NutraCea Signs Supply and Distribution Agreement with T.Geddes Grant for Jamaica, Trinidad and Barbados
Contract to produce approximately $4.5 Million in sales for 2006.
16/11/05 NutraCea has announced that it has signed a supply and distribution agreement with Kingston, Jamaica-based T.Geddes Grant, one of the largest Food distribution and manufacturing companies in the Caribbean Region since 1901, which has contracts with the Jamaican Department of Education for government sponsored school feeding programs.
Pursuant to the agreement, NutraCea will supply bulk shipments of custom formulated and fortified RiSolubles(R) each month to T.Geddes Grant to meet their contractual obligation to provide beverages to school age children who participate in the government subsidized school breakfast and lunch program. The contract minimums would produce gross revenue of approximately $4.5 million to NutraCea in 2006, and initial shipments are anticipated to begin in the first quarter of 2006. In addition, T.Geddes Grant has indicated its intentions to develop new products that will be nutritionally enhanced by the addition of NutraCea's stabilized rice bran derivatives for distribution in the local markets.
NutraCea is a leader in stabilized rice bran nutrient research and dietary supplement development. Through it's wholly owned subsidiary RiceX, the company manufacturers as well as distributes products and food ingredients made from Rice Bran through its proprietary technology and processes. The Company has developed intellectual property to create a range of proprietary product formulations, delivery systems and whole food nutrition products. NutraCea's proprietary technology enables the creation of food and nutrition products from rice bran, normally a wasted by-product of standard rice processing. In addition to its whole foods products, NutraCea develops families of health-promoting "nutraceuticals," including natural arthritic relief and cholesterol-lowering products. More information can be found in the company's filings with the SEC and you can visit the NutraCea web site http://www.NutraCea.com.
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