wow_happens28
8 years ago
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."
wow_happens28
11 years ago
tbirdman--Here is a better bio
Best paragraph>>
Mr. Baksa was a General Partner at The Vertical Group, a private equity and venture capital firm focused on the fields of medical technology and biotechnology. For more than 30 years, The Vertical Group has been an early stage investor and major shareholder of some of the medical technology industry’s most successful companies. Before Mr. Baksa joined The Vertical Group, he was co-founder of Paddington Partners, a firm engaged in special situation investing focused on public health care equities.
http://www.businesswire.com/news/home/20111101006520/en/Single-Touch-Systems-Announces-Election-Stephen-D.#.UtnursvnZjr
Check out a post from December I put u on the neutaceutical. medical food area of RIBT,
RIBT holds 8 patents and more pending on nutraceuticals and pharmaceuticals.
From the year end
We hold eight U.S. patents relating to the production or use of Nutraceutical or HVF products. The patents are:
1.Patent Number 5,512,287 “PRODUCTION OF BETA-GLUCAN AND BETA-GLUCAN PRODUCT,” which issued on April 30, 1996 and expires in 2014.
2.Patent Number 5,985,344 “PROCESS FOR OBTAINING MICRONUTRIENT ENRICHED RICE BRAN OIL,” which issued November 16, 1999 and expires in 2018.
3.Patent Number 6,126,943 “METHOD FOR TREATING HYPERCHOLESTEROLEMIA, HYPERLIPIDEMIA, AND ATHEROSCLEROSIS,” which issued October 3, 2000 and expires in 2018.
4.Patent Number 6,303,586 B1 “SUPPORTIVE THERAPY FOR DIABETES, HYPERGLYCEMIA AND HYPOGLYCEMIA,” which issued October 16, 2001 and expires in 2018.
5.Patent Number 6,350,473 B1 “METHOD FOR TREATING HYPERCHOLESTEROLEMIA, HYPERLIPIDEMIA AND ATHEROSCLEROSIS,” which issued February 26, 2002 and expires in 2020.
6.Patent number 6,558,714 B2 “METHOD FOR TREATING HYPERCHOLESTEROLEMIA, HYPERLIPIDEMIA AND ATHEROSCLEROSIS” which issued May 06, 2003 and expires in 2021.
7.Patent number 6,733,799 “METHOD FOR TREATING HYPERCHOLESTEROLEMIA, HYPERLIPIDEMIA AND ATHEROSCLEROSIS” which issued May 11, 2004 and expires in 2023.
8.Patent number 6,902,739 “METHODS FOR TREATING JOINT INFLAMMATION, PAIN AND LOSS OF MOBILITY” which issued June 07, 2005 and expires in 2021
And more pending. RIBT was trying to raise some money for testing, but could not raise enough this time, they wanted $1,000,000. But I believe they have some "medical foods" now that could be sold through it's H & N acquisition.
Bill Gates gave Colorado State(Elizabeth Ryan, who knows RIBT and stabilized rice bran well) $1,000,000 to research rice and beans for various benefits, the study has been started a month or so ago, will take a year.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83635550&txt2find=bill|gates|rice|bran
They have a patent on a product named BiFlexin. It is rumored to be as strong as Vioxx for joint pain, but all natural and won't kill people. This is the one I believe CEO Short wanted the $1,000,000 for. I doubt is as good as Vioxx or they would have jumped all over it by now. But, could be pretty good.
So this stock could have some biotech unrational PE's later on?