EL SEGUNDO, Calif., Oct. 4, 2011 (GLOBE NEWSWIRE) -- Cereplast, Inc. (Nasdaq:CERP), a leading manufacturer of proprietary biobased, compostable and sustainable plastics, provided an update on its purchase of the manufacturing plant in Assisi (Cannara), Italy first announced in May of 2011.
"Negotiations are underway with a leading Italian financial institution to secure a transaction loan to finalize the purchase of the Italy based manufacturing plant," said Frederic Scheer, Chairman and Chief Executive Officer of Cereplast. "All parties involved are excited about this transaction and are working together to complete the funding and purchase agreements on a timely basis. We look forward to providing a more thorough update as soon as we have clarity on the close."
About Cereplast, Inc.
Cereplast, Inc. (Nasdaq:CERP) designs and manufactures proprietary biobased, sustainable plastics 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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