Cereplast Provides an Update on the Magna Litigation
Seymour, Indiana, Dec. 12, 2013 (GLOBE NEWSWIRE) -- Cereplast, Inc. (OTCQB:
CERP), a leading manufacturer of proprietary biobased, compostable and
sustainable plastics, today is providing an update on the litigation against
the Magna Group.
On May8, 2013, the Company filed in the Southern District of New York a
lawsuit against Magna Group LLC and Hanover Holdings LLC for breach of
contract, breach of the covenant of good faith and fair dealing. The Action is
seeking compensatory damages in an unspecified amount, plaintiff's costs and
attorneys' fees, and unspecified equitable or injunctive relief.
Magna Group LLC and Hanover Holdings LLC filed a request for relief and
preliminary injunction against Cereplast on August 23. On December 11 the
United States District Court - Southern District of New York denied the motion
for a preliminary request injunction.
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.
CONTACT: Cereplast, Inc.
(812) 220 5400
Alliance Advisors, LLC
Cereplast, Inc. Logo
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