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EX-99.1 - EXHIBIT 99.1 - HONG YUAN HOLDING GROUP | c23872exv99w1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 24, 2011
CEREPLAST, INC.
(Exact name of registrant as specified in its charter)
Nevada | 001-34689 | 91-2154289 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
300 N. Continental, Suite 100, El Segundo California |
90245 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (310) 615-1900
Not Applicable |
(Former name or former address if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
A. | Mortgage loan with Banca Monte Dei Paschi Di Sienna S.p.A for the principal of 3,440,000 ($4,776,096). The loan bears interest of Euribor (6 month) plus 5.7%. The loan is for a term of 15 years with interest only payments for the first two years, payable January 1 and July 1 each year and principal and interest payments thereafter according to an amortization schedule. Twenty percent of the principal is guaranteed for 10 years by Gepafin, a local government agency; 400,000 ($555,360) of the principal is guaranteed by Eurofidi through December 31, 2016. |
B. | Credit facility with Intesa Sanpaolo for up 500,000 ($694,200). The facility is for a term of 8 months with a floating interest rate based on Euribor (3 month), currently 5.85%. Interest is deferred for the first two months of the term. Cereplast Italia obtained a guarantee of 60% of the amount drawn on the facility from Eurofidi. |
C. | Credit facility with Unicredit Bank for up to 600,000 ($833,040). The facility is for a term of 18 months with a floating interest rate based on Euribor (3 month), currently 5.93%. Cereplast Italia obtained a guarantee of 60% of the amount drawn on the facility from Eurofidi. |
Exhibit Number | Description | |
99.1
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Press Release dated October 26, 2011 |
CEREPLAST, INC. |
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/s/ Frederic Scheer | ||||
Frederic Scheer | ||||
Chief Executive Officer | ||||