SOURCE: NutraCea

NutraCea

October 11, 2012 08:01 ET

NutraCea Announces Name Change to RiceBran Technologies™ and Addition of New Directors

New Trading Symbol to Be Announced Upon Receipt From FINRA

SCOTTSDALE, AZ--(Marketwire - Oct 11, 2012) - NutraCea (OTCQB: NTRZ), a global leader in the production and marketing of value added products derived from rice bran, today announced a corporate name change to RiceBran Technologies and the addition of two new members to its Board of Directors.

CEO & President W. John Short commented, "We are pleased to announce our new corporate name -- RiceBran Technologies. Coupled with our long-standing tag line -- nutrition by nature -- our new name clearly defines who we are and what we do. Earlier this year we completed a three-year portfolio transformation from a multi-divisional business operator to complete focus on our Rice Bran Bio-Refining business model. RiceBran Technologies aptly describes our focused approach to that rice bran-centric business model."

"We are also pleased to announce the appointment of two new and highly qualified members to our Board of Directors. Robert C. Schweitzer, current Chairman of the Board of Directors of NASDAQ listed PetMed Express Inc., has joined our Board. Bob has been appointed to serve on several board committees including our Executive, Compensation, Nominating & Governance and Audit Committees. In addition to his public company board experience, Bob brings a wealth of knowledge and contacts from a career in the financial services industry, most recently as President and CEO of Shay Investment Services and as Chairman of the Board of Directors of Anthem Bank & Trust, a multi-state banking operator."

"David Goldman has also joined our Board of Directors and has agreed to act as Chairman of our Audit Committee. David brings audit, SOX and regulatory experience based on his 35-year career at Deloitte & Touche, 24 of which he was a partner primarily serving SEC clients and managing the Arizona audit practice. David also brings important public company board experience, including acting as Chairman of the Audit Committee of then publicly listed Swift Transportation Company. David will also serve as a member of the Executive and Compensation Committees."

Mr. Short added, "In addition to welcoming Bob and David to our Board, I want to offer special thanks to John Quinn, who served as Chairman of our Audit Committee for the past 2 1/2 years. John provided strong leadership and critical guidance that helped our management team successfully complete a complex restructuring while significantly improving our financial reporting and internal controls. John remains a member of the RiceBran Technologies Board."

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.