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ECOSYNTHETIX® SUSTAINABLE POLYMERS FOR PLANET EARTH ™ EcoSynthetix Reports 2021 Third Quarter Results Burlington , Ontario , November 3 , 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 ( Q3 2021 ) and nine months ( YTD 2021 ) ended September 30 , 2021. Financial references are in U.S. dollars unless otherwise indicated . Highlights ( Comparison periods in each case are the three months ended September 30 , 2020 ) . Recorded net sales of $ 4.7 million , up 57 % , in Q3 2021 , due to higher volumes of 34 % and higher average selling price of 23 % • Gross profit of $ 1.1 million , up 149 % , in Q3 2021 , enabled by the diversification of revenue mix • • • Recorded Adjusted EBITDA loss of $ 0.1 million in Q3 2021 , an improvement of $ 0.1 million , or 49 % , compared to the prior period Purchased and cancelled 90,800 common shares in Q3 2021 , and 200,400 in YTD 2021 , under the normal course issuer bid for total consideration of $ 0.4 million and $ 0.8 million respectively Maintained a strong balance sheet with cash of $ 40.8 million as at September 30 , 2021 " Our diversification strategy is working . We continued to see strong momentum in sales volumes , pricing and improved mix which drove topline growth in the quarter despite continued challenges in the graphic paper market , ” said Jeff MacDonald , CEO of EcoSynthetix . " We made further , meaningful progress at our key strategic wood composites accounts and see an opportunity to continue to grow volumes both within these first commercial facilities , as well as to expand into other operations within our customers ' broader networks . The profile of our bio - based wood composites binder offers both value and performance while also reducing the carbon footprint of a manufacturer's supply chain . As consumers , retailers and manufacturers pursue more sustainable and healthier alternatives to petroleum - based binders , DuraBind ™ is a clear alternative with strong , well - known reference accounts . Testament to this is further recognition for our customer Swiss Krono's BE.YOND particleboard , which was recognized with an award last month from the Association of German Interior Architects for its contribution to healthy living spaces . " Financial Summary Net Sales Net sales were $ 4.7 million and $ 13.3 million for Q3 2021 and YTD 2021 , respectively , compared to $ 3.0 million and $ 10.3 million in the corresponding periods in 2020. The increase in the quarter was due to higher sales volumes which increased sales $ 1.0 million , or 34 % , enabled by the continued diversification of the Company's revenue mix from increased sales of DuraBind ™ and a rebound in paper volume , as well as a higher average selling price which increased sales by $ 0.7 million , or 23 % . The 29 % increase in the YTD period was due to higher sales volumes which increased sales $ 1.8 million , or 17 % , and a higher average selling price which increased sales by $ 1.2 million , or 12 % . Subsequent to the quarter , a paper account exited coated paper production and closed a line that uses EcoSphereⓇ . The annualized impact on sales volumes is expected to be approximately $ 1.4 million on a go forward basis .