Cereplast Receives Orders in India Amidst Talks by Supreme Court of Widespread
EL SEGUNDO, Calif., April 23, 2013 (GLOBE NEWSWIRE) -- Cereplast, Inc.
(OTCQB:CERP) (the "Company"), a leading manufacturer of proprietary biobased,
compostable and sustainable bioplastics, today cited that the Supreme Court of
India is moving toward stronger legislation to control the country's plastic
pollution problem. Cereplast has begun receiving orders and payment for
Compostable 3002 for the manufacture of single-use bags, and expects to
receive more orders for this material in the near future.
Although several regional plastic bag bans are in effect across India, the
Supreme Court, along with the Central Pollution Control Board (CPCB), are
looking toward more widespread solutions for the country's severe plastic
pollution problems. Cereplast expects the growing anti-plastic climate in
India, the world's third largest polymers consumer, could generate larger
growth opportunities for the bioplastics industry in the country, specifically
for compostable bioplastics. There is growing interest in India for Cereplast
Compostables® resins, particularly for the blow molding grades that are suited
for beverage bottles, as well as the blown film grades for single-use grocery
bags and garbage bags.
India's polymer consumption accounted for 5.7% of the world's total in 2011,
up from 3.5% in 2000. This level of consumption has its consequences.
According to the CPCB, India generates 5.6 million metric tons of plastic
waste each year, 40% of which remains uncollected and littered. Supreme Court
Justices G.S. Singhvi and Kurian Joseph cited this as a "failure of governance
at the grass-root level," and are working toward a comprehensive plastic waste
Frederic Scheer, Chairman and CEO of Cereplast, Inc. stated, "We are pleased
to see the Supreme Court of India taking action toward solving its plastic
pollution problems, and believe that widespread regulation of conventional
plastics in the country would have a significant impact on the bioplastics
industry as a whole. As the third largest consumer of conventional plastics in
the world, countrywide legislation in India similar to what has been enacted
in Italy would have even larger implications for bioplastics. Over a period of
several months, the Application Decree in Italy created burgeoning activity
and interest in bioplastic resins, and we see a similar trend happening in
India. The process may take longer, however, we are very pleased to be selling
our Cereplast Compostables blown film resins in India. Cereplast is poised to
capitalize on these growing opportunities as they arise and continue to work
with many companies in India to provide them with bioplastic alternatives. We
believe, as indicated last week in our press release and during the earnings
call, that we are at an inflection point and the anticipated outcome for 2013
is quite exciting. India will be an important part of our growth in 2013."
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
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