Sacramento Superior Court Awards RiceBran Technologies $1 Million Judgment Against Diabco Life Sciences, LLC
SCOTTSDALE, Arizona, January 30, 2014 /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 that it has been awarded a judgment against Diabco Life Sciences, LLC ("Diabco").
The Superior Court of California in and for the County of Sacramento awarded a judgment of $1,013,241 to RiceBran Technologies against Indiana-based Diabco Life Sciences, LLC for failure to pay for product received from RBT. The judgment includes all of RBT's costs and expenses incurred in pursuing collection of the past due debt. Interest has begun and will accrue at the rate of 10% per annum until the debt is paid. RBT is taking steps to aggressively pursue collection of the award using all legal means available.
W. John Short, CEO & President of RiceBran Technologies commented, "We are pleased that the Superior Court in Sacramento has awarded judgment in favor of RiceBran Technologies. In our eyes this case was simple. We delivered product in good faith based on our receipt of purchase orders for which Diabco refused to pay. We were forced to resort to legal action to collect."
Short continued, "Winning this judgment is only half the battle as collection in this matter is uncertain. However, we will use every means available to attempt to collect and will aggressively protect the rights of our Company and our shareholders in all of our business dealings."
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 collection of judgments awarded by courts in legal actions. 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 RiceBran Technologies' filings with the Securities and Exchange Commission, including its most recent periodic reports.
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