Cereplast Receives Additional Funding from Institutional Investors

Cereplast, Inc. has successfully closed a private placement to accredited and institutional investors. The funds will be used to carry out Cereplast’s business plan, strengthen the company’s balance sheet and expand the algae to plastics development efforts.

“We are very pleased to have been able to complete a placement in the current economic environment and once again to continue to receive the support from our institutional investors,” said Frederic Scheer, founder, chairman and CEO of Cereplast.

“This funding strengthens our balance sheet and increases shareholder equity. The proceeds will also allow us to pursue certain new R&D work in algae as per our prior announcement and to execute the completion of our new strategic plan. Scheer ended stating that, “The bulk of the investors participating in this offering are existing institutional shareholders who have participated in previous financings. We appreciate their continued support and the vote of confidence for the company and its new strategic direction.”