The RiceX Company (OTCBB:RICX) announced yesterday that it has paid off its $1,850,000 loan to FoodCeuticals, LLC.
The original loan was entered into in December 1998 and was to be paid by Dec. 31, 2000. The proceeds of the loan were used to complete the acquisition of the Centennial Foods production facility in Dillon, Montana. The original decision to purchase the Montana facility is now proving to be most fruitful. As previously announced, the RiceX Company recently quadrupled its production in this facility to accommodate the significant increases in the demand of its products.
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Todd Crow, chief financial officer of The RiceX Company, commented, “We are very pleased to have completed our loan agreement with FoodCeuticals. We are particularly happy that we were able to pay the loan off using cash generated from incremental domestic and international sales rather than acquiring additional debt or equity. Becoming debt free has been one of the Company’s foremost goals. With the FoodCeuticals note now paid, we are once again a company with positive shareholder equity.”
The RiceX Company manufactures and distributes nutritionally dense foods and food ingredients made from its stabilized rice bran that add significant nutritional benefits to food and consumer products. The company believes it is the only company in the world that can deliver all natural, nutritionally dense stabilized rice bran products with the shelf life and nutritional profile demanded by most commercial users.
SOURCE: THE RICEX COMPANY
‘Safe harbor’ statements under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of the competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company’s filings with the Securities and Exchange Commission.
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