NutraCea Receives Purchase Order From Pronaca for Stabilized Rice Bran and Solubles
This purchase order demonstrates a firm commitment from Pronaca to advance our mutual interests and we offer our continued support for a successful future product launch in Ecuador and throughout Latin America in 2007.
30/11/06 NutraCea, a world leader in stabilized rice bran research and technology announced that Pronaca, the largest food producer in Ecuador, has placed its second and more significant order for product, pursuant to its agreement signed with NutraCea in May of this year.
The order, which was shipped this week, is to meet the extensive and continuing product development work and commercial test marketing that Pronaca has been undertaking over the last several months, as a pre-curser to an anticipated full commercial roll out in mid 2007. As detailed in our Sales and Distribution agreement, signed earlier in 2006, Pronaca is pursuing an initial test product development, and market study for the commercialization of various products utilizing NutraCea's stabilized rice bran, both as a stand alone ingredient in animal and food products as well as utilization of Solubles, the higher level fraction as part of finished drinks and ingredient additives for finished products.
"In accordance with the Supply and Marketing Agreement NutraCea signed with Pronaca this shipment complies with the milestone markers for continuation of our agreement and confirms the commitments of the parties to move towards more substantial economic milestones and ultimately mass product roll-out utilizing Pronaca's food distribution system in Ecuador, which is the largest in the country, as well as elsewhere in South America. We feel this shipment will broaden the demand for our products not only in Ecuador, but throughout South America," said Margie Adelman, Senior Vice President of NutraCea.
"We are very eager to receive this shipment of product, which will enable us to move forward with our original plan to explore a variety of uses for NutraCea's products as a value added food ingredient, enhancing Pronaca's livestock and aquaculture projects, and introduction of the products into retail as well as government sponsored feeding programs," said Patricio Calderon, Manager of Rice Business for Pronaca.
"We are very pleased to be partners with Pronaca, which has been in business for more than 40 years, has over 7000 employees and is the largest commercial food producer in Ecuador, with distribution of its products in Brazil, Colombia and Peru. This purchase order demonstrates a firm commitment from Pronaca to advance our mutual interests and we offer our continued support for a successful future product launch in Ecuador and throughout Latin America in 2007," said Brad Edson, President and CEO of NutraCea.
