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 May 8, 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(R) resins are ideally suited for single-use applications where high biobased content and compostability are advantageous, especially in the food service industry. Cereplast Sustainables(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 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. Public Relations Nicole Robertson (812) 220 5400 nrobertson@cereplast.com Investor Relations: Alliance Advisors, LLC Alan Sheinwald 914-669-0222 asheinwald@allianceadvisors.net www.AllianceAdvisors.net |
