Exhibit 99.1

Cereplast Reports 2011 Year End Financial Results

EL SEGUNDO, Calif., April 16, 2012 — Cereplast, Inc. (Nasdaq: CERP), a leading manufacturer of proprietary biobased, sustainable plastics, today announced its financial results for the year ending December 31, 2011.

Frederic Scheer, Chairman and CEO of Cereplast, stated, “On a year over year basis, revenue increased over 200% which is a significant growth rate for a company of our size. While we faced some challenges with clients associated with the economic downturn in Europe during 2011, our company was forced to reevaluate and improve our risk management related to the financial structure of our working relationships. We are confident these improvements will restore the financial health of our company going forward. During the first quarter of 2012 we continued to establish strong, new distribution partnerships worldwide broadening our footprint in the industry while bringing innovative products to market, and strengthening our team.”

2011 and Year to Date Operational Highlights:

Bioplastics Industry Overview:

According to Reportlinker, it is estimated that the industry will grow over 7 fold in the global market for bioplastics reaching 1.9 million metric tons by 2017 compared to only 264,000 in 2007. Cereplast is at the heart of this movement and will continue to see its growth be driven by both sales efforts and the overall trends of the industry. The steady increase in the price of oil will continue to make the cost of bioplastics more competitive, and will reduce the market share for certain polyolefins such as the shrinking market for polyethylene in Europe.

New regulation continues to drive growth of the worldwide movement to ban the use of traditional plastic bags.

Frederic Scheer, Chairman and CEO of Cereplast, continued, “Several external issues related to the financial crisis in the Euro zone have negatively affected our near term growth. We have experienced slower progress in the recovery of our Accounts Receivables which has impacted our liquidity. Also, broadly speaking, current and potential customers in Europe are having liquidity issues of their own. The demand and need for our products are still strong, although we are seeing an increased sales cycle due to economic risk. We are working diligently with our European clients who have been affected by the Euro Zone financial crisis on an amicable resolution. Due to progress taking longer than anticipated, we are taking a more aggressive role in facilitating the sale of our inventory to third parties and broadening our activities outside of Europe to North America and Asia.”

2011 Financial Results:

Net sales for the year ending December 31, 2011 totaled $20.3 million, an increase of 219% or $13.9 million, as compared to $6.3 million for the year ending December 31, 2010. The sales increase for the period is attributable to volume increases associated with both existing customer contracts and new contracts with European customers. Environmental legislation in Italy for example, as well as the increased volatility in oil prices were key drivers of demand for our bioplastic resins in the current year.

Cost of sales include both fixed and variable costs, such as raw materials and supplies, labor, facilities and other overhead costs associated with product revenues. Cost of sales for the year ending December 31, 2011 totaled $18.2 million, an increase of 247% and 90% of revenue, as compared to $5.2 million or 82.7% of revenue for the year ending December 31, 2010. The increase in cost of sales year-over-year is attributable to two main factors. First, cost of sales in the prior year period cannot be considered representative of normal sales or operations as the Company was in the process of relocating production operations from California to Indiana and therefore had minimal production during this period in 2010. Second, cost of sales in the current period reflects the tremendous growth in sales volume from the prior year.

Gross profit for the year ending December 31, 2011 totaled $2.0 million, an increase of 85%, as compared to $1.1 million for the year ending December 31, 2010. Gross profit margin in 2011 was 10.0% as compared to 17.3% in 2010. The decrease in gross profit margin reflects the unusually high margins on very low volume sales in the prior year period combined with the Company’s sales strategy to gain critical market share in 2011 by offering low introductory pricing to some key customers to support their programs to bring new bioplastic products to market. This strategy has proven effective in contributing to strong sales growth and growing market share. The Company expects that margins will improve gradually in future periods as the Company continues to capitalize on demand growth to diversify its customer base, implement strategic price increases and continue to gain operational efficiencies.

Research and development expenses for the year ended December 31, 2011 were $1.0 million, or 5.2% of net sales, compared to $0.5 million, or 7.3% of net sales, for the same period in 2010. The increase is primarily due to additional headcount and increased manufacturing supplies used for new product development.

Selling, general and administrative expenses for the year ended December 31, 2011 were $13.4 million, or 66.1% of net sales, compared to $7.5 million, or 118.5% of net sales, for the same period in 2010. The increase is primarily attributable to the $5.3 million increase in our allowance for doubtful accounts during the year ended December 31, 2011. In addition, Cereplast incurred incremental expenses in 2011 across all areas of the business to support our sales growth.

Net loss for the period ending December 31, 2011 totaled $14.0 million as compared to $7.5 million for the period ending December 31, 2010.

On the balance sheet, the Company had $3.9 million in cash and approximately $14.7 million in account receivables. Total current assets and total assets were $24.1 million and $36.3 million respectively. Total current liabilities and total liabilities were $6.5 million and $26.6 million respectively. Total shareholders’ equity was $9.7 million or $0.61 per share based on approximately 16 million weighted average shares outstanding.

Conference Call Details:

A live webcast and archive of the call will also be available on the Investor Relations section of Cereplast’s website at www.cereplast.com. If you are unable to participate on the call at this time, a telephonic replay will be available for three days starting two hours after the conclusion of the call. To access the telephonic replay, dial 855-859-2056, international callers dial 404-537-3406, and enter the Conference ID 71639491.

About Cereplast, Inc.

Cereplast, Inc. (Nasdaq: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.

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.

Contact:

Cereplast, Inc.

Public Relations

Nicole Cardi

(310) 615-1900 x154

ncardi@cereplast.com

Investor Relations:

Alliance Advisors, LLC

Alan Sheinwald

914-669-0222

asheinwald@allianceadvisors.net

www.AllianceAdvisors.net

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