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Friday, July 14, 2017 7:21:00 PM
http://ih.advfn.com/p.php?pid=nmona&article=75242436&symbol=RIBT
RiceBran Technologies (NASDAQ: RIBT)(NASDAQ: RIBTW) ("RBT" or "Company"), a global leader in the production and marketing of value-added products derived from rice bran, today announced that the Company has sold its contract manufacturing and packaging subsidiary, Healthy Natural, Inc., to an affiliate of Rosewood Private Investments.
"We are pleased to have completed the sale of Healthy Natural as part of our plan to improve shareholder value creation by focusing on RBT's ingredients business," said Robert Smith, Chief Executive Officer of RBT. "We were also pleased to sell the business to an established and successful industry participant like Rosewood, whose success in this segment should well serve the Healthy Natural customer base."
RBT was paid $18.3 million for the Healthy Natural business. RBT will use a portion of the sale proceeds to eliminate senior debt and subordinated notes with face value totaling $12.5 million, to pay transaction-related costs, and to increase cash and cash equivalents (RBT had cash and cash equivalents of $3.4 million as of March 31, 2017). The gain on the sale will also increase shareholders' equity, which totaled $7.9 million on March 31, 2017. Allegiance Capital Corporation of Dallas, Texas, was engaged to advise RiceBran Technologies in this sale.
"By eliminating our senior debt and subordinated notes and improving liquidity and our equity funding," Brent Rystrom, RBT Chief Financial Officer added, "we believe we are now positioned to increase our efforts in the markets for stabilized rice bran and derivative products ingredients, and we are excited for the opportunities awaiting us. We view this as an important step in our plans to create improved shareholder value and look forward to updating our progress on these efforts in the future."
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