Planet Green Bottle Corp., a developer of biodegradable PET bottles, is being acquired by medical imaging firm Imagin Molecular Corp.
The combined firm will be renamed Planet Green BioTechnology Inc., officials with both firms said in a Jan. 5 news release.
Any link between the two firms is unclear. In the release, Hinsdale, Ill.-based Imagin also said it was acquiring 84 million shares of Positron Corp., a medical imaging firm based in Fishers, Ind. Public shares in Imagin and Positron both are traded over the counter.
Officials with Planet Green and Imagin could not be reached for comment. Planet Green previously said it had developed a prototype for a biodegradable PET bottle using Reverte-brand additives supplied by Wells Plastic Ltd. of Stone, England. Imagin registered sales of about $600,000 in 2008, but posted a loss of more than $900,000, according to public records.
In the Jan. 5 release, officials said Planet Green, based in Vancouver, British Columbia, has reached a joint venture agreement with plastics processor Fuli (Weihai) of Weihai, China. Officials also said Planet Green is identifying and negotiating with chemical compounding firms to develop the next generation of additive to enhance current oxo-biodegradable technology. No details were provided.
Plastic recyclers previously have raised concerns about biodegradable claims made by Planet Green and similar firms. In December, the Association of Postconsumer Plastic Recyclers a Washington-based trade group issued a set of voluntary testing protocols that can be used to evaluate the effect of degradable PET additives on the recycling stream.
Officials with Planet Green did not respond to the protocols at that time.
In May, Planet Green sales and marketing director Al Poteat said, There are several protocols we need to establish before testing, and it will take anywhere from six to 12 months.
Planet Green and Imagin do share an abbreviation. While Planet Green works with PET resin, Imagin's main technology is positron emission technology also known as PET.
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