RiceBran Technologies(TM) Announces Capital Increase at IRGOVEL
SCOTTSDALE, AZ--(Marketwire - Jan 2, 2013) - RiceBran Technologies (OTCQB: RIBT), a global leader in the production and marketing of value added products derived from rice bran, today announced a US $3,000,000 capital increase at its Nutra SA/IRGOVEL subsidiary.
The capital increase was made effective December 24, 2012 and consisted of (i) the contribution by RiceBran Technologies of 5 Stabilized Rice Bran (SRB) extruders and other services for a total contribution of US $1,500,000; and (ii) US $1,500,000 in cash contributed by Nutra SA investor and partner Alothon Group.
RiceBran Technologies CEO & President W. John Short commented: "This capital increase will allow us to complete the capacity expansion currently underway at IRGOVEL during the second quarter of 2013. Once the upgrades are installed at IRGOVEL, the resulting introduction of our best-in-market rice bran stabilization technology will allow for improvements in raw rice bran quality as well as create the platform for future sales of SRB as a human food ingredient in the Brazilian market."
Additional details related to the capital increase can be found in RiceBran Technologies' Current Report on Form 8-K filed on December 31, 2012 with the Securities and Exchange Commission.
Forward-Looking Statements
This release contains forward-looking statements, including statements about our expectations regarding the completion of our capacity expansion project at IRGOVEL and the sales that may result from this project. These statements are made based upon current expectations that are subject to known and unknown risks and uncertainties. The Company 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 the Company's most recent periodic reports.
About RiceBran Technologies
RiceBran Technologies is a human food ingredient and animal nutrition company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran. Rice Bran Technologies has proprietary and patented intellectual property that allows us to convert rice bran, one of the world's most underutilized food sources, into a number of highly nutritious human food ingredient and animal nutrition products. Our target markets are human food ingredients and animal nutrition manufacturers and retailers, as well as natural food, functional food and nutraceutical supplement manufacturers and retailers, both domestically and internationally. More information can be found in the Company's filings with the SEC and by visiting our website at www.ricebrantech.com.
