Company sees significant increase in milling capacity leading to marked financial improvement at Golden Ridge
THE WOODLANDS, Texas, Oct. 3, 2019 /PRNewswire/ -- RiceBran Technologies (RIBT), a global leader in the production and marketing of value-added products derived from rice bran, and a producer of rice, rice co-product, and barley and oat products, announced today that the Company has reached a significant milestone in debottlenecking its Golden Ridge Rice Mills operation in Arkansas ("Golden Ridge").
In late September, the Company completed the installation of certain new processing, milling, and grading equipment designed to achieve a significant increase milling volume per hour while producing a higher yield of more valuable milled products. This is expected to result in a substantial increase in revenue, better absorption of fixed costs, and higher margins. The Company also expects to achieve further improvement in milling capacity with the installation of two additional pieces of production equipment slated for October.
"We are pleased with the progress made since we reinitiated operations on Thursday, September 26 after the two week installation process for this new equipment," said Brent R. Rystrom, President and CEO of RiceBran Technologies. "While we are still early in our operational ramp, our production volumes are up multi-fold from where we have been the last several months, quality is much improved, and we are experiencing a sharp enhancement in our product grading capabilities. All of this should lead to significantly higher sales, better cost absorption, as well as much improved margins and EBITDA at both Golden Ridge and RiceBran Technologies."
About RiceBran Technologies
RiceBran Technologies is a specialty ingredient company servicing the food, animal nutrition and specialty products markets. We utilize our proprietary processes to convert rice bran, one of the world's most underutilized food source, into a number of highly nutritious and clean label ingredient products. The global target markets for our products include food and animal nutrition manufacturers and retailers, as well as specialty food, functional food and nutritional supplement manufacturers and retailers. More information can be found in our filings with the SEC and by visiting our website.
This release contains forward-looking statements, including, but not limited to, statements about RiceBran Technologies' expectations regarding increases in revenue, better absorption of fixed costs, higher margins, and future improvements in milling capacity at Golden Ridge. RiceBran Technologies does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in RiceBran Technologies' filings with the Securities and Exchange Commission, including its most recent periodic reports.
Ascendant Partners, LLC