Cereplast Appoints Michael Okada as Chief Accounting Officer and Interim Chief Financial Officer EL SEGUNDO, Calif., Feb. 13, 2012 (GLOBE NEWSWIRE) -- Cereplast, Inc. (Nasdaq:CERP), a leading manufacturer of proprietary biobased, sustainable plastics, today announced the appointment of Mr. Michael Okada as Vice President, Chief Accounting Officer and interim Chief Financial Officer, effective immediately. Mr. Okada replaces Heather E. Sheehan, Senior Vice President and Chief Financial Officer, who is leaving the Company effective February 29, 2012 to accept another opportunity. Mr. Okada has served a fundamental role in the company's financial operations since he joined the Company in April 2011 as Vice President and Corporate Controller, providing strength and continuity to the finance department. "Everyone from the management team to the board of directors have the utmost confidence in Mr. Okada to succeed in his new role, and to provide a seamless transition throughout this period," said Cereplast Chairman and CEO Mr. Frederic Scheer. Prior to Cereplast, Mr. Okada served as Vice President of Finance, Corporate Controller for Mindspeed Technologies, Inc. in Newport Beach, CA, where he was responsible for general and international accounting, SEC reporting, and Sarbanes-Oxley Act compliance. Mr. Okada has more than 20 years of experience in senior executive roles, leading accounting and finance departments for both private and public rapid-growth companies with a proven track record of success.He received his Bachelor's degree in Accounting from Santa Clara University and is a Certified Public Accountant. Mr. Scheer stated, "I am very pleased to announce the promotion of Michael Okada as our new Chief Accounting Officer and interim Chief Financial Officer. Michael is a highly experienced executive with strong financial and operational expertise. He has been a key member of our senior management team and he has earned my confidence in his ability to manage our finance department. Our team will remain strong during this transition." Mr. Scheer continued, "We appreciate Ms. Sheehan's contributions to the Company and wish her success in her new endeavors." "This is an exciting time for the Company, and I look forward to leveraging my knowledge and experience to support the growth and strengthening market position of the Company," said Mr. Okada. "With the recent globalization of our operations, and the favorable macro-economic environment for green initiatives, Cereplast is well positioned to capitalize on the growth and demand for bioplastics world-wide." About Cereplast, Inc. Cereplast, Inc. (Nasdaq:CERP) designs and manufactures proprietary biobased, sustainable bioplastics which are used as substitutes for traditional plastics in all major converting processes - such as injection molding, thermoforming, blow molding and extrusions - at a pricing structure that is competitive with traditional plastics. On the cutting-edge of biobased plastic material development, Cereplast now offers resins to meet a variety of customer demands. Cereplast Compostables® Resins are ideally suited for single-use applications where high biobased content and compostability are advantageous, especially in the food service industry. Cereplast Sustainables® Resins combine high biobased content with the durability and endurance of traditional plastic, making them ideal for applications in industries such as automotive, consumer electronics and packaging. Learn more at www.cereplast.com. You may also visit the Cereplast social networking pages at Facebook.com/Cereplast, Twitter.com/Cereplast and Youtube.com/Cereplastinc. The Cereplast, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9567 CONTACT: Cereplast, Inc. Public Relations Nicole Cardi (310) 615-1900 x154 firstname.lastname@example.org Investor Relations: Alliance Advisors, LLC Alan Sheinwald 914-669-0222 email@example.com www.AllianceAdvisors.net Cereplast, Inc. Logo
Cereplast Appoints Michael Okada as Chief Accounting Officer and Interim Chief Financial Officer
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