Message #38 From:
NewsBot Date: March 22, 2007 06:00:00 AM
CERP News Cereplast Raises $3.4 Million in New Equity Capital
HAWTHORNE, Calif.--(BUSINESS WIRE)--Cereplast, Inc. (OTCBB:CERP), manufacturer of proprietary bio-based renewable plastics, announced today that it has received $3.4 million in new capital through the sale of common stock.
The infusion of new funding will not only support Cereplast’s growth but also allow the Company to continue to successfully introduce additional bio-based resins to the market. Mr. Frederic Scheer, CEO of Cereplast, stated, “We have been very pleased with the rapid pace of our growth since the commercial launch of our proprietary bio-based resin in the 4th Quarter of 2006. This capital infusion provides Cereplast with the additional capital needed to support this growth.”
This new capital also expands the breadth of Cereplast’s shareholders to include two large European institutional fund managers. One of the lead investors, Swisscanto, is one of Europe’s largest fund managers with over CHF 61.8 billion ($51.0 billion) under management. As part of its investment, Swisscanto has added Cereplast to its Equity Fund Climate Invest, which invests in public companies with environmentally and economically sound platforms in renewable energy and water.
Stephan Garden, Senior Vice President of Cereplast, added, “We are very pleased to be able to increase our shareholder base and to welcome a number of prominent European institutional investors as shareholders of Cereplast.”
About Cereplast
Cereplast, Inc. (OTCBB:CERP) designs and manufactures proprietary bio-based, renewable plastics which are used as substitutes for petroleum-based plastics in all major converting processes – such as injection molding, thermoforming, blow molding and extrusions – at a pricing structure that is competitive with petroleum based plastics. Cereplast’s uniquely formulated resins are certified biodegradable and compostable by BPI (Biodegradable Products Institute). Learn more at www.cereplast.com.
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.
