NutraCea, a world leader in stabilized rice bran (SRB) nutrient research and technology, announced today that James C. Lintzenich, chairman of the Audit Committee has been appointed to the role of Chief Executive Officer on an interim basis. Mr. Lintzenich will replace Brad Edson, who has resigned from his positions with the Company as President, CEO and a member of its Board of Directors effective immediately.
Mr. Edson will serve as a consultant to NutraCea as requested by Mr. Lintzenich and the Board of Directors during a transition period for up to two months following Mr. Lintzenich's appointment. NutraCea has commenced a formal search to identify a permanent Chief Executive Officer.
Mr. Lintzenich has been a member of NutraCea's Board of Directors since October 2005 and as a director of The RiceX Company, one of NutraCea's subsidiaries, since June 2003. He is currently overseeing the previously announced review initiated by the Audit Committee of the Board of Directors and the expected financial restatements for the year ended December 31, 2007, including the associated second, third and fourth quarters in 2007, and all of the quarters in 2008. Previously, Mr. Lintzenich was President and Chief Operating Officer of Sallie Mae, a leading provider of student loans in the U.S. He also served as Chief Executive Officer, Chief Operating Officer and Chief Financial Officer of USA Group, Inc., a leading student loan company.
Mr. Lintzenich, commented, "Our immediate, short-term focus is to conclude the Audit Committee's internal review of the accounting matters, complete the previously announced restatements expeditiously and resume normalized communications with our shareholders as quickly as possible.
"While we work through these near-term challenges, I will work with our entire organization to both take advantage of, and prioritize, market opportunities for NutraCea as well as to develop a strategic plan and direction for our Company. I will also be leading our efforts to identify and retain a high quality, experienced CEO with a good balance of leadership and food manufacturing experience."
David Bensol, Chairman of the Board, stated, "We are pleased that Jim has agreed to assume the role of interim CEO; his extensive corporate experience will serve NutraCea well until a full-time candidate is identified. We remain committed to maximizing the Company's long-term growth opportunities and shareholder value."
NutraCea is a world leader in production and utilization of stabilized rice bran. NutraCea holds many patents for stabilized rice bran production technology and proprietary neutraceutical formulas ranging from arthritis, chronic bowel conditions, and effective diabetes control to cardiovascular disease treatment protocols. NutraCea's proprietary technology enables the creation of food and nutrition products to be unlocked from rice bran, normally a waste by-product of standard rice processing. Committed to helping the underfed, they're heavily involved in providing product and technology for developing countries through NutraCea's RiceAde feeding program. 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
This release contains forward-looking statements. These statements are made based upon current expectations and actual results may differ from those projected, due to various risks and uncertainties. NutraCea does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in NutraCea's filings with the Securities and Exchange Commission, including NutraCea's most recent periodic reports.