April 2011

CYPET NEW BUILDING CONSTRUCTION COMPLETED

In preparation for the commercialization of the CYPET process, CYPET Technologies has completed the construction of a new purpose designed building and has moved to its new premises. This substantial investment was undertaken in view of the positive results of the development efforts as well as the beta testing phase of the project.

The development phase, which was supported by the Cyprus Research Promotion Foundation and co-funded by the EU Framework Programme for Research and Technological Development, has been successfully completed. The results have been the development, improvement and testing of the complete CYPET production system, including:

-Design and development of the stretch blowing station for preform transfer, stretch blowing and bottle removal.

-Development of the control system with software for operation control, safety and interface with the injection moulding machine.

-Successful and consistent production of PET bottles of excellent quality.

-Successful implementation of a conditioning station allowing preform temperature conditioning, including control modes for oval and square bottles.

The beta testing phase of the development machines has also been successfully completed so the process is technically mature for commercialization, pending only the completion of the infrastructure of CYPET Technologies, with the installation of additional equipment in the new premises, enabling the company to commercialize all three machine models (K-16, K-28 and K-53).

In addition to the new building, an important part of the investment in preparation for commercialization is the installation of the large CYPET machine model for the production of containers of up to 30 liters with 2 cavities. This system will be available for demonstration of 5 gallon PET bottles production and can also be used for the development of customer specific containers.

CYPET machine sales are expected to start in the summer of 2011, once the infrastructure at the new building is completed, with two CYPET systems (K-16 and K-53) in operation, including all relevant utilities (Resin drying, compressed air, chilled water, measuring and testing).