SCOTTSDALE, Arizona, January 14, 2016 /PRNewswire/ --
RiceBran Technologies (NASDAQ: RIBT and RIBTW) (the "Company" or "RBT"), a global leader in the production and marketing of value added products derived from rice bran, announced today that the US District Court for the District of Arizona has entered a final judgment in the Company's favor for a total of $1.9 million plus interest related to the Company's 2008 acquisition of its Brazilian subsidiary, Irgovel.
This final judgment affirms the previously disclosed arbitral award of R$4.8 million from a Brazilian arbitration panel in May of 2015 and paves the way for the release of the US$1.9 million that has been held in escrow at a San Francisco bank in 2008 since the acquisition of Irgovel. The Company expects the funds to be released in the next 30 to 60 days. While all parties involved have the right to appeal the judgment within 30 days of it having been entered, the Company believes it is unlikely that any appeal is forthcoming.
W. John Short, CEO and President, commented: "This has been a long and arduous arbitration process. We are pleased to have finally closed this chapter in our Company's history with this favorable judgment. We look forward to the release of escrow funds in the coming weeks so that we can put this money to work by paying down our USA segment senior secured debt and by supporting our company-wide working capital needs."
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. RiceBran 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 nutritional 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 http://www.ricebrantech.com
This release contains forward-looking statements, including, but not limited to, statements about RiceBran Technologies' expectations regarding recovery of funds from an escrow account related to the 2008 purchase of Irgovel. These statements are made based upon current expectations that are subject to known and unknown risks and uncertainties. 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 this press release and in RiceBran Technologies' filings with the Securities and Exchange Commission, including its most recent periodic reports.
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SOURCE RiceBran Technologies