EL SEGUNDO, Calif., April 23, 2013 (GLOBE NEWSWIRE) -- Cereplast, Inc. (OTCQB:CERP) (the "Company"), a leading manufacturer of proprietary biobased, compostable and sustainable bioplastics, today cited that the Supreme Court of India is moving toward stronger legislation to control the country's plastic pollution problem. Cereplast has begun receiving orders and payment for Compostable 3002 for the manufacture of single-use bags, and expects to receive more orders for this material in the near future.
Although several regional plastic bag bans are in effect across India, the Supreme Court, along with the Central Pollution Control Board (CPCB), are looking toward more widespread solutions for the country's severe plastic pollution problems. Cereplast expects the growing anti-plastic climate in India, the world's third largest polymers consumer, could generate larger growth opportunities for the bioplastics industry in the country, specifically for compostable bioplastics. There is growing interest in India for Cereplast Compostables® resins, particularly for the blow molding grades that are suited for beverage bottles, as well as the blown film grades for single-use grocery bags and garbage bags.
India's polymer consumption accounted for 5.7% of the world's total in 2011, up from 3.5% in 2000. This level of consumption has its consequences. According to the CPCB, India generates 5.6 million metric tons of plastic waste each year, 40% of which remains uncollected and littered. Supreme Court Justices G.S. Singhvi and Kurian Joseph cited this as a "failure of governance at the grass-root level," and are working toward a comprehensive plastic waste strategy.
Frederic Scheer, Chairman and CEO of Cereplast, Inc. stated, "We are pleased to see the Supreme Court of India taking action toward solving its plastic pollution problems, and believe that widespread regulation of conventional plastics in the country would have a significant impact on the bioplastics industry as a whole. As the third largest consumer of conventional plastics in the world, countrywide legislation in India similar to what has been enacted in Italy would have even larger implications for bioplastics. Over a period of several months, the Application Decree in Italy created burgeoning activity and interest in bioplastic resins, and we see a similar trend happening in India. The process may take longer, however, we are very pleased to be selling our Cereplast Compostables blown film resins in India. Cereplast is poised to capitalize on these growing opportunities as they arise and continue to work with many companies in India to provide them with bioplastic alternatives. We believe, as indicated last week in our press release and during the earnings call, that we are at an inflection point and the anticipated outcome for 2013 is quite exciting. India will be an important part of our growth in 2013."
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.
CONTACT: Cereplast, Inc.
Public Relations
Nicole Robertson
(310) 615-1900 x154
nrobertson@cereplast.com
Investor Relations:
Alliance Advisors, LLC
Alan Sheinwald
914-669-0222
asheinwald@allianceadvisors.net
Valter Pinto
914-669-0222 x201
valter@allianceadvisors.net
www.AllianceAdvisors.net
