PHOENIX, Aug. 3 /PRNewswire-FirstCall/ -- NutraCea (OTC: NTRZ), a world leader in stabilized rice bran (SRB), nutrient research and technology, today announced three key personnel moves to further support and strengthen the management team of the Company.
Leo Gingras, Chief Operating Officer of the Company, extended his employment contract for three years through June, 2012. Gingras joined NutraCea in 2007 as COO, after 18 years at Riceland, the largest rice miller and rice oil manufacturer in the US, where he managed the company's rice and edible oils processing businesses. Gingras reports to John Short, President of NutraCea and will partner with Short to lead the tactical and strategic repositioning of the business. Short stated, "I'm thrilled to have Leo re-commit to NutraCea. I look forward to partnering with him and other key members of the senior management team to implement changes that we believe will develop a sustainably profitable business. Leo's deep knowledge and understanding of the industry, of our business model and of the downstream technological applications that add value to our stabilized rice bran products will be instrumental in the future success of NutraCea."
NutraCea also announced the appointment of Eliseu Batista as Executive Vice President - Latin America, effective August 3, 2009. Batista spent over 20 years with Revlon in various roles including Vice President of Operations - Latin America/Western Hemisphere, overseeing manufacturing and distribution in Canada, South America and Central America. Batista will dual report to Leo Gingras for operational responsibilities and to John Short for strategic matters. His initial focus will be on continued improvement and sales growth at the Company's Brazilian rice oil manufacturing facility, Irgovel and to lead the development of a tactical and strategic business plan for all of Brazil and Latin America. Batista will also serve with Short, Gingras and other executives on the Company's newly established Senior Management Committee, which is charged with developing and supporting the NutraCea's tactical and strategic initiatives on a world-wide basis. Gingras commented, "I had the opportunity to work closely with Eli during the acquisition of Irgovel. We are excited to have a seasoned executive of Eli's caliber join the team. He will be instrumental in the development of the significant opportunities we have identified in Brazil and throughout Latin America."
NutraCea also announces the appointment of William J. (Bill) Cadigan as Vice President - Finance effective July 27, 2009. Cadigan is a partner with Tatum, LLC, a nationwide executive services firm and has served in numerous business and financial executive positions and interim chief financial officer roles throughout his 30 year career. Cadigan will report to John Short and will have direct responsibility for all financial and administrative matters of the Company. Following the completion of the Company's 10K and 10Q filings, Cadigan is expected to be appointed Chief Financial Officer of NutraCea. Short commented, "We are very fortunate to have an executive of Bill's caliber join our management team in time to transition with the outgoing CFO. With his background at much larger companies, including several private equity funded businesses, Bill brings a combination of financial skills and business experience not often seen in a senior financial executive at a company of NutraCea's size. His talent, energy and financial acumen will help us take NutraCea to the next level."
Short added, "Strengthening our existing management team with the addition of executives of the quality of Eli and Bill will help Leo, me and the rest of the NutraCea team accelerate a refocusing of our business on core competencies and quickly exit non-core businesses."
NutraCea is a world leader in production and utilization of stabilized rice bran. NutraCea holds many patents for stabilized rice bran production technology and proprietary neutraceutical formulas ranging from arthritis, chronic bowel conditions, and effective diabetes control to cardiovascular disease treatment protocols. NutraCea's proprietary technology enables the creation of food and nutrition products to be unlocked from rice bran, normally a waste by-product of standard rice processing. Committed to helping the underfed, they're heavily involved in providing product and technology for developing countries through NutraCea's RiceAde feeding program. 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
This release contains forward-looking statements, including statements regarding the development of a sustainable and profitable business model, the successful development of tactical and strategic business plans, future Latin American and worldwide growth of NutraCea's business and that of its Brazilian rice oil manufacturing subsidiary. These statements are made based upon current expectations and actual results may differ from those projected, due to various risks and uncertainties. NutraCea 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 NutraCea's filings with the Securities and Exchange Commission, including NutraCea's most recent periodic reports.
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