Cardia Bioplastics (ASX:CNN) has been granted a trading halt by...

Cardia Bioplastics (ASX:CNN) has been granted a trading halt by the ASX pending details in relation to its business expansion.

The company develops, manufactures and markets its patented renewable resource-based materials, and during the June quarter 2014 it progressed with the implementation of its business strategy to establish a finished products division.

CNN also recently completed a $2.7 million capital raising.

During the June quarter the company had sales revenue of $1.74 million, an increase of 48.5% over the preceding three month period.

CNN also won increased sales orders in the Brazilian retail market at the APAS 2014 Fair in São Paulo, Brazil. The annual supply requirement of these retailers is forecast to be a minimum of $1 million.

The halt will remain in place until the opening of trade on Tuesday 12th August 2014, or earlier if an announcement is made to the market.