SACRAMENTO, California, May 15, 2017 /PRNewswire/ --
RiceBran Technologies (NASDAQ: RIBT) (NASDAQ: RIBTW) ("RBT" or "Company"), a global leader in the production and marketing of value added products derived from rice bran, announced today that it has renewed an agreement to supply certain of its proprietary value added ingredients to Zurvita Inc. ("Zurvita"), a leading provider of products that support healthy lifestyles for people of all ages. In addition, RBT and Zurvita entered into a separate agreement whereby RBT's wholly-owned subsidiary Healthy Natural, will produce Zurvita's finished healthy lifestyle products exclusively for Zurvita.
Under terms of both agreements, RBT will supply Zurvita with certain proprietary ingredients and RBT's Healthy Natural subsidiary will manufacture Zurvita branded products for 3-year terms. The agreements will be renewed automatically, absent any termination notices, for two additional consecutive 3-year terms following completion of the initial term.
Robert Smith, PhD, CEO & President of RiceBran Technologies commented, "We are excited to renew our supply of certain proprietary value added ingredients with Zurvita. We began supplying Zurvita directly with our value added ingredients in October of 2013 and have since expanded our production capacity to keep pace with Zurvita's increased demand. This speaks favorably to the benefits our proprietary ingredients bring to the health and wellness marketplace, the strong growth at Zurvita, and to the strong business relationship that has developed between our companies. I am also excited that Healthy Natural has entered into a long-term manufacturing agreement to produce Zurvita branded products. We look forward to servicing Zurvita's needs well into the future."
Mark Jarvis, CEO of Zurvita commented "We are excited that by renewing this agreement with RBT and Healthy Natural that Zurvita's future regarding the sales growth of its proprietary formulation of Zeal is secure. We are excited about our continued relationship with RiceBran Technologies and the expertise they bring in the manufacturing of our products. We look forward to working with RiceBran Technologies and are confident we will continue the excellent relationship we've developed during both companies growth.
About RiceBran Technologies
RiceBran Technologies is a food, animal nutrition, and specialty ingredient 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 food, animal nutrition and specialty ingredient products. Our global target markets are 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 the Company's filings with the SEC and by visiting our website at http://www.ricebrantech.com .
Forward-Looking Statements-portion of additional disclosure
This release contains forward-looking statements, including, but not limited to, statements about RiceBran Technologies' expectations regarding its products, manufacturing, and its continuing relationship with Zurvita. 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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SOURCE RiceBran Technologies