SCOTTSDALE, Arizona, December 30, 2016 /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 the Company has received an extension on its senior secured term notes and revolving line of credit with Great Elm Capital due to mature on December 31, 2016. The Company is currently exploring various funding options to repay the loans which totaled approximately $2.8 million as of October 31, 2016, and expects to have the necessary capital in place prior to the expiration of the extension on January 31, 2017.
Additionally, as part of the Company's continued strategic realignment initiatives, Mark McKnight, the Company's current President of Contract Manufacturing, will take on a new sales and support role as an independent contractor beginning in January 2017. McKnight will continue to provide RBT with his expertise in product formulation and contract manufacturing to the Company's Healthy Natural Subsidiary. He will also expand his role by providing additional marketing support as an independent sales representative focusing on marketing RiceBran's proprietary ingredients to the CPG markets both domestically and abroad.
Dr. Robert Smith, CEO and President of RBT, commented: "We are pleased to have received this extension from Great Elm Capital as we work diligently to secure the necessary capital to implement our strategic initiatives to expand revenue opportunities and maximize shareholder value. We expect to obtain capital replacement financing in short order and look forward to beginning 2017 on better financial ground with a solid growth plan in place. We are also excited to be working with Mark McKnight in his new role as an independent contractor. We are confident that this will enable Mark to work closely with Michael Goose, our President of Sales and Marketing, and focus on what he does best in order to accelerate our sales growth in 2017 and beyond."
About RiceBran Technologies
RiceBran Technologies is a packaged functional food, functional food ingredient, 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, functional food and animal nutrition products. Our target markets are human food ingredient, functional food 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 to obtain capital funding to repay loans and to implement strategic initiatives. 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.
Investor Relations Contact:
Ascendant Partners, LLC