| From: Savant | 10/24/2012 8:01:50 PM | | | | | | Cereplast Hybrid 651D Wins MATERIALICA Design + Technology 2012 Silver Award in
the Material Category
EL SEGUNDO, Calif., Oct 24, 2012 (GlobeNewswire via COMTEX) -- Cereplast, Inc.
(CERP), a leading manufacturer of proprietary biobased, sustainable bioplastics,
today announced that Cereplast Hybrid 651D has won the MATERIALICA Design +
Technology 2012 silver award for outstanding innovation in the "Material"
category. The awards ceremony took place in Munich, Germany at the 15th annual
trade fair, MATERIALICA--Lightweight Design for New Mobility, on the evening of
October 23, 2012.
A distinguished panel of judges scrutinized approximately 100 submissions in
consideration for the 10th MATERIALICA Design + Technology Award. The jury
included the following material and design experts: Christian Labonte (Audi),
Nina Saller (designaffairs), Prof. Peter Naumann (University Munich), Prof.
Dr.-Ing. Karl Reiling (University Landshut), and Dr. Ing. Christoph Konetschny
(Materialsgate--Office for Material and Technology Consulting). Cereplast Hybrid
651D was the sole bioplastic material to be nominated for and to win the
prestigious MATERIALICA award.
The first EA and starch hybrid resin, Cereplast Hybrid 651D is an innovative
solution for applications that require durability, flexibility and toughness.
Hybrid 651D is a tough, soft touch, pliable material that is ideal for extrusions
and soft injection moldable applications, providing the desirable properties of
conventional EA while offering a lower carbon footprint and expanding the range
of properties available for durable bioplastic materials. It can be used for the
manufacture of consumer goods and packaging, footwear, handbags and other fashion
accessories, as well as wire and cable insulation, soft plastic goods such as
tubes and hoses and adhesion layers for multi-layer films. Hybrid 651D can be
processed on existing, conventional processing equipment.
MATERIALICA is Europe's top event for material-driven and supplier-oriented
product innovations. The future-oriented innovative field of "lightweight design"
continues to set the course for a new age in electric mobility, aerospace, new
energy and automotive industries as well as groundbreaking product developments
in the sports and leisure arena. As such, the focus of this year's MATERIALICA
Awards was "Lightweight Design Competency for the Next Product Generation."
About Cereplast, Inc.
Cereplast, Inc. (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 cereplast.com. You may also visit the
Cereplast social networking pages at Facebook.com/Cereplast,
Twitter.com/Cereplast and Youtube.com/Cereplastinc.
The Cereplast, Inc. logo is available at
globenewswire.com
This news release was distributed by GlobeNewswire, globenewswire.com
SOURCE: Cereplast, Inc.
CONTACT: Cereplast, Inc.
Public Relations
Nicole Robertson
(310) 615-1900 x154
nrobertson@cereplast.com
Investor Relations:
Alliance Advisors, LLC
Alan Sheinwald
914-669-0222
asheinwald@allianceadvisors.net
allianceadvisors.net |
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|
| From: Savant | 11/14/2012 9:03:44 PM | | | | | | Cereplast Announces Third Quarter 2012 Financial Results
EL SEGUNDO, Calif., Nov 14, 2012 (GlobeNewswire via COMTEX) -- Cereplast, Inc.
(CERP), a leading manufacturer of proprietary biobased, sustainable bioplastics,
today announced its financial results for the third quarter ended September 30,
2012.
Mr. Frederic Scheer, Chairman and Chief Executive Officer of Cereplast, stated,
"Thus far in 2012 we have focused on several areas which have resulted in the
achievement of key milestones, new product launches and important strategic
relationships. Since the opening of our offices with a dedicated team in India,
we have begun selling our Cereplast Hybrid Resins(R) product line in this
emerging marketplace, which is the world's third largest consumer of polymers.
The Cereplast Hybrid Resins(R) products are being tested with a large polymer
converter for other applications and are part of the unsold inventory we recouped
from our European clients. We continue to move our relationship with A.R.M.Y.
forward, which has resulted in the introduction of key strategic relationships
including the engineering and marketing team of Tirumala Thirupathi Devastanam,
an independent trust to the largest shrine in the world. Our Cereplast
Compostables(R) resins are being tested on 25,000 bags for their expected use by
millions of annual visitors to their shrine. Lastly, the Italian government has
moved toward reinstating legislation to ban non-compostable resins. Several large
supermarket chains have expressed an interest in testing our products, while
multiple product lines are currently in progress. As we work diligently towards
transforming these opportunities into revenue, we will continue managing our cash
flow accordingly."
Mr. Scheer continued, "Heading into 2013 we are refining our strategy to ensure
we give ourselves the greatest opportunity for revenue growth. The experience we
have gained through our recent history of operating within the bioplastics
industry has allowed us to understand what the market demands; we therefore find
it more important to target specific applications rather than the broader
approach we have taken in the past. We believe that by tailoring our offerings
specifically for the customer's product application, the adoption of our product
will become greater. With the plan I just described I want to reassure our
shareholders that Cereplast's management team is focused and working very hard
every day to ensure that we will prevail over our challenging environment."
Operational Highlights:
--Cereplast has begun to sell its first Cereplast Hybrid Resins(R)
application in India. This milestone follows the Company's opening of a
corporate office in India to service its partners in South Asia and the
appointment of a Technical Services Engineer to provide on-site
services. Management visited India several times to assist with the
marketing launch of our resin.
--The same Cereplast Hybrid Resins(R) grade utilized for the safety helmet
application was qualified by a large converter of S-B Polymers to make
bioplastic buckets. This potential customer is one of three dedicated
converters who manufacture buckets for a large consumer products company
in India. This relationship has a projected demand of several thousand
tons per month.
--Each of these opportunities in India would allow us to monetize the
inventory recouped from our European customers.
--A.R.M.Y. made a formal presentation of Cereplast's Compostable 3002
resin to the engineering and marketing departments of "Tirumala
Thirupathi Devastanam," an independent trust which manages the Tirumala
Venkateswara Temple, the largest shrine in the world. The presentation
resulted in the commercial test of 25,000 bags over a 60 day period to
test strength and reception of the product.
--The Italian government has reinstated legislation calling for the ban of
non-compostable resins. Management believes this legislation will be
implemented by the end of 2012.
--Several large supermarket chains have expressed an interest in Cereplast
Compostables(R) resins for bags and orders have been made to test the
product.
--Cereplast successfully tested their Hybrid 101 product for fruit and
vegetable shipping baskets. The addressable market for this application
is several thousand tons per month.
--Cereplast Hybrid 651D wins MATERIALICA Design + Technology 2012 silver
award for outstanding innovation in the "Material" category.
2012 Third Quarter and First Nine Months Financial Results:
Net sales for the three months ended September 30, 2012 were approximately
$477,000, compared to $5.4 million for the same period in 2011. Net sales for the
first nine months of 2012 were approximately $0.8 million, compared to $20.2
million in the same period in 2011. The decrease in sales was due to
transitioning significant resources and efforts toward recovery of past due
accounts receivables from customers and minimizing any additional exposure to our
accounts receivable credit risk. Our current period sales were primarily prepaid
shipments of sample materials and nominal shipments to established existing
customers with low risk credit limits.
Cost of sales for the three months ended September 30, 2012 were approximately
$910,000, compared to $4.5 million for the same period in 2011. Costs of sales
for the first nine months of 2012 were approximately $2.1 million, compared to
$17.7 million for the same period in 2011. The decline in cost of sales is due to
our lower variable manufacturing costs from our reduced sales volumes and
reduction in manufacturing overhead through reduced supplies and headcount.
Research and development expenses for the three months ended September 30, 2012
were approximately $115,000, compared to $280,000 for the same period in 2011.
Research and development expenses for the first nine months of 2012 were $0.4
million, compared to approximately $0.8 million for the same period in 2011. Our
decrease in research and development expenses was primarily attributable to lower
outside services costs related to our current projects.
Selling, general and administrative expenses for the three months ended September
30, 2012 were approximately $6.4 million, compared to $3.7 million for the same
period in 2011. Selling, general and administrative expenses for the first nine
months of 2012 were $9.3 million, compared to $8.5 million for the same period in
2011. Our increase in sales, general and administrative expenses was primarily
due to an increase in our allowance for doubtful accounts of $4.8 million during
the third quarter of 2012, offset by reduced headcount and variable sales and
marketing expenses due to lower sales volume in the current year.
Other income and expense, net for the three months ended September 30, 2012 was
approximately 3.0 million, compared to $0.5 million for the same period in 2011.
Other income and expense, net for the first nine months of 2012 was $5.2 million,
as compared to $1.0 million in the same period in 2011. The increase was
primarily related to additional interest expense related to the issuance of our
convertible debentures in May 2011, the impact from our Forbearance and Exchange
Agreement with certain holders of our convertible debentures and the change in
our derivative liability related to our warrants.
On the balance sheet, the Company had approximately $237,000 in cash and $7.3
million in accounts receivable, net of allowance for doubtful accounts. Current
assets and total assets were $14.1 million and $25.5 million respectively.
Current liabilities and total liabilities were $9.0 million and $22.1 million
respectively. Total shareholders' equity was $3.3 million as of September 30,
2012, with approximately 29 million shares of common stock issued and
outstanding.
Conference Call
Details:
Date:Wednesday, November 14, 2012
Time:4:30 p.m. EST
Dial-In:(877) 312-5508
International
Dial-In:(253) 237-1135
investor.cereplast.com
Live Webcast:nts.cfm
A live webcast and archive of the call will also be available on the Investor
Relations section of Cereplast's website at cereplast.com. If you are
unable to participate on the call at this time, a telephonic replay will be
available for three days starting two hours after the conclusion of the call. To
access the telephonic replay, dial 855-859-2056, international callers dial
404-537-3406, and enter the Conference ID 64671679.
About Cereplast, Inc.
Cereplast, Inc. (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 cereplast.com. You may also visit the
Cereplast social networking pages at Facebook.com/Cereplast,
Twitter.com/Cereplast and Youtube.com/Cereplastinc.
The Cereplast, Inc. logo is available at
globenewswire.com
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.
CEREPLAST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
Three Months EndedNine Months Ended
--------------------------------------------
SeptemberSeptemberSeptemberSeptember
30, 201230, 201130, 201230, 2011
----------------------------------------
Gross Product Sales$ 481$ 5,414$ 786$ 20,849
Sales Discounts, Returns and
Allowances(4)(45)(16)(628)
----------------------------------------
Net Sales4775,36977020,221
Cost of Goods Sold9104,4752,09317,701
----------------------------------------
Gross Profit (Loss)(433)894(1,323)2,520
Operating Expenses:
Research and Development115280371789
Selling, General and
Administrative6,4103,6899,2868,457
----------------------------------------
Total Operating Expenses6,5253,9699,6579,246
----------------------------------------
Operating Loss(6,958)(3,075)(10,980)(6,726)
Debt Extinguishment Costs----(427)--
Loss on Derivative Liability47--(52)--
Interest and Other Income----18--
Interest Expense(3,057)(513)(4,834)(999)
----------------------------------------
Loss Before Provision for
Income Taxes(9,968)(3,588)(16,275)(7,725)
Provision for Income Taxes--------
----------------------------------------
Net Loss$ (9,968)$ (3,588)$ (16,275)$ (7,725)
========================================
Net Loss Per Share--Basic and
Diluted$ (0.40)$ (0.23)$ (0.77)$ (0.50)
========================================
Weighted Average Common
Shares Outstanding--Basic
and Diluted24,739,44915,777,79321,242,11515,470,324
========================================
CEREPLAST, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except shares data)
SeptemberDecember
30, 201231, 2011
-------------------
(Unaudited)
ASSETS
Current Assets
Cash$237$3,940
Accounts Receivable, Net7,29314,744
Inventory, Net5,4244,406
Prepaid Expenses and Other
Current Assets1,136966
-------------------
Total Current Assets14,09024,056
-------------------
Property and Equipment
Property and Equipment13,83613,752
Accumulated Depreciation
and Amortization(3,668)(3,151)
-------------------
Property and Equipment,
Net10,16810,601
-------------------
Other Assets
Restricted Cash4343
Deferred Loan Costs8671,321
Intangible Assets, Net248183
Deposits4747
-------------------
Total Other Assets1,2051,594
-------------------
Total Assets$25,463$36,251
===================
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable$1,134$1,813
Accrued Expenses3,0492,760
Capital Leases, Current
Portion7773
Loan Payable, Current
Portion4,0231,855
Convertible Subordinated
Notes, Current Portion357--
Derivative Liability344--
-------------------
Total Current Liabilities8,9846,501
-------------------
Long-Term Liabilities
Loan Payable4,4237,307
Convertible Subordinated
Notes8,53212,500
Capital Leases, Long-Term191245
-------------------
Total Long-Term
Liabilities13,14620,052
-------------------
Total Liabilities22,13026,553
-------------------
Shareholders' Equity
Preferred Stock, $0.001 par
value; 5,000,000 shares
authorized; 73 and 0
shares issued and
outstanding at September
30, 2012 and December 31,
2011, respectively----
Common Stock, $0.001 par
value; 495,000,000 shares
authorized; 28,989,829 and
18,933,139 shares issued
and outstanding at
September 30, 2012 and
December 31, 2011,
respectively2919
Additional Paid in Capital76,39866,524
Accumulated Deficit(73,210)(56,935)
Accumulated Other
Comprehensive Income11286
-------------------
3,3299,694
Noncontrolling Interests44
-------------------
Total Equity3,3339,698
-------------------
Total Liabilities and
Shareholders' Equity$25,463$36,251
===================
CEREPLAST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands, except shares data)
Nine Months Ended
---------------------
SeptemberSeptember
30, 201230, 2011
-------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss$ (16,275)$ (7,725)
Adjustment to Reconcile Net Loss to
Net Cash Used in Operating
Activities
Depreciation and Amortization536694
Allowance for Doubtful Accounts5,0821,780
Common Stock Issued for Services,
Salaries and Wages160874
Amortization of Loan Discount3,22357
Impairment of Intangible Assets--64
Extinguishment of Convertible Debt368--
Loss on Derivative Liability52--
Changes in Operating Assets and
Liabilities
Accounts Receivable537(15,609)
Deferred Loan Costs458223
Inventory814(2,095)
Deposits--(35)
Prepaid Expenses(171)(1,514)
Accounts Payable659269
Accrued Expenses288864
-------------------
NET CASH USED IN OPERATING
ACTIVITIES(4,269)(22,153)
-------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Property and Equipment,
and Intangibles(180)(1,290)
Proceeds from Sale of Equipment15--
-------------------
NET CASH USED IN INVESTING
ACTIVITIES(165)(1,290)
-------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on Capital Leases(50)(13)
Proceeds from Capital Leases--96
Noncontrolling Interest Activities--4
Payments made on Notes Payable(603)--
Proceeds from Loan Payable, Net of
Loan Costs--2,500
Proceeds from Convertible Notes, Net
of Issuance Costs60011,225
Proceeds from Issuance of Common
Stock and Subscriptions, Net of
Issuance Costs40011,363
Proceeds from Issuance of Preferred
Stock, Net of Issuance Costs400--
-------------------
NET CASH (USED) PROVIDED BY
FINANCING ACTIVITIES74725,175
-------------------
FOREIGN CURRENCY TRANSLATION(15)(93)
-------------------
NET INCREASE (DECREASE) IN CASH(3,702)1,639
CASH, BEGINNING OF PERIOD3,9402,391
-------------------
CASH, END OF PERIOD$ 237$ 4,030
===================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Cash Paid During the Year For:
Interest$ 460$ 417
Income Taxes$ --$ --
SUPPLEMENTAL DISCLOSURE OF NON-CASH
TRANSACTIONS
This news release was distributed by GlobeNewswire, globenewswire.com
SOURCE: Cereplast, Inc.
CONTACT: Cereplast, Inc.
Public Relations
Nicole Robertson
(310) 615-1900 x154
nrobertson@cereplast.com
Investor Relations:
Alliance Advisors, LLC
Alan Sheinwald
914-669-0222
asheinwald@allianceadvisors.net
allianceadvisors.net |
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| From: Savant | 12/10/2012 12:23:25 PM | | | | | | CEREPLAST Voluntarily Moves Listing From NASDAQ to the OTCQB Market
EL SEGUNDO, Calif., Dec 7, 2012 (GlobeNewswire via COMTEX) -- Cereplast, Inc.
(CERP), a leading manufacturer of proprietary biobased, sustainable bioplastics,
today announced that its Board of Directors has voluntarily decided to move the
listing of its common stock from The NASDAQ Capital Market ("NASDAQ") to the OTC
Markets' OTCQB marketplace ("OTCQB"). Cereplast expects that its stock will begin
trading on the OTCQB under its ticker symbol "CERP" effective December 17, 2012.
As of that date, investors and other interested parties will be able to view the
Real Time Level II stock quotes for CERP at otcmarkets.com. Cereplast
will file a Form 25 with the Securities and Exchange Commission on December 17,
2012 and cease trading on NASDAQ on December 14, 2012.
"We believe that our decision to move to the OTCQB is in no way an adverse
reflection of the viability of the Company," stated Frederic Scheer, Chairman and
CEO of Cereplast. "We carefully evaluated our options to maintain our listing on
NASDAQ, including whether or not to implement a reverse split to satisfy the
$1.00 per share minimum bid price requirement, and concluded that it was not in
the best interest of our shareholders. We believe that the transition to the
OTCQB will be relatively seamless and will continue to provide existing and new
shareholders a quality marketplace to trade our stock."
Mr. Scheer continued, "Looking forward to FY 2013, we expect the Company to
recover from the losses incurred in 2012 and we are working on generating new
revenue and cash flow as well as opening up new sales initiatives into new
markets for our new and existing products and services."
On May 1st, 2012, the Company received a letter from NASDAQ advising the Company
that for the 30 consecutive trading days preceding the date of the notice, the
bid price of the Company's common stock had closed below the $1.00 per share
minimum bid price required for continued listing on The NASDAQ Capital Market,
pursuant to NASDAQ Listing Rule 5550(a)(2) (the "Bid Price Rule"). The letter
stated that the Company would be provided 180 calendar days, or until November
1st, 2012, to regain compliance with the Bid Price Rule, which deadline was
subsequently extended on a one-time basis to April 29, 2013. To regain
compliance, the closing bid price of the common stock would need to be at least
$1.00 per share for a minimum of ten consecutive business days prior to that
date.
The Board of Directors' voluntary decision to move the Company's listing from
NASDAQ to OTCQB was made following the detailed review of numerous factors
including NASDAQ filing fees (versus OTCQB); the significant compliance
obligations and restrictions that result from the maintenance of the NASDAQ
listing, including the associated out-of-pocket costs (versus OTCQB); and the
uncertainty to regain compliance with the Bid Price Rule before the April, 2013
deadline. Based on the foregoing factors, the Board of Directors does not believe
there is continuing shareholder value in maintaining Cereplast's listing on
NASDAQ at this time. However, the move to the OTCQB does not change the Company's
reporting obligations with the Securities and Exchange Commission under
applicable federal securities laws. Accordingly, the Company will continue to
file its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and its
Current Reports on Form 8-K.
About OTC Markets Group Inc.:
OTC Markets Group Inc. (OTCM) operates open, transparent and connected financial
marketplaces for investors to easily trade almost 10,000 equity and debt
securities through the broker of their choice. OTC Markets Group organizes these
securities into tiered marketplaces to inform investors of opportunities and
risks. OTC Markets Group's data-driven platform enables efficient trading through
any broker at the best possible price and empowers a broad range of companies to
improve the quality and availability of information for their investors.
About Cereplast, Inc.
Cereplast, Inc. (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 cereplast.com. You may also visit the
Cereplast social networking pages at Facebook.com/Cereplast,
Twitter.com/Cereplast and Youtube.com/Cereplastinc.
The Cereplast, Inc. logo is available at
globenewswire.com
This news release was distributed by GlobeNewswire, globenewswire.com
SOURCE: Cereplast, Inc.
CONTACT: Cereplast, Inc.
Public Relations
Nicole Robertson
(310) 615-1900 x154
nrobertson@cereplast.com
Investor Relations:
Alliance Advisors, LLC
Alan Sheinwald
914-669-0222 |
| | Cereplast Inc. | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: Savant | 1/23/2013 1:11:34 PM | | | | | | Jan. 23, 2013, 8:08 a.m. EST
Cereplast Announces $500,000 in New Revenue and Provides 2013 Outlook
EL SEGUNDO, Calif., Jan 23, 2013 (GLOBE NEWSWIRE via COMTEX) -- Cereplast, Inc. (otcqb:CERP) (the "Company"), a leading manufacturer of proprietary biobased, compostable and sustainable bioplastics, today is providing a shareholder update and an outlook for 2013. Cereplast has created additional liquidity through the generation of approximately $500,000 in revenue over the last six weeks while continuing to focus on restructuring its operations to further position the Company for growth throughout 2013.
Revenue Generation in Europe, the United States and Asia
In Europe, specifically in Italy, the Italian parliament made a critical vote on December 13, 2012, which confirms the proposed sanctions on companies using traditional plastic bags and mandates a switch to bioplastic or other alternatives 60 days from the publication of the Application Decree. In anticipation of the final Application Decree to be signed, Cereplast has received several orders for blown film resin, which were fulfilled utilizing its existing inventory. All customer payments were received in advance of shipment or within conservative credit terms. The Company expects continued growth in demand for blown film as a result of the anticipated legislation in Italy.
In the United States, Cereplast received several orders for compostable resins that will be used for food service applications. Multiple large food chains have started to embrace the use of compostable material for food service ware items including straws, cups and cutlery, for which Cereplast's resins are in demand. Cereplast has fulfilled these orders and all payments have been received.
Cereplast received several purchase orders from existing clients in India. Management is encouraged by the progress made in India and anticipates their investments in this new market will translate into additional purchase orders and future revenue growth in 2013.
Debt and Indenture
Management announced that our debt holders have waived the event of default, and have agreed to forbear from exercising their rights and remedies under the Indenture with respect to the Company's failure to make interest payments due on June 1, 2012 and December 1, 2012. The Company was successful in arranging a structured investment from an institutional investor, offering a repayment plan to settle both the past due interest balance as well as the coupon due in June 2013. The restructuring provides the Company relief until December 2013.
With respect to the Compass Horizon term loan, an arrangement was completed by which an institutional investor will repay the remaining principal and interest owed under the Term Loan.
Working Capital and Liquidity
To provide the Company with the required working capital to continue operations, approximately $1 million in short term convertible debt and equity financing was completed. In order to maximize these new investments, the Company has enacted an operational restructuring strategy which includes a reduction in operating costs. Additionally, the Company has taken aggressive cost cutting measures, which include a furlough for production employees and a reduction in its worldwide headcount to 17 employees.
In order to improve cash flow, the Company adjusted their sales and shipment policy, requiring payment in advance of shipment and reducing terms to less than 30 days for large domestic companies.
Inventory Recovery from Delinquent Accounts Receivable
Cereplast initiated a systematic strategy to recover their customers' unsold inventories associated with their delinquent Accounts Receivable balances. In September 2012, 22 containers of the Company's Compostable resins were successfully recovered, valued at approximately $2 million. The same strategy will be used to recover available remaining assets across Europe, Italy, Germany and Malta.
Intellectual Property
Management believes that there is tremendous unlocked value within the intellectual property portfolio of the Company. As the industry continues to evolve, management believes that large conglomerates will begin to make further investments. It is therefore critical to continue to protect the Company's intellectual property while continuing key Research and Development projects. In 2012, Cereplast was granted two patents and is prepared to file an additional five patents in the next few weeks covering both families of resins: Cereplast Compostables(R) resins and Cereplast Sustainables(R) resins, including Cereplast Algae Bioplastics(TM).
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.
The Cereplast, Inc. logo is available at globenewswire.com
CONTACT: Cereplast, Inc.
Public Relations
Nicole Robertson
(310) 615-1900 x154
nrobertson@cereplast.com
Investor Relations:
Alliance Advisors, LLC
Alan Sheinwald
914-669-0222
asheinwald@allianceadvisors.net
www.AllianceAdvisors.net |
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| From: Savant | 2/6/2013 10:15:01 AM | | | | | | Cereplast Provides Shareholder Update on Italian Application Decree & Announces $300,000 in New Revenue
Feb 5, 2013 08:00:34 (ET)
EL SEGUNDO, Calif., Feb 05, 2013 (GLOBE NEWSWIRE via COMTEX) -- Cereplast, Inc. (otcqb:CERP) (the "Company"), a leading manufacturer of proprietary biobased, compostable and sustainable bioplastics, generated approximately $300,000 in new revenue during the last two weeks of January 2013. These orders received are in addition to the $500,000 of new revenue that was announced on January 23, 2013.
The Italian Application Decree, which mandates that companies discontinue the use of traditional plastic bags in favor of bioplastic bags or other alternatives, continues to drive demand for the Cereplast Compostables(R) blown film grades. The new orders were fulfilled utilizing existing inventory and were paid in advance of shipment or within conservative credit terms.
The next important milestone will be the formal publication of the Italian Application Decree, which is expected to increase the demand for bioplastic film. Cereplast blown film resins are part of a very limited, proprietary and select type of resin that are able to serve the Italian market for bioplastic blown film. According to European Plastics News, the European market volume for flexible packaging is approximately 3.6 million tons, which is worth approximately EUR20 billion. Italy represents 25% of this market volume at approximately 900,000 tons per year. Although all applications will not be transferred to bioplastic, Italy could become the largest market for bioplastic film applications in 2013 with potential industry revenues of several hundred million euros.
"The Italian market for bioplastic blown film is once again gaining momentum," stated Cereplast Chairman and CEO, Mr. Frederic Scheer. "As a result of government legislation and mandates being passed down by the Italian parliament, the sales trend is continuing. We anticipate demand from this key region to approach similar sales volumes that we experienced in 2011. We are encouraged by the sales data we are analyzing, which is pointing to a strong 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(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.
The Cereplast, Inc. logo is available at globenewswire.com
CONTACT: Cereplast, Inc.
Public Relations
Nicole Robertson
(310) 615-1900 x154
nrobertson@cereplast.com
Investor Relations:
Alliance Advisors, LLC
Alan Sheinwald
914-669-0222
asheinwald@allianceadvisors.net |
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| From: Savant | 3/15/2013 9:40:31 PM | | | | | | Cereplast, Inc. Joins Algae Biomass Organization
Mar 13, 2013 08:00:09 (ET)
EL SEGUNDO, Mar 13, 2013 (GLOBE NEWSWIRE via COMTEX) -- Cereplast, Inc. (otcqb:CERP) (the "Company"), a leading manufacturer of proprietary biobased, compostable and sustainable bioplastics, today announced that it has joined the Algae Biomass Organization (ABO).
The ABO is a non-profit organization that promotes the development of viable commercial markets for renewable and sustainable commodities derived from algae. Its primary goals include facilitating the commercialization and market development of microalgae biomass for the production of biofuels and greenhouse gas abatement.
Cereplast has been a pioneer in algae-based plastics, and recently incorporated a new wholly owned subsidiary, Algaeplast(TM), Inc. Algaeplast will develop and commercialize algae bioplastics, with an ultimate goal of developing new monomers and polymers made from algae within the next five years.
"Cereplast's algae bioplastics are a perfect example of the wide range of sustainable products that are being derived from algae," said Mary Rosenthal, Executive Director of the ABO. "We're thrilled they are joining ABO and supporting the ranks of innovative companies, research organizations and end-users working to make algae a source of valuable and sustainable commodities."
About the Algae Biomass Organization
The Algae Biomass Organization (ABO) is a 501 c(6) non-profit whose mission is to promote the development of viable commercial markets for renewable and sustainable commodities derived from algae. Its membership is comprised of people, companies and organizations across the value chain. More information about ABO, including its leadership, membership, costs, benefits and members and their affiliations, is available at the website: www.algaebiomass.org
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.
The Cereplast, Inc. logo is available at globenewswire.com
CONTACT: Cereplast, Inc.
Public Relations
Nicole Robertson
(310) 615-1900 x154
nrobertson@cereplast.com
Investor Relations:
Alliance Advisors, LLC
Alan Sheinwald
914-669-0222
asheinwald@allianceadvisors.net
Valter Pinto
914-669-0222 x201
valter@allianceadvisors.net |
| | Cereplast Inc. | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
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| From: Savant | 3/15/2013 9:52:29 PM | | | | | | Cereplast Granted Patent for Biodegradable Nanopolymer Compositions
Mar 12, 2013 08:00:07 (ET)
EL SEGUNDO, Mar 12, 2013 (GLOBE NEWSWIRE via COMTEX) -- Cereplast, Inc. (otcqb:CERP) (the "Company"), a leading manufacturer of proprietary biobased, compostable and sustainable bioplastics, today announced that the United States Patent and Trademark Office (USPTO) has granted the Company patent protection for biodegradable nanopolymer compositions and biodegradable articles made thereof. USPTO-issued patent 8,389,614 is a significant patent for the company and for the field of biodegradable polymers, as it is the first of its kind. This patent expands Cereplast's growing intellectual property portfolio and protects the composition formulation invented by the Cereplast R&D team.
This patent describes biodegradable compositions including polylactic acid (PLA) and other components, and incorporates nanofillers that improve the physical and thermal properties of the material. Biodegradable materials are known for their thermal and physical limitations, and the newly-patented Cereplast composition improves such properties by introducing nanofillers that are known for improving polymer functions.
Mr. Frederic Scheer Chairman and CEO of Cereplast commented, "Protecting the intellectual property of the Company is a high priority and is an important part of our long-term growth strategy, as is creating new grades of bioplastic resin that expand the properties available to meet the ever-growing needs of the marketplace. This new patent is the first for biodegradable nanopolymer compositions and further establishes Cereplast's role as a leader in the bioplastics industry. Nanopolymers have brought innovation to the traditional plastics industry, and we are proud to have extended their reach to the bioplastics industry."
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. |
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| From: Savant | 3/27/2013 11:51:55 AM | | | | | | EL SEGUNDO, Mar 27, 2013 (GLOBE NEWSWIRE via COMTEX) -- Cereplast, Inc. (otcqb:CERP), a leading manufacturer of proprietary biobased, sustainable bioplastics, today announced that the Cell-O-Core(R) Company is manufacturing its Cello-Green(TM) brand compostable drinking straws using Cereplast Compostable 7003.
A photo accompanying this release is available at globenewswire.com
The Cello-Green brand Bio Straws are disposable with food waste--no separation is required--and will fully biodegrade in a municipal composting facility in 180 days or less. The Bio Straws are certified compostable by the Biodegradable Products Institute (BPI) and are Cedar Grove approved. Designed and produced for use in cold beverages only, the straws are not recommended for use in hot beverages over 120 degrees Fahrenheit. The Bio Straws are available in green, white or red, and the straw wrappers are printed with water-soluble inks. Cereplast 7003 and the Bio Straws are made in the USA.
Cereplast Compostable 7003 is BPI certified for industrial compostability* of films and other extruded applications with a maximum thickness of 60 mils (1.50mm). Compostable 7003 has been designed to have an excellent balance of translucency, strength, toughness and processability. This resin can be processed on existing profile extrusion and cast lines and is recommended for profile extrusion applications including straws and similar applications.
Frederic Scheer, Chairman and CEO of Cereplast, stated, "We are proud to be working with an established US company such as Cell-O-Core. Based on current market trends, we anticipate the demand for the Bio Straws to grow significantly in the coming months and years. The Bio Straws can be disposed of and composted with food waste, making them a convenient fit for fast food chains and other restaurants that are making the move toward more sustainable waste removal at their establishments."
About The Cell-O-Core Company
"Stirring up America... Since 1945" The Cell-O-Core Company was founded in 1945 and is based in Ohio. Their products area made in the USA. For more information about Cell-O-Core and their products, contact Thomas B. Allen, Executive Vice President and Chief Operating Officer: tallen@Cellocore.com or (330) 239-4370.
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.
*Not home compostable.
CONTACT: Cereplast, Inc.
Public Relations
Nicole Robertson
(310) 615-1900 x154
nrobertson@cereplast.com
Investor Relations:
Alliance Advisors, LLC
Alan Sheinwald
914-669-0222
asheinwald@allianceadvisors.net |
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| From: Savant | 4/4/2013 6:34:42 PM | | | | | | seekingalpha.com
EL SEGUNDO, Calif., April 3, 2013 (GLOBE NEWSWIRE) -- Cereplast, Inc. (OTCQB:CERP) (the "Company"), a leading manufacturer of proprietary biobased, compostable and sustainable bioplastics, is pleased to announce that the Italian plastic bag Application Decree has been published in the Official Journal, and sanctions for non-compliance with the legislation will be enforced effective May 27, 2013. Management estimates, based on certain provisions, that Cereplast's (CERP.OB) total addressable opportunity today for Italy alone exceeds $50 million.
Cereplast estimates that the total addressable market for compostable blown film grades in Italy exceeds $500 million. Currently there are 4 legitimate competitors who produce compostable blown film that are predominantly based in Europe, each varying in size from approximately $5 to $120 million in revenue. Based on current competition, current production capacity, a full production staff and sufficient working capital, the estimated market opportunity for Cereplast exceeds $50 million. Manufacturing capacity at the Company's Seymour, Indiana plant is currently 3000 tons/month. Based on current market pricing of $4,500/ton, this plant is capable of producing in excess of $10 million per month at full capacity. The Cereplast Compostables® blown film resins have a competitive advantage because they can be processed on traditional equipment without requiring modifications, and they do not emit problematic fumes.
Merchants must discontinue the use of traditional single-use plastic bags in favor of bioplastic bags or other alternatives. The law prohibits the use of OXO Biodegradable additives and requires Italian merchants to only use compostable applications as defined by EN 13432 that Cereplast resins comply with. The fines for non-compliance range between ¬2,500 and ¬25,000 and may be increased for large quantities of bags. This plastic bag ban is the first step by the Italian government to make Italy plastic-free.
Italian Minister of the Environment Corrado Clini stated, "This measure normalizes the uncertainties that have hindered the development of the production chain, promotes green chemistry and puts Italy in line with the EU."
Cereplast Chairman and CEO Mr. Frederic Scheer commented, "Many of our customers have been placing orders in preparation for this moment. We have tested our products with approximately 50 blown film converters in Italy, and now that the Application Decree has been published, we expect larger volume sales to follow in the wake of this news. We are excited about this key milestone and look forward to further serving the Italian marketplace with our proprietary bioplastic resins."
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. Public Relations Nicole Robertson (310) 615-1900 x154 nrobertson@cereplast.com Investor Relations: Alliance Advisors, LLC Alan Sheinwald 914-669-0222 asheinwald@allianceadvisors.net Valter Pinto 914-669-0222 x201 valter@allianceadvisors.net www.AllianceAdvisors.net |
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| From: Savant | 4/5/2013 10:23:48 PM | | | | | | EL SEGUNDO, Calif., April 2, 2013 (GLOBE NEWSWIRE) -- Cereplast, Inc. (OTCQB:CERP), a leading manufacturer of proprietary biobased, sustainable bioplastics, today announced that Frederic Scheer, Chief Executive Officer and Michael Okada, Chief Financial Officer, will host a conference call to discuss the Company's financial results for period ending December 31, 2012 on Tuesday, April 16th at 4:30 p.m. Eastern.
Conference Call Details:
Date: Tuesday, April 16th
Time: 4:30 p.m. Eastern
Participant Dial-In: (480) 629-9712
Live Webcast: cereplast.com
It is recommended that participants dial in approximately 10 minutes prior to the start of the 4:30 p.m. Eastern call. There will also be a simultaneous live webcast of the conference call which can be accessed through the following audio feed link and archived recording of the conference call available under the Investor Relations section of the company website at cereplast.com .
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 (CERP.OB) 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.
Public Relations
Nicole Robertson
(310) 615-1900 x154
nrobertson@cereplast.com
Investor Relations:
Alliance Advisors, LLC
Alan Sheinwald
914-669-0222
asheinwald@allianceadvisors.net
www.AllianceAdvisors.net
Valter Pinto
914-669-0222 x201
valter@allianceadvisors.net
www.AllianceAdvisors.net |
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