Seymour, Indiana, Dec. 12, 2013 (GLOBE NEWSWIRE) -- Cereplast, Inc. (OTCQB: CERP), a leading manufacturer of
proprietary biobased, compostable and sustainable plastics, today
is providing an update on the litigation against the Magna
Group.
On May 8, 2013, the Company filed in the
Southern District of New York a lawsuit against Magna Group LLC and
Hanover Holdings LLC for breach of contract, breach of the covenant
of good faith and fair dealing. The Action is seeking compensatory
damages in an unspecified amount, plaintiff's costs and attorneys'
fees, and unspecified equitable or injunctive relief.
Magna Group LLC and Hanover Holdings LLC filed a
request for relief and preliminary injunction against Cereplast on
August 23. On December 11 the United States District Court -
Southern District of New York denied the motion for a preliminary
request injunction.
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.
CONTACT: Cereplast, Inc.
Public Relations
Nicole Robertson
(812) 220 5400
nrobertson@cereplast.com
Investor Relations:
Alliance Advisors, LLC
Alan Sheinwald
914-669-0222
asheinwald@allianceadvisors.net
www.AllianceAdvisors.net
