Axiom Corp (OTCMKTS:AXMM) takes an opportunity to express the management view on the Expanded Polystyrene Foam ban. Tyler Pearson, the Chief executive officer, expressed his views on the government legislation passed in New York banning the use of Expanded Polystyrene foam. He also talked about the opportunities offered in the packaging industry. As per the passed Act, from July 1, 2015, food service joints, manufacturers, and stores are not permitted to sell, possess or offer Expanded Polystyrene foam products and polystyrene loose fill in City.
Pearson said that being New York City the largest city in North America, the ban will affect a number of industries. The act not only restricts polystyrene foam but also bans packing peanut. There are more than hundred jurisdictions in the United States who have passed anti-polystyrene laws in their respective regions.
These jurisdictions will be followed by many more jurisdictions of other states in coming years. The ban offers a unique opportunity to expand in the same industry. The company is slowing expanding into many other areas as it promotes PaperNuts as an inexpensive, environmentally friendly and legal product alternative over the foam packing peanut. The packing peanut needs to be banned as it has become a global cause of water and litter pollution.
Mayor Bill de Blasio, the Mayor, clearly stated that such kind of products are total destructive for the environment. The jurisdictions will not permit the use of such products that are becoming poisonous for environment. There is no shortage of better options, and the jurisdiction expects the people and businesses to understand the reasons behind the ban. The green-friendly alternatives will yield results at reduced costs. The ban will eliminate more than 30,000 tons of harmful polystyrene waste from New York City’s Pathways, landfills and water sources, ultimately resulting in a greener and beautiful city.