HAWTHORNE, CALIFORNIA - (BUSINESS WIRE) January 8, 2010 Cereplast, Inc. (OTCBB: CERP), a leading manufacturer of proprietary bio-based, sustainable plastics, announced today that it is taking steps to list its shares on a senior securities exchange. In a set of moves intended to position the Company to file an application to list on either the American Stock Exchange or NASDAQ, the company filed a Certificate of Amendment to its Articles of Incorporation to implement a 1-for-40 reverse stock split of its outstanding common stock, appointed an additional independent director, Mr. Steve Hanni to its Board of Directors, and engaged New York City-based securities law firm Sichenzia Ross Friedman Ference LLP (‘SRFF’) to act as legal counsel. According to Mr. Frederic Scheer, Founder, Chairman and CEO of Cereplast, Inc., engaging the law firm was a critical step in this process. “Sichenzia, Ross, Friedman, Ference is an extremely experienced securities firm that brings the particular skill set our Company needs at this moment. SRFF will assist us with our application to a senior securities exchange. The firm has successfully shepherded several companies through the process of listing their shares on senior exchanges such as NASQAQ and the American Stock Exchange.”
Mr. Scheer added, “We have witnessed several cases recently where shareholder value appreciated significantly due to solid business developments coupled with the up-listing of a company’s shares. Adding Steve Hanni, a licensed Certified Public Accountant to our Board, with his experience in public company accounting and tenure on the audit committee of a NASDAQ listed company, will be very beneficial to us over the coming months and years.”
Mr. Gregory Sichenzia Esq., Senior Partner at Sichenzia Ross Friedman Ference LLP, added, “Cereplast is a strong candidate for the up-listing of its shares. We are proud to represent “green” companies, like Cereplast as they seek listings on national exchanges, such as Nasdaq.
The Company believes that consumers are continuing to turn to ‘green’ packaging alternatives. It is estimated that global demand for bio-plastics, including plastic resins that are biodegradable or derived from plant-based sources, will increase by 400% to 890,000 metric tons by 2013, according to a recent University of Utrecht study. Some predict the U.S. market to reach $10 billion a year by 2020, a tenfold increase from 2007, according to a recent article by CNN International. “Cereplast is a leader in the bio-plastics resin market,” continued Mr. Scheer. “As a leading company in this space, the Management and the Board of Cereplast feel strongly that the Company’s shares will be better represented on a more senior exchange. We have significantly streamlined our operations, reduced costs and recently closed a private placement to accredited and institutional investors. Taking all of this into account, we are confident that the Company is now in a position to grow our business substantially in 2010.” About Cereplast, Inc.
Cereplast, Inc. (OTCBB:CERP) designs and manufactures proprietary bio-based, sustainable plastics which are used as substitutes for petroleum-based plastics in all major converting processes - such as injection molding, thermoforming, blow molding and extrusions - at a pricing structure that is competitive with petroleum-based plastics. On the cutting-edge of bio-based 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 bio-based content and compostability are advantageous, especially in the food service industry. Cereplast Hybrid Resins® combine high bio-based 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.comAbout Sichenzia Ross Friedman Ference LLP
Sichenzia Ross Friedman Ference LLP (SRFF) provides experienced, professional representation in all matters involving the securities industry, as well as in all general corporate and litigation matters. SRFF’s clients range from start-ups to established, listed companies. They include private and public corporations, partnerships, broker-dealers, bank-affiliated broker-dealers, investment advisors, registered personnel, public and corporate customers and investors, partnerships and other entities. SRFF also advises institutional investors on transactions involving complex securities law considerations. Visit us at www.srff.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.
Source: Cereplast, Inc.
Contact
Cereplast Media Contact:
Beckerman
Laura Finlayson
201-465-8007
lfinlayson@beckermanpr.com
Cereplast Investor Relations Contact:
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