RiceBran Technologies (RBT), a food, nutrition and animal-nutrition company that makes products from rice bran and has its headquarters in Scottsdale, said it has received a one-month extension on its loan and credit line with Great Elm Capital.
RBT said in a news release that the senior secured-term notes and revolving credit line were due to mature at the end of 2016. RBT said it expects to be able to pay the funds back in time before the extension is up Jan. 31.
As the company realigns, Mark McKnight, its president of contract manufacturing, will begin working as a sales and support contractor this month. McKnight will continue advising the company about product formulations and will work on marketing RiceBran's products nationally and internationally.
"We are pleased to have received this extension from Great Elm Capital as we work diligently to secure the necessary capital to implement our strategic initiatives to expand revenue opportunities and maximize shareholder value," RBT President and CEO Robert Smith said. "We expect to obtain capital replacement financing in short order and look forward to beginning 2017 on better financial ground with a solid growth plan in place. We are also excited to be working with Mark McKnight in his new role as an independent contractor. We are confident that this will enable Mark to work closely with Michael Goose, our president of sales and marketing, and focus on what he does best in order to accelerate our sales growth in 2017 and beyond."