SCOTTSDALE, AZ--(Marketwired - May 29, 2013) - RiceBran Technologies (
An initial draw of $1.4 million under the facility was used to provide working capital for the Company's USA Segment and to fund an increase in capital at Nutra S.A./Irgovel, the Company's Pelotas, Brazil based rice bran bio-refinery. Additional draws under the facility are subject to continuing compliance with the terms of the revolving credit facility and to meeting additional conditions at the time of each future draw request.
W. John Short, CEO & President, commented: "We are pleased to have started a borrowing relationship with TCA Global Credit Master Fund. When traditional funding sources for small and microcap companies disappeared in the wake of the 2008/2009 financial crisis, TCA stepped in to provide an alternative. This revolving credit facility provides working capital necessary to grow our business with minimal dilution."
"In addition to thanking the team at TCA, I also want to thank our investors at Hillair Capital and the holders of our Subordinated Convertible Secured Notes, all of whom worked with us to complete the transaction with TCA on a timely basis."
For additional information on this financing and related transactions please refer to the Company's filings with the Securities and Exchange Commission.
Forward-Looking Statements This release may contain forward-looking statements. These statements are made based upon current expectations that are subject to known and unknown risks and uncertainties. The Company 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 the Company's 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 www.ricebrantech.com .
