RiceBran Technologies Announces Preliminary Results of Vote at Annual Shareholder Meeting
June 28 2016 - 8:30AM
Business Wire
Large Majority of Shareholders Supported the
Company’s Business Strategy and Incumbent Board
RiceBran Technologies (NASDAQ: RIBT and RIBTW) (the “Company”),
a global leader in the production and marketing of value added
products derived from rice bran, today announced that, based on
preliminary noncumulative voting results reported by the
independent inspector of elections (the “Inspector”) following the
Company's 2016 Annual Meeting of Shareholders (the “Annual
Meeting”), a large majority of shareholders have voted on the WHITE
proxy card for the Company’s incumbent Board of Directors (the
“Board”).
The Inspector also reported that the incumbent Board received
more than 5.2 million votes, over 2 million more votes than LF-RB
Group’s proposed slate of directors. The Board and LF-RB Group will
now proceed with the cumulative voting process in accordance with
the Company’s bylaws and applicable law. Based on preliminary
numbers it appears likely that the LF-RB Group will be able to
elect two, but no more than three, of their director candidates to
the Board after the cumulating voting process has been completed.
Further, the preliminary estimates lead us to believe that the
incumbent Board will retain four or five of the Board’s seven seats
– a majority of the Board.
The Company is mindful, however, that shareholders have voiced
their desire to see changes to the composition of the Board. As a
result, the Board made multiple settlement proposals to LF-RB Group
that sought to establish a stronger Board.
Robert C. Schweitzer, Chairman of RiceBran Technologies, said,
“We are pleased that shareholders have voted a clear majority of
their shares in favor of the incumbent Board. This result is a
testament to the progress the Board and management have made in
implementing the Company’s strategic plan to deliver enhanced
returns in the face of considerable economic and geo-political
headwinds. LF-RB Group has so far rejected the Board’s very
reasonable settlement proposals and continues to demand concessions
that would effectively give them control of the Company, even
though shareholders voted down their proposal for wholesale change.
Nonetheless, the Board is fully committed to engaging in
constructive discussions with LF-RB Group and to acting in the best
interests of all shareholders.”
The preliminary vote count also indicates that RiceBran
Technologies shareholders have approved all of the other proposals
submitted for a vote at the Annual Meeting, including the
compensation of the Company's named executive officers, and
ratifying appointment of the Company's independent registered
public accounting firm for the year ending December 31, 2016.
RiceBran Technologies will file final voting results with the
Securities & Exchange Commission on a Form 8-K once they are
certified by the independent inspector of elections.
About RiceBran Technologies
RiceBran Technologies is a packaged functional food, functional
food ingredient, human food ingredient and animal nutrition company
focused on the procurement, bio-refining and marketing of numerous
products derived from traditional and organic rice bran. RiceBran
Technologies has proprietary and patented technology that allows us
to convert rice bran, one of the world's most underutilized food
sources, into a number of highly nutritious packaged functional
foods, functional food ingredients, human food ingredients and
animal nutrition products. Our target markets are retailers, brand
owners, wholesalers and manufacturers of packaged functional foods,
functional food ingredients, human food ingredients and animal
nutrition products, both domestically and internationally. More
information can be found in the Company's filings with the SEC and
by visiting our website at http://www.ricebrantech.com.
Forward-Looking Statements
This release includes forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. While these
statements are made to convey to the public RiceBran’s progress,
business opportunities and growth prospects, readers and listeners
are cautioned that such forward-looking statements represent
management’s opinion. Although management believes that the
expectations reflected in our forward-looking statements are based
on reasonable assumptions, actual results may differ materially
from those described. RiceBran’s operations and business prospects
are always subject to risk and uncertainties. Important factors
that may cause actual results to differ are set forth in RiceBran’s
filings with the SEC. RiceBran undertakes no obligation to update
the results of these forward-looking statements to reflect events
or circumstances after today or to reflect the occurrence of
unanticipated events. This presentation does not constitute an
offer to sell securities including but not limited to within any
jurisdiction in which the sale of such securities would be
unlawful. This presentation does not constitute a solicitation or
offer to sell securities. Such offer and the information set forth
herein have not been reviewed, approved or disapproved, nor has the
accuracy or adequacy of the information set forth herein been
passed upon, by the SEC or any state securities administrator. Any
representation to the contrary is a criminal offense. An investment
in the securities offered by RiceBran is speculative and involves a
high degree of risk. Investment in the securities offered hereby is
suitable only for persons of substantial financial means who can
afford a total loss of their investment. RiceBran is a reporting
company pursuant to the Securities Exchange Act of 1934, as
amended, and makes periodic filings with the SEC at the SEC’s
website at www.sec.gov. Prospective investors are urged to read
these documents and any other relevant documents to be filed by
RiceBran with the SEC when they become available because they
contain and will contain important information.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160628005783/en/
Investors:Ascendant Partners, LLCFred Sommer,
732-410-9810fred@ascendantpartnersllc.comorMedia:ICRPhil
Denning, 646-277-1258Phil.Denning@icrinc.comorJason Chudoba,
646-277-1249Jason.Chudoba@icrinc.com
Ricebran Technologies - Warrant (delisted) (NASDAQ:RIBTW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ricebran Technologies - Warrant (delisted) (NASDAQ:RIBTW)
Historical Stock Chart
From Apr 2023 to Apr 2024