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8-K - FORM 8-K - HONG YUAN HOLDING GROUP | c10118e8vk.htm |
EX-10.1 - EXHIBIT 10.1 - HONG YUAN HOLDING GROUP | c10118exv10w1.htm |
EX-10.2 - EXHIBIT 10.2 - HONG YUAN HOLDING GROUP | c10118exv10w2.htm |
Exhibit 99.1
CEREPLAST SECURES $5 MILLION IN GROWTH CAPITAL
Horizon Technology Finance Invests in Bioplastics Leader
Horizon Technology Finance Invests in Bioplastics Leader
EL SEGUNDO, Calif.December 22, 2010Cereplast, Inc. (NASDAQ: CERP), a leading manufacturer of
proprietary bio-based, compostable and sustainable plastics, announced today that it has secured $5
million in growth capital from Horizon Technology Finance Corporation (NASDAQ: HRZN) to support the
Companys exponential growth and expansion. The investment capital will be used for the purchase
of additional raw materials and working capital needed to meet rapidly increasing global demand for
Cereplast resin.
We are excited to partner with Horizon Technology Finance who recognizes Cereplasts value and
enormous growth potential as the global market for bioplastics soars, said Frederic Scheer,
Chairman and CEO of Cereplast. We have reached a critical inflection point as we are now in a
position to support aggressive growth and expansion while simultaneously having the ability to
handle a critical mass of demand. I am confident that Cereplast will see further accomplishments in
the first quarter of 2011 as we continue to forge forward with expanding current contracts and
securing new agreements from product distributors and manufacturers across the globe.
Horizon Technology Finance is pleased to work collaboratively with Cereplast as we invest in
clean-technology, growth companies whose competitive advantage in their market represents a
sizeable opportunity, said Jerry Michaud, President of Horizon Technology Finance Corporation.
Horizon supports Cereplasts leadership position as it seeks to continue its robust growth in the
bioplastics space.
According to the terms of the loan agreement, Cereplast, Inc. received an initial installment of
$2.5 million with an additional $2.5 million to be funded during its 2011 first quarter ending
March 31, 2011, pending reaching certain revenue targets for January and February of 2011. Each
$2.5 million installment carries a term of 39 months from the date of funding with interest of 12
percent interest.
Merriman Capital, Inc., a wholly-owned subsidiary of Merriman Holdings, Inc. (NASDAQ: MERR) served
as the financial advisor for the transaction.
About Cereplast, Inc.
Cereplast, Inc. (NASDAQ: CERP) designs and manufactures proprietary bio-based, sustainable plastics
which are used as substitutes for petroleum-based plastics in all major converting processes such
as injection molding, thermoforming, blow molding and extrusions at a pricing structure that is
competitive with petroleum-based plastics. On the cutting-edge of bio-based 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 bio-based content
and compostability are advantageous, especially in the food service industry. Cereplast
Sustainables Resins combine high bio-based 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 our social networking pages at
Facebook.com/Cereplast, Twitter.com/Cereplast and Youtube.com/Cereplastinc.
About Horizon Technology Finance Corporation
Horizon Technology Finance Corporation is a closed-end investment company that has elected to be
treated as a business development company under the Investment Company Act of 1940. The Company
makes secured loans to development-stage companies in the technology, life science, healthcare
information and services, and clean-tech industries. The Company is externally managed by its
investment advisor, Horizon Technology Finance Management LLC. To learn more about Horizon
Technology Finance Corporation contact Chris Mathieu, 860-676-8653 or visit
www.horizontechnologyfinancecorp.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. When used in this press release, the words
anticipate, believe, estimate, may, intend, expect and similar expressions identify
such forward-looking statements. Actual results, performance or achievements could differ
materially from those contemplated, expressed or implied by the forward-looking statements
contained herein. These forward-looking statements are based largely on the expectations of the
Company and are subject to a number of risks and uncertainties. These include, but are not limited
to, risks and uncertainties associated with: the impact of economic, competitive and other factors
affecting the Company and its operations, markets, product, and distributor performance, the impact
on the national and local economies resulting from terrorist actions, and U.S. actions
subsequently; and other factors detailed in reports filed by the Company.
Contacts:
Cereplast, Inc.
Nicole Cardi
310-615-1900 x154
ncardi@cereplast.com
or
MKR Group, Inc.
Investor Relations
Charles Messman or Todd Kehrli
323-468-2300
cerp@mkr-group.com
or
Trontz Public Relations
Bari Trontz
212-566-2310
bari@trontzpr.com
Nicole Cardi
310-615-1900 x154
ncardi@cereplast.com
or
MKR Group, Inc.
Investor Relations
Charles Messman or Todd Kehrli
323-468-2300
cerp@mkr-group.com
or
Trontz Public Relations
Bari Trontz
212-566-2310
bari@trontzpr.com