Nanollose founder resigns

30/10/2019 - 15:31

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The founder of a company commercialising technology to make fabric from beer and wine has resigned from his role as chief scientific officer.

Gary Cass resigned from the Nanollose board in July 2019. Photo: Attila Csaszar

The founder of a company commercialising technology to make fabric from beer and wine has resigned from his role as chief scientific officer.

After accidentally developing a fabric from red wine, Gary Cass founded Nanollose in 2014 as a research and development company with the aim of creating low-cost eco-friendly fabrics from food and beverage waste.

He resigned from the Nanollose board in July 2019.

The company said executive chairman Wayne Best would take Mr Cass’s role and lead research and development programs.

In early September, Nanollose reduced base executive remuneration, with Mr Cass’s salary decreasing by nearly 20 per cent.

Nanollose suffered a loss of over $1 million in the year to December 2018 and, while revenue increased by 75 per cent, income was only received from interest.

The company was floated on the ASX in October 2017 at 24.5 cents and was trading at 7.5 cents at 3pm AWST.

 

 

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