Seymour, Indiana, Aug. 7, 2013 (GLOBE NEWSWIRE) -- Cereplast, Inc. (OTCQB: CERP) (the "Company"), a leading manufacturer of proprietary biobased, compostable and sustainable bioplastics, today is providing shareholders with an outlook for the second half of 2013. The Company expects to report similar growth for the second half of 2013 as compared to the first half with strong growth being driven by the finalization of legislation in Italy for plastic bags.
Revenue is anticipated to increase nearly 800% year-over-year during the first half of 2013 to approximately $1.7 million. The company anticipates comparable growth to occur during the remainder of the year, particularly during the fourth quarter and beyond.
Revenue growth is driven by sales in Europe, specifically in Italy as mentioned above. Growth in Italy is largely attributed to the provisions of the pending legislation to impose severe financial penalties on merchants who do not replace conventional single-use plastic shopping bags with bioplastic alternatives. Cereplast is currently working with over 70 Italian companies. The total addressable market for Cereplast in Italy is approximately $50 million annually. In North America and India, the Company continues to receive orders and believes that the annual volume potential for both markets is substantial.
Cereplast Chairman and CEO Mr. Frederic Scheer commented, "Cereplast is competitively positioned with proprietary, technologically advanced resins and a strong intellectual property portfolio. We are poised to capture the growing demand for our resins globally with a short-term focus on Italy, and with long-term aspirations in the broader EU marketplace, Asia and North America. We are fully prepared to meet the demand for this growth with ample production capacity and a strong management team."
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.