US bioplastics producer Cereplast announces funding deal

20 July 2009 15:33  [Source: ICIS news]

HOUSTON (ICIS news)--Cereplast will receive funding from a European group of investors, assisting it in implementing plans to accelerate growth and in financing manufacturing supply agreements, the US bioplastics producer said on Monday.

“This investor group clearly understands the rapidly growing market opportunity for bioplastics and has endorsed our business model that leverages our proprietary product development capabilities and marketing strengths,” said Frederic Scheer, Cereplast CEO.

Financial terms were not disclosed.

Cereplast has announced supply deals in 2009 with Georgia-Pacific, Warner Tool Manufacturing and Dorel Juvenile Group, a division of Dorel Industries.

Cereplast traded early Monday at 13.5 cents/share on the over-the-counter (OTC) markets, up 6.3% for the day.

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By: Ben DuBose
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