Cereplast, Inc., the revolutionary designer and manufacturer of proprietary bio-based plastics that offer a functional and sustainable substitute to existing petroleum-based plastics, announced its determination to get its shares listed on NASDAQ or AMEX.
The Company has taken several steps towards fulfilling this determination:
• Retaining Sichenzia Ross Friedman Ference LLP (SRFF), the well-known securities law firm based in New York City to act as its legal counsel.
• Appointing Mr. Steve Hanni as an independent director to the Board of Directors.
• Filing a Certificate of Amendment to its Articles of Incorporation in order to initiate a 1-for-40 reverse split of outstanding shares of common stock.
Founder, Chairman and CEO of Cereplast Mr. Frederic Scheer acknowledged the mission-critical necessity of engaging SRFF, an “experienced securities firm that brings the particular skill set” the Company needs at this juncture.
Scheer pointed to the outstanding track record of SRFF, which is known for having “successfully shepherded several companies through the process of listing their shares on senior exchanges”, as evidence that SRFF is “the right firm for the job of assisting Cereplast with its application”.
Scheer noted several recent cases where “shareholder value appreciated significantly due to solid business developments coupled with the up-listing of a company’s shares”.
Scheer also commented on the addition of Steve Hanni to the Board of Directors, saying of the licensed CPA that “his experience in public company accounting, and tenure on the audit committee of a NASDAQ listed company, will be very beneficial to us over the coming months and years.”
Senior Partner at SRFF Mr. Gregory Sichenzia Esq., had encouraging words to say about the engagement with Cereplast, noting that the Company was a “strong candidate for the up-listing of its shares”, and that SRFF was “proud to represent ‘green’ companies, like Cereplast”.
Cereplast is well-positioned to capitalize on the booming worldwide demand for bio-plastics which represent a ‘green’ packaging alternative for consumers. The cache associated with biodegradable plastic resins based on plant sources cannot be overstated, as the results of a recent University of Utrecht study clearly indicated the global demand for such products is expected to increase 400% in just the next three years.
A recent CNN International article suggested a tenfold increase, to $10B, in the U.S. market alone by 2020.
Scheer concluded by saying that Cereplast is a “leader in the bio-plastics resin market” and that as a leader in this sector “the Management and the Board” felt that the Company’s shares would be better represented on a more senior exchange, where they could fully benefit from anticipated growth throughout 2010 due to a significant streamlining of operations, reduced costs and the recent closure of a private placement to accredited institutional investors.