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NutraCea Receives Purchase Order From Pronaca for Stabilized Rice Bran and Solubles
PR Newswire - November 28, 2006 08:00
Largest Food Company in Ecuador Advances Research and Development of Stabilized Rice Bran Products for Commercial Development
EL DORADO HILLS, Calif., Nov 28, 2006 /PRNewswire-FirstCall via COMTEX/ -- NutraCea (OTC Bulletin Board: NTRZ), a world leader in stabilized rice bran research and technology announced today that Pronaca, the largest food producer in Ecuador, has placed its second and more significant order for product, pursuant to its agreement signed with NutraCea in May of this year.
The order, which was shipped this week, is to meet the extensive and continuing product development work and commercial test marketing that Pronaca has been undertaking over the last several months, as a pre-curser to an anticipated full commercial roll out in mid 2007. As detailed in our Sales and Distribution agreement, signed earlier in 2006, Pronaca is pursuing an initial test product development, and market study for the commercialization of various products utilizing NutraCea's stabilized rice bran, both as a stand alone ingredient in animal and food products as well as utilization of Solubles, the higher level fraction as part of finished drinks and ingredient additives for finished products.
"In accordance with the Supply and Marketing Agreement NutraCea signed with Pronaca this shipment complies with the milestone markers for continuation of our agreement and confirms the commitments of the parties to move towards more substantial economic milestones and ultimately mass product roll-out utilizing Pronaca's food distribution system in Ecuador, which is the largest in the country, as well as elsewhere in South America. We feel this shipment will broaden the demand for our products not only in Ecuador, but throughout South America," said Margie Adelman, Senior Vice President of NutraCea.
"We are very eager to receive this shipment of product, which will enable us to move forward with our original plan to explore a variety of uses for NutraCea's products as a value added food ingredient, enhancing Pronaca's livestock and aquaculture projects, and introduction of the products into retail as well as government sponsored feeding programs," said Patricio Calderon, Manager of Rice Business for Pronaca.
"We are very pleased to be partners with Pronaca, which has been in business for more than 40 years, has over 7000 employees and is the largest commercial food producer in Ecuador, with distribution of its products in Brazil, Colombia and Peru. This purchase order demonstrates a firm commitment from Pronaca to advance our mutual interests and we offer our continued support for a successful future product launch in Ecuador and throughout Latin America in 2007," said Brad Edson, President and CEO of NutraCea.
About Pronaca
Based in Quito, Ecuador, Pronaca is a leading innovator of food production, packaging and commercialization in three principal areas: meats, industrial agriculture and fresh water production of shrimp and Tilapia. The agricultural division is a leading producer of hearts of palm, eggs, artichokes, spaghetti sauce, olives and rice. They are also one of the largest animal feed producers both on a commercial and industrial scale. Their corporate mission is to maintain a leadership in all sectors of the business and grow the business through the implementation of new technological advances, which result in value-added products and additional revenue streams for the company. Pronaca's sales are over $400 million annually. For more information, visit the company's website at
http://www.pronaca.com.
About NutraCea
NutraCea is a world leader in stabilized rice bran technology. Through its wholly owned subsidiary RiceX, the Company manufacturers as well as distributes products and food ingredients made from rice bran through its proprietary technology and processes. The Company has developed intellectual property to create a range of proprietary product formulations, delivery systems and whole food nutrition products. NutraCea's proprietary technology enables the creation of food and nutrition products from rice bran, normally a wasted by-product of standard rice processing. In addition to its whole foods products, NutraCea develops families of health promoting "nutraceuticals," including natural arthritic relief and cholesterol-lowering products. More information can be found in the Company's filings with the SEC and you can visit the NutraCea web site
http://www.NutraCea.com.
Forward Looking Statements
This release contains forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to the possibility that some or all of the pending matters considered by the Company may not proceed as contemplated and the matters specified in the Company's filings with the Securities and Exchange Commission. These statements are made based upon current expectations that are subject to risk and uncertainty. 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 the Company's filings with the Securities and Exchange Commission, including the company's most recent periodic report.