SCOTTSDALE, Ariz., March 30, 2017 – RiceBran Technologies (NASDAQ: RIBT and RIBTW) (“RBT”), a global leader in the production and marketing of value added products derived from rice bran, today announced that it will relocate its corporate headquarters from Scottsdale, Arizona to 2928 Ramco Street, Suite 120, West Sacramento, CA 95691 on April 3, 2017.
This corporate relocation is a critical step toward the implementation of the Company's previously announced strategic plan to lower costs, improve EBITDA and raise shareholder value. This move is intended to significantly reduce costs by consolidating the Company’s primary corporate activities within an existing West Sacramento distribution facility located in the heart of California’s rice industry and allow the company to build new and stronger relationships with industry participants in the area, such as bran suppliers and ingredient customers. The Company also believes it will be better positioned to drive further product innovation by having greater access to the world class scientists and technologies at UC Davis. UC Davis provides a scientific resource that is widely recognized in the areas of rice agriculture and processing, food and beverage innovation, and animal nutrition research.
Dr. Robert Smith, CEO of RiceBran Technologies, commented, "The relocation of our corporate headquarters is an important step forward in the implementation of our strategic plan to transform all aspects of our ingredient business to a world-class level. With our recent financing placing the Company on more solid financial footing, we are methodically moving forward with this business realignment while we step up our marketing efforts to generate scalable supply opportunities with large CPG companies. We are dedicated to delivering on the strategy we outlined in the fourth quarter and seeing that effort lead to reduced operating costs, a better ability to service our customers, and the creation of more expansive revenue generating opportunities. We look forward to continuing on our mission to achieve sustainable, cash generating revenue growth for our Company in order to maximize the value of our food technology and high value products for the benefit of our shareholders."
About Ricebran TechnologiesRiceBran Technologies is a food and animal feed 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 and feed ingredient products. Our global target markets are food and feed 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 lowering costs, improving EBITDA, building stronger relationships and raising shareholder value. 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