EL SEGUNDO, Calif., Feb. 7, 2013 (GLOBE NEWSWIRE) -- Cereplast, Inc. (OTCQB:CERP) (the "Company"), a leading manufacturer of proprietary biobased, compostable and sustainable bioplastics, today announced that it has appointed Mr. Michael Okada as Chief Financial Officer, effective February 5, 2013. Mr. Okada has been the acting Interim Chief Financial Officer of the Company since February 2012.
Over the past year, Mr. Okada has demonstrated considerable accounting and business strength, instilling confidence in the Board of Directors that he will continue to excel in the role of Cereplast's Chief Financial Officer. Mr. Okada joined the Company in April 2011 as Vice President and Corporate Controller and was appointed to the role of Chief Accounting Officer and Interim Chief Financial Officer in February 2012.
"We are excited to promote Michael as our CFO as he has made exceptional contributions to the Company during the past two years," stated Cereplast Chairman and CEO Mr. Frederic Scheer. "Michael's sound judgment, strong financial and operational expertise, and his broad understanding of our business and clients will make him an effective CFO for Cereplast. He is a key member of our senior management team, and we felt that with our current growth projections and expected sales volume for 2013, that now was the time to formally appoint him as our new CFO."
Mr. Okada commented, "I am honored to accept the role as Cereplast's Chief Financial Officer, and look forward to the Company generating strong, long-term results for our shareholders. We are at a critical inflection point, where we are poised to take advantage of emerging growth opportunities in the bioplastic industry."
Mr. Okada has a proven track record of success with over twenty years of experience in senior executive roles leading corporate finance and accounting organizations for both private and publicly-traded growth companies. He received his Bachelor's degree in Accounting from Santa Clara University and is a Certified Public Accountant.
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.
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