W John Short, CEO of NutraCea, said: “We are pleased with the progress made at Irgovel, our state-of-the-art rice bran oil bio-refinery located in Pelotas, Brazil. Leo Gringas, CEO of Nutra SA, and the management team at Irgovel, have done an excellent job, increasing sales and improving operating performance in all areas of Irgovel’s business.
“Based on the continuing improvement and solid prospects at our Irgovel bio-refinery, Alothon exercised its option to increase its ownership interest in Nutra SA, the holding company for Irgovel, to 49%. We intend to use the proceeds towards meeting our general unsecured creditor obligations and for general working capital needs. I want to thank the team at Alothon for their support.”
Source: NutraCea
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