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Friday, 12/30/2016 9:36:34 PM

Friday, December 30, 2016 9:36:34 PM

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RiceBran Technologies Receives Extension on Senior Secured Term Loan and Revolving Line of Credit with Great Elm Capital

http://ih.advfn.com/p.php?pid=nmona&article=73516629&symbol=RIBTW

iceBran 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."


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