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ECOSYNTHETIX® SUSTAINABLE POLYMERS FOR PLANET EARTH ™ EcoSynthetix Reports 2021 First Quarter Results Burlington , Ontario , May 4 , 2021 - EcoSynthetix Inc. ( TSX : ECO ) ( “ EcoSynthetix ” or the “ Company ” ) , a renewable chemicals company that produces a portfolio of commercially proven bio - based products , today announced its financial and operational results for the three months ( Q1 2021 ) ended March 31 , 2021. Financial references are in U.S. dollars unless otherwise indicated . Highlights ( Comparison periods in each case are the three months ended March 31 , 2020 ) • Recorded net sales of $ 3.7 million , down 13 % , in Q1 2021 , primarily due to lower volumes of 11 % which was consistent with the year - over - year declines highlighted for the period by industry reports in coated paper demand • Two product innovation awards won by strategic partners in wood composites and personal care , including the SWISS KRONO Group's BE.YOND particle board product named as a " 20 PLUS 20 Annual Outstanding Furniture Accessories " at the recent Interzum Guangzhou 2021 , subsequent to the end of the quarter • • • Generated positive cash flow from operations of $ 0.4 million in Q1 2021 , a decline of $ 0.2 million compared to the prior period Recorded Adjusted EBITDA loss of $ 0.3 million in Q1 2021 , an increase in loss of $ 0.1 million , compared to the prior period Purchased and cancelled 57,600 common shares for total consideration of $ 0.2 million under the normal course issuer bid during 2021 Maintained a strong balance sheet with cash of $ 41.9 million as at March 31 , 2021 " We made important progress across each of our three market verticals during the first quarter that advanced our commercial strategies for EcoSphere® , DuraBind ™ and personal care ingredients , " said Jeff MacDonald , CEO of EcoSynthetix . " Our most important growth driver remains our commercial activity in the wood composites market . We have made a series of important steps in our commercialization strategy with both our most significant commercial account , SWISS KRONO , and our key strategic prospect . In each case , these manufacturers recognize the value that a bio- based resin can offer to retailers and end users . Our DuraBind resin is a sustainable and healthier alternative to petrochemical resins . It offers benefits to both manufacturers , in reducing their carbon footprint , as well as end users . Our highest priority is delivering meaningful growth through market penetration of the wood composites and personal care markets . Demand in the paper market improved in the quarter compared to the depths experienced last May and the weakness through the end of 2020. As a result , our sales volumes and pricing improved from the second half of 2020. Our strong balance sheet and positive cash flow from operations put us in a great position to deliver on this strategy . " Financial Summary Net Sales Net sales were $ 3.7 million for Q1 2021 compared to $ 4.2 million for the same period in 2020. The 13 % decrease was due to lower sales volumes which reduced sales $ 0.4 million , or 11 % , and a lower average selling price which reduced sales by $ 0.1 million , or 2 % .