Seymour, Indiana, Dec. 4, 2013 (GLOBE NEWSWIRE) -- Cereplast, Inc. (OTCQB: CERP) (the "Company"), a leading manufacturer of proprietary biobased, compostable and sustainable bioplastics, today is providing an update on the plastic bag legislation in France. With a proposed enforcement date of January 1, 2014, the decree would impose a tax on conventional single-use plastic bags as a general tax on polluting activities. Showing favor to bioplastic alternatives, the tax does not apply to biodegradable bioplastic bags that consist of a minimum of 40% biobased material. This legislation could create similar annual revenue for the bioplastic industry as the Italian Decree.
The tax rate would be 10 euros per kilogram, which is approximately $0.08 US per bag. The rate would increase each year in proportion to the growth of consumer prices. The tax would be imposed on anyone who delivers these items to the domestic market or uses these bags for the first time.
Cereplast Chairman and CEO Mr. Frederic Scheer commented, "Similar to the opportunities in Italy, this French legislation would create vast opportunities for the bioplastics industry as well as for the Company. Cereplast has already been working with several customers in France in preparation for this moment, and we expect an increase in revenue from our French customers in 2014."
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.
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