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

h our shareholders. It is important to note that these financial restatements are driven by accounting issues and do not relate to the fundamentals underlying the Company's current business, which we believe remain fundamentally strong. Our business model has evolved significantly since 2007. We continue to make substantial progress and our future prospects remain strong."

$2.6 Million Sale of Dr. Vetz PetFlex in 2Q 2007 impacted by Customer Credit Issues That Change Applicability of Revenue Recognition Criteria

The Company recognized revenue in the second quarter of 2007 on a $2.6 million sale of its Dr. Vetz PetFlex brand product. In this sale, the applicable criteria for revenue recognition were not met. Based upon facts discovered during the Audit Committee investigation, the Company has now concluded that a $1.0 million down payment received by the Company in that transaction was provided to the purchaser through a loan from a person who at the time was a consultant to and a former officer of NutraCea, and that the evidence originally relied upon to determine and support the purchaser's ability to pay the remaining $1.6 million receivable balance was subsequently determined to be inaccurate. When the purchaser did not pay the $1.6 million receivable balance, the Company established an $800,000 reserve against the receivable balance in the third quarter of 2007 and an additional reserve of $800,000 in the fourth quarter of 2007. That reserve is expected to be reversed. Therefore, the net impact is expected to include both a reduction of revenue in 2007 by $2.6 million, as well as the reduction of the Company's reported expense for 2007 by $1.6 million.

Revenue from $2.0 Million Sale of RiceNShine in 4Q 2007 Improperly Recognized due to Bill and Hold Requirements: Revenue to be Recognized in 2008 and Possibly 2009

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SOURCE NutraCea
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