those made from formaldehyde-laden wood composites. Additionally, e2e uses only a small fraction of the energy required for wood composites, saving billions of pounds of CO2. www.e2ematerials.com

The e2e Materials Logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12175


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