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

ny also determined that a $2.0 million sale of its RiceNShine product in December 2007 did not meet accounting requirements applicable to recognition of revenue in bill and hold transactions and that the transaction should not have been recognized as revenue in the Company's 2007 results. However, the Company expects that approximately $2.0 million in revenue will be recognized in the Company's for 2008 and possibly 2009.

Olga Hernandez-Longan, CFO said, "Our goal now is to complete the accounting review and restatement process, file our restated 10-K for the period ended December 31, 2007, and restated 10-Qs for the affected quarters in 2007 and 2008 in addition to finalizing and filing the 2008 10K. This will allow us to direct all our efforts toward our core operations. We also intend to implement any remedial measures recommended by the Audit Committee as promptly as possible, as well as ensure all key controls are in place to prevent any future restatements. We will continue to look for ways to help ensure that our operations are conducted with complete transparency and adherence to the highest standards."

The Company and the Audit Committee are continuing to assess the preliminary findings of the investigation and are also assessing the effect of the restatement on the Company's internal control over financial reporting and its disclosure controls and procedures. Further investigation and assessment may result in additional matters that require restatement for the periods referenced above, or for additional fiscal periods. The Company will not reach a final conclusion on the restatement's effect on internal controls and disclosure controls and procedures until completion of the investigation and restatement process. The Company expects to implement remediation steps in connection with the ultimate conclusion of the investigation.

Company Voluntarily Reports Internal Investigation to S.E.C. and is S
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