SACRAMENTO, California, December 4, 2017 /PRNewswire/ --
RiceBran Technologies (NASDAQ: RIBT and RIBTW) (the "Company" or "RBT" or "we"), a global leader in the production and marketing of value added products derived from rice bran, announced today that the Company has entered into a series of agreements as a result of which it no longer holds a membership interest in Nutra SA, thereby exiting its investment in Nutra SA.
"We have recently concluded a series of actions to end our ownership in Nutra SA," said Robert Smith, CEO of RiceBran Technologies. "As previously expressed, we are increasingly focused on growing our U.S.-based ingredients business, and the exit of this investment following the sale of our Healthy Natural subsidiary in the third quarter are major steps in this effort."
When we finish the accounting review related to this exit, we expect that this transaction will have a positive effect on our shareholders' equity.
Additional information about our exit from Nutra SA can be found in our current report on Form 8-K, which was filed with the Securities and Exchange Commission on December 4, 2017.
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 .
This release contains forward-looking statements, including, but not limited to, statements about RiceBran Technologies' expectations regarding the impact of exiting its investment in Nutra SA on its shareholders equity. These statements are made based upon current expectations that are subject to known and unknown risks and uncertainties, including the risk that upon completing RBT's accounting review, RBT will determine that there are accounting charges relating to the sale of its membership interest in Nutra SA that would cause exiting Nutra SA to have a negative impact on its shareholders' equity. 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