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EarthShell Signs Definitive Agreement With New Partner - DuPont

Press release from the issuing company

Initial Project Focuses On $1 Billion Global Food Service Wraps Market SANTA BARBARA, Calif.--July 31, 2002--Today EarthShell Corporation announced that they have signed a definitive alliance agreement with DuPont. This alliance combines EarthShell patented composite material technology with DuPont expertise in materials, development, manufacturing and marketing to offer environmentally preferable packaging to the food service packaging market. The signing of this agreement formalizes the relationship between the two companies as set forth in a letter of intent signed last April. Initially, the two companies will focus on major segments of the $1 billion global food service wraps market. "The signing of this alliance represents an important new business venture for DuPont," said David P. Ferretti, global business manager, specialty resins-DuPont Packaging & Industrial Polymers. "We have worked with EarthShell for two years, and believe in the unique environmental attributes of their technology. At DuPont, we intend to utilize our strong applications development capabilities and broad market access to complete the commercialization of these exciting new products." Under the terms of the agreement, DuPont has an exclusive, worldwide license for EarthShell food service film technology. The agreement also allows for future expansion to other EarthShell technologies and products. Under the alliance agreement, DuPont has now assumed leadership of the development, production, marketing and distribution of the food service wraps and takes a more active role in the promotion of other EarthShell Packaging products. For all products DuPont sells that use the EarthShell technology, EarthShell will receive a royalty. The two companies will focus on capturing a significant share of the food service wraps market. It is expected that wraps will soon be commercially available with initial product sales projected to begin late this year. "EarthShell and DuPont have created an excellent working relationship that serves as a solid foundation for today's important announcement," said Vincent J. Truant, president and chief operating officer of EarthShell Corporation. "The combination of our innovative technology with the leadership and significant capabilities of DuPont will create products that generate positive impact from both a business and environmental perspective." EarthShell and DuPont intend to collaborate closely to identify opportunities that combine EarthShell Packaging with DuPont Biomax hydro/biodegradable polyester coatings/films and technology. Biomax offers a unique combination of biodegradability and superior barrier properties for better performance over a wider range of applications than is possible with other coatings or films. EarthShell Packaging may also use DuPont Biomax in its disposable packaging such as bowls, plates, cups and sandwich wraps. EarthShell sandwich containers, plates and bowls are designed with the environment in mind. Developed over many years using a "life cycle inventory" and in consultation with leading environmental experts, EarthShell products reduce the environmental burdens of rigid food service packaging through the careful selection of raw materials, processes and suppliers. The products are made primarily from natural limestone and potato starch. The new packaging poses substantially fewer risks to wildlife than polystyrene foam packaging because it biodegrades when exposed to moisture in nature, physically disintegrates in water when crushed or broken, and can be composted in a commercial facility (where available) or in your backyard. In addition, the company has recently introduced flexible packaging in the form of sandwich wraps that also have been developed using a "life cycle inventory." Like EarthShell's rigid packaging, the wraps also biodegrade when exposed to moisture and bacteria in nature and can be composted in a commercial facility (where available) or in your backyard. EarthShell Corporation is a development stage company engaged in the licensing and commercialization of proprietary composite material technology for the manufacture of foodservice disposable packaging, including cups, plates, bowls, hinged-lid containers, and sandwich wraps. In addition to certain environmental characteristics, EarthShell Packaging is designed to be cost and performance competitive compared to other foodservice packaging materials. Additional information may be found via the Internet at www.earthshell.com. The strategic business unit of DuPont Packaging & Industrial Polymers is a global supplier of ethylene copolymers, polyamides and polyesters to the food and non-food industries. For more information on DuPont Packaging, visit www.dupont.com/packaging.