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NutraCea to Restate Financial Statements for 2007 and 2008
Date:2/23/2009

Internal Review Indicates Improper Revenue Accounting Related to Two Transactions

PHOENIX, Feb. 23 /PRNewswire-FirstCall/ -- NutraCea (OTC Bulletin Board: NTRZ), a world leader in stabilized rice bran (SRB) nutrient research and technology, today announced that based on the preliminary findings and recommendations of the Audit Committee of its Board of Directors, it will restate its financial statements for the fiscal year ended December 31, 2007. This includes the associated second, third and fourth quarters in 2007, and all of the quarters in 2008.

  • NutraCea (the "Company") currently estimates that $4.6 million of the approximately $22.2 million of previously reported revenue for 2007 will be affected by the restatement.
  • Approximately $2.6 million of the total adjustment is expected not to be recorded as revenue.
  • Approximately $2.0 million of the remaining amount reported as 2007 revenue is expected to be reversed and recorded as revenue during 2008 and possibly 2009.

During December 2008, the Audit Committee commenced an internal review of certain matters with respect to the Company's accounting and reporting practices, and retained independent outside counsel and forensic accounting consultants to assist in this analysis.

Based on its review to date, the Audit Committee has determined that the Company improperly recognized revenue on two transactions in 2007 with entities that are not currently customers of the Company.

David Bensol, Chairman of the Board commented, "After a thorough review of the financials and extensive discussion with our Audit Committee and outside auditors, we determined that a financial restatement was the best means to ensure complete transparency. Our financial team and advisors will work to complete this restatement expeditiously so we may resume normalized communications wit
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SOURCE NutraCea
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