SACRAMENTO, California, September 14, 2017 /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, announced today that Continental Grain Company, one of the oldest food and agribusiness companies in the world, has entered into an agreement to purchase 2.7 million shares of RiceBran Technologies common stock from the Company for $2.9 million. The total number of shares issued to Continental Grain Company represents 16% of RBT's issued and outstanding common stock on a post transaction basis.
"We are pleased that Continental Grain Company is making a significant investment in our company's future," said Dr. Robert Smith, President and CEO of RBT. "Continental Grain Company is one of the oldest food and agribusiness companies in the world with a long history of pursuing strategic investment opportunities in food and agribusiness."
Established in 1813 as a grain trading firm based in what is now known as Arlon, Belgium, Continental Grain Company grew to become one of the largest privately held companies in the world.
Ari Gendason, Senior Vice President - Corporate Investments at Continental Grain Company and a member of RBT's Board of Directors, added, "The RBT team has made substantial progress in the past year towards its strategic objectives, from focusing on its rice bran business to significantly strengthening its financial condition and lowering operating costs. RBT's stabilized rice bran and proprietary ingredient products provide better-for-you ingredients that consumers are increasingly demanding from food companies and Continental Grain Company has a long history of seeking out expansion opportunities in this space making this a good strategic fit for both companies. We look forward to RBT's continued progress."
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 its future business relationship with Continental Grain Company. 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:
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