Raw rice bran production at Irgovel now expected to average 9,000 metric tons per month in 2015
SCOTTSDALE, Ariz., Jan, 29, 2015 /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 completed repairs and annual maintenance at its Irgovel facility in Brazil during the scheduled annual maintenance period and resumed production at its rice bran bio-refinery.
The Company expects raw rice bran processing at its Irgovel production facility to average 9,000 metric tons per month in 2015 as originally projected after the completion of the facility expansion in 2014. As previously disclosed, the facility suffered a structural failure in its steam generation plant in late August 2014 and had been operating at a reduced production capacity after the completion of temporary repairs. The Company scheduled the completion of permanent repairs to coincide with the normal idling of the facility for annual maintenance to minimize any loss of production.
W. John Short, CEO & President of RBT commented, “We are pleased to have completed necessary repairs and annual maintenance at Irgovel on schedule. During the month of January, we have ramped up daily production and are currently operating the plant at the originally forecasted target level of 300 metric tons per day. We expect production to average 9,000 metric tons per month through 2015 and will work diligently to exceed that production level when possible and continue to evolve our product mix towards our higher margin products. With raw rice bran availability improving in the region, we are confident that we can achieve significant production improvement at Irgovel in 2015 and begin to generate returns on the capital investments we have made in our Brazil segment for years to come.”
About RiceBran Technologies
RiceBran Technologies is a human food ingredient and functional food company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran. Rice Bran 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 our filings with the SEC and by visiting our website at www.ricebrantech.com.
This release contains forward-looking statements, including, but not limited to, statements about RiceBran Technologies’ expectations regarding increased production levels at its Irgovel rice bran bio-refinery. 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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