SEYMOUR, Ind., July 9, 2013 (GLOBE NEWSWIRE) -- Cereplast, Inc. (OTCQB:CERP) (the "Company"), a leading manufacturer of proprietary biobased, compostable and sustainable bioplastics, today announced preliminary revenue for the second quarter ending June 30, 2013. The Company expects to report 2013 second quarter revenue of approximately $700,000 to $800,000, compared to $190,000 for the same period in 2012.
According to management, approximately 80% of this revenue was generated in Italy due to the demand for the Company's blown film resin grades.
Cereplast Chairman and Chief Executive Officer Mr. Frederic Scheer, stated, "A majority of the revenue generated during the second quarter came from Italy, despite the slowing created by the recent opposition to the plastic bag sanctions by the government of the United Kingdom. The overall sentiment of the European Union is favorable toward this legislation and we anticipate that this is a minor pause in the full impact of the law. We also received orders for several different grades of our resin from India and anticipate this trend to continue throughout the rest of the year.
"Additionally, we successfully restructured our global operations to reduce our annual operating expenses by $600,000 to $800,000, and expect that the reduction in expenses coupled with our growing revenue will benefit the company financially and provide value to our shareholders in the months and years to come."
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.