RiceBran sell Golden Ridge milling facility for $2.15M

RiceBran Technologies has sold its Golden Ridge rice mill located in Wynne, Arkansas for $2.15M. The divestiture is expected to, based upon third quarter 2023 results, further narrow RiceBran’s projected annual net loss by approximately $1.5M while not jeopardizing the estimated $54.4M in federal and $46M in state net operating loss carryforwards that the Company had amassed as of December 31, 2022. “This sale eliminates cash and working capital drags on the business’ profitability, streamlining operations while preserving the Company’s net operating loss carryforward assets,” commented Eric Tompkins, RiceBran’s Executive Chairman. “We continue to own and operate MGI, our barley and oats mill located in East Grand Forks, Minnesota. This transaction is the advancement of the strategic restructuring process undertaken by the Board of Directors. Today, RiceBran has streamlined its business and balance sheet, eliminating unprofitable operations. We can now shift our attention to RiceBran’s future, as we explore a more sustainable way to take advantage of our tax assets and public listing to create value for shareholders.”