SCOTTSDALE, Arizona, December 13, 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, today announced the appointment of Dr. Robert Smith as Chief Executive Officer and member of the Company's Board of Directors. Dr. Smith, who assumed the role of Interim Chief Executive Officer in August 2016, brings over 20 years developing and managing product and business opportunities in the agricultural, human and animal nutrition, and pharmaceutical industries.
Brent Rosenthal, Chairman of the Board stated, "As we now have begun the implementation of our strategic initiatives to transform RiceBran Technologies into a premier ingredient platform, we are pleased to solidify Robert's position as CEO and welcome him to our Board of Directors. His in depth knowledge of all aspects of our business and management skills will be instrumental in helping lead our Company toward its promising future. We believe RiceBran's proprietary ingredients and platform represent a unique opportunity for us to capitalize on consumer trends demanding for products that are all natural, high in fiber and protein nutrition, gluten free, and non-GMO. We look forward to his leadership efforts in building value for our shareholders in the coming years."
Dr. Robert Smith stated, "As I stated several months ago when I took the helm on an interim basis, our goal is to achieve profitable growth for shareholders and operational excellence for customers. Now as CEO, I look forward to leading the implementation of our corporate initiatives on several fronts to help us achieve that goal including the planned relocation, consolidation and streamlining of operations to Sacramento California. The Sacramento consolidation will enable us to secure a stable supply of bran through the establishment of strategic supply partnerships with growers in the heart of California's rice production as well as a centralized supply chain hub that meets or exceeds the food safety standards required by our customers. Also, as part of our strategic plan we are working diligently to right-size the balance sheet to enable us to achieve sustainable long term sales growth. We have already begun to focus our marketing efforts on scalable customer opportunities to build broad sales diversification while we continue to work to expand sales with our existing customer base. Our entire team is dedicated to delivering strong results on all fronts and I look forward to being at the forefront of that effort as we seek to maximize shareholder value in the years to come."
Dr Smith has been an executive with the Company since March 2012, focusing mainly on business development and operations. He has over 20 years developing and managing product and business opportunities in the agricultural, human and animal nutrition, and pharmaceutical industries. Prior to joining RBT, he served as Director of Business Development at HerbalScience Group and has also directed research and development programs at Global Protein Products Inc., PhycoGen Inc., and Dekalb Genetics, a Monsanto Company. Dr. Smith holds a Doctor of Philosophy Degree in Molecular Genetics and Cell Biology and a Bachelor of Arts Degree in Biology, both from the University of Chicago.
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 related to implementing strategic changes and streamlining our operations. 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