In my last post, I wrote about our plans to open our 22nd foreign office in Australia. We have checked the very important first few boxes in our process to conduct a successful foreign-office opening with limited risk and investment — including finding a general manager, Anna Minns, who will start drawing a salary as soon as we start invoicing. Most important, we have a few partnership deals that are close to closing.

In 2012, TerraCycle had $15 million in sales with operations in 22 countries, primarily in North and South America as well as in Europe and a little bit of the Middle East. A few months ago, we embarked on opening in our 23rd market, Australia.