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Cereplast extended its agreement with ColorTec to supply bioplastic resin

November 09/2011

(Cereplast) -- Cereplast, Inc., a leading manufacturer of proprietary biobased, compostable and sustainable plastics, has extended its agreement with Italy-based ColorTec S.r.l to supply bioplastic resin to the Italian and Slovenian markets effective November 4, 2011 through December 31, 2012. Under the terms of the agreement, ColorTec is projecting to purchase $20 million of materials in 2012.

"With the signing of this significant agreement, ColorTec intends to purchase $20 million of product in 2012 and becomes Cereplast's main distribution partner in Italy," said Frederic Scheer, Founder, Chairman and CEO of Cereplast, Inc. "The expansion of this agreement reflects the increasing demand for our bioplastic products in Italy, where we have recently completed the purchase of a manufacturing plant, expected to start production in 2012. We look forward to continuing our already strong relationship with ColorTec to expand our footprint in Italy."

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