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SOURCE RiceBran Technologies
Contract Represents First Step in Re-Launch of Nutraceutical and Functional Foods Business
SCOTTSDALE, Arizona, October 3, 2013 /PRNewswire/ --
RiceBran Technologies (OTCQB: RIBT), a global leader in the production and marketing of value-added products derived from rice bran, today announced that it has entered into a multi-year contract to sell certain of its proprietary Stage II product to Zurvita Inc. a leading provider of consumer-driven healthcare products.
Under the terms of the agreement Zurvita is committed to purchase a minimum of $7.6 million of the proprietary Stage II product through December 31, 2016. RiceBran Technologies is contractually committed to provide Zurvita priority access to that Stage II product being produced under patent in its Dillon, Montana plant. This agreement is a significant next step in RiceBran Technologies' focus on developing multi-year, strategic partnerships with key players across diverse distribution channels to maximize the use of its proprietary and patented process and production capabilities.
W. John Short, CEO & President of RiceBran Technologies commented, "We are excited to complete this multi-year contract with Zurvita as we move forward with the re-launch of our Nutraceutical and Functional Foods (NFF) business. With market demand requiring major consumer products companies to deliver more products that are natural, minimally processed, hypo-allergenic, gluten free and non-genetically modified, we are particularly well positioned to gain market share in this rapidly growing, high margin market segment. With our corporate repositioning now largely behind us, we intend to step up our marketing efforts to drive increased sales in all NFF categories. We are committed to leveraging our proprietary and patentedtechnologies to establish our company as an innovative leader in this important industry for years to come."
This release contains forward-looking statements, including, but not limited to, statements about RiceBran Technologies' expectations regarding re-launch of the functional foods business, future growth, positioning in the market of our products and the development of multi-year strategic partnerships. 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.
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 nutraceutical 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.
Ascendant Partners, LLC
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