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Cereplast update on Its Restructuring Plan



Cereplast update on Its Restructuring Plan


United States of America


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CereplastProvides an Update on Its Restructuring Plan Cereplast, Inc. (OTCQB:CERP) (the "Company"), a leading manufacturer of proprietary biobased, compostable and sustainable bioplastics, today announced an update on the restructuring of its global operations. As of June 1, 2013, the Company has successfully completed the restructuring by relocating its corporate headquarters from California to its production facility in Indiana, as well as relocating its European headquarters from Germany to its offices in Italy. The closure of the offices in California and Germany is expected to reduce annual operating expenses by $600,000 to $800,000. Cereplast Chairman and CEO Mr. Frederic Scheer commented, "In taking the necessary steps to reduce our costs we have been able to focus our resources on sales and manufacturing. We added two sales veterans to our team during the second quarter. As a result, sales have continued to grow during the quarter demonstrating that we are on our way to recovery. The delay in the enforcement of the sanctions in Italy has created a minor slowing in sales, however our revenues in the first half of 2013 will substantially exceed that of the same period in the prior year, as we continue to ship new products to Italy and India. We anticipate that the growth during the remainder of the year will be substantially higher than the first six months, pending the sanctions becoming fully effective in the fall of 2013." 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 812.220.5400 X1013 Investor Relations: Alliance Advisors, LLC Alan Sheinwald 914-669-0222