Cereplast Signs Distribution Agreement With GAMA Plastik to Supply Bioplastic
Resin in Turkey
3 Year Contract for Projected 200 Metric Tons/Month in 2012
EL SEGUNDO, Calif., Nov 29, 2011 (GlobeNewswire via COMTEX) -- Cereplast, Inc.
(CERP), a leading manufacturer of proprietary biobased, compostable and
sustainable plastics, today announced a three year distribution agreement with
GAMA Plastik AS to supply bioplastic resin in Turkey. GAMA Plastik is projecting
to purchase 200 metric tons per month in 2012 leading to significant increases in
purchased resin in 2013. Cereplast anticipates generating revenue from the
agreement approximately within the next 90 days.
GAMA Plastik is a leading plastic trader located in Istanbul, Turkey. They are
one of the fastest growing plastics markets in the world and third in terms of
market share in Europe behind Germany and Italy. GAMA Plastik has been in the
plastic industry for 15 years and recently began producing compounds and
specialty plastics for appliances and the automotive industry. Today, GAMA
Plastik has capacity to produce 30,000 metric tons per year. For more information
please visit gamaplastik.com.
"Over the last 15 years we have developed industry expertise and a knowledgeable
customer base regarding sustainable plastic raw materials. We are very excited to
start this partnership with Cereplast and all our customers are ready to use our
products containing Cereplast's raw material. Turkey has a young and dynamic
population and market strength in Europe. Cereplast's name and quality in
compostable and sustainable bioplastics will help both companies increase their
market share," stated Aydemir Esencan, CEO of Gama Plastics Group.
"We are pleased to reach another agreement in Turkey with an established and well
respected corporation such as GAMA Plastik," stated Frederic Scheer, Chairman and
CEO of Cereplast, Inc. "Turkey represents a large and growing market opportunity
for our biobased, sustainable plastics with 9% GDP growth and one of the fastest
growing plastics markets in the world. Our agreement with GAMA Plastik is for
three years with an initial target of 200 metric tons per month in 2012, with
significant plans for tonnage growth in 2013 and beyond. We foresee this growth
trend to continue over the next five years as demand for the product continues to
increase and we look forward to working alongside with our new business partner
GAMA Plastik over that period."
About Cereplast, Inc.
Cereplast, Inc. (CERP) designs and manufactures proprietary biobased, sustainable
plastics 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 bioplastic material development, Cereplast now
offers resins to meet a variety of customer demands. Cereplast
Compostable(R)resins are ideally suited for single-use applications where high
biobased content and compostability are advantageous, especially in the food
service industry. Cereplast Sustainable(R)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 cereplast.com. You may also visit the
Cereplast social networking pages at Facebook.com/Cereplast,
Twitter.com/Cereplast, Youtube.com/Cereplastinc and Stocktwits.com/symbol/CERP.
The Cereplast, Inc. logo is available at
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