Cereplast Reports Preliminary First Quarter 2013 Revenue Results: Exceeds
Revenue for Entire 2012 Fiscal Year
EL SEGUNDO, Calif., April 17, 2013 (GLOBE NEWSWIRE) -- Cereplast, Inc.
(OTCQB:CERP) (the "Company"), a leading manufacturer of proprietary biobased,
compostable and sustainable bioplastics, today announced preliminary revenue
for the first quarter ended March 31, 2013. Cereplast expects to report 2013
first quarter revenue of approximately $900,000 to $1 million, exceeding total
revenue for the entire 2012 fiscal year.
According to management, approximately 65% of this revenue was generated in
Italy due to the demand created by the recently published Application Decree,
which requires merchants to discontinue the use of traditional single-use
plastic bags in favor of bioplastic bags or other alternatives. Sanctions for
non-compliance will be enforced beginning the end of May 2013 and management
estimates that as a result, the Company will experience an increase in demand
for its Cereplast Compostables® blown film resins during the second half of
2013 as merchants are forced to transition to bioplastic alternatives.
Based on certain provisions, including current competition, current production
capacity, a full production staff and sufficient working capital, management
estimates that the Company's total addressable opportunity for Italy alone
exceeds $50 million annually out of a total addressable market for compostable
blown film grades in the country that exceeds $500 million per year.
Cereplast Chairman and CEO Mr. Frederic Scheer commented, "We are pleased with
our encouraging preliminary revenue results during the first quarter of 2013
and are optimistic for the remainder of 2013. In Italy alone, we
conservatively estimate our market opportunity to be approximately $50
million. Additionally, we expect other European nations to enact similar
mandates which will exponentially increase our opportunity in Europe. We are
excited about these favorable trends and will provide future updates as
significant events occur.
About Cereplast, Inc.
Cereplast, Inc. (OTCQB: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.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "anticipate," "believe,"
"estimate," "may," "intend," "expect" and similar expressions identify such
forward-looking statements. Actual results, performance or achievements could
differ materially from those contemplated, expressed or implied by the
forward-looking statements contained herein. These forward-looking statements
are based largely on the expectations of the Company and are subject to a
number of risks and uncertainties. These include, but are not limited to,
risks and uncertainties associated with: the impact of economic, competitive
and other factors affecting the Company and its operations, markets, product,
and distributor performance, the impact on the national and local economies
resulting from terrorist actions, and U.S. actions subsequently; and other
factors detailed in reports filed by the Company.
CONTACT: Cereplast, Inc.
(310) 615-1900 x154
Alliance Advisors, LLC
Cereplast, Inc. Logo
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