EL DORADO HILLS, Calif., Oct 16, 2006 /PRNewswire-FirstCall via COMTEX/ -- NutraCea, (NTRZ) the world leader in stabilized rice bran technology, announced today that it will relocate its corporate headquarters to Phoenix, Arizona from its current location in El Dorado Hills, California. The Company anticipates officially moving into its new office space, formerly occupied by Qwest Communications, in January 2007.
The new spacious facility will easily accommodate the current executive staff and will provide room for expansion as needed. "The relocation of the Company's headquarters comes at a time when the business is experiencing unprecedented growth," said NutraCea President and CEO Brad Edson. "From an operational standpoint, this move represents the final step in the integration of the RiceX/NutraCea merger. We chose Phoenix because of its strategic location, easy accessibility to an international airport, and a highly educated labor pool. In addition, Phoenix offers a rich cultural environment which we believe will be attractive to current and prospective employees,"added Edson.
The Company was able to negotiate over $800,000 of various moving allowances and leasing credits. These concessions along with cost savings from the reduction of the existing Sacramento leasing obligations should more than offset any costs associated with the move and should greatly improve internal efficiency going forward. Manufacturing and warehousing facilities will remain in Sacramento.
NutraCea's executive management team will be relocating to Phoenix, Arizona in late January 2007. The new corporate address will be: 5090 N. 40th Street, Phoenix, Arizona 85018.
NutraCea is the world leader in production and utilization of stabilized rice bran. NutraCea holds many patents for stabilized rice bran production technology and proprietary nutraceutical 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.
Forward Looking Statements
This release contains forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to the ability of the increased production capacity to result in an increase in product production in the amounts anticipated, the ability of the Company to obtain increased sales sufficient to utilize such increased production capacity, and other matters specified in the Company's filings with the Securities and Exchange Commission. These statements are made based upon current expectations that are subject to risk and uncertainty. The Company 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 the Company's filings with the Securities and Exchange Commission, including the company's most recent periodic report.