Amira Nature Foods Ltd Announces Increase of Previously Announced $30 Million Contract with Repeat Customer to $42 Million

Date : 03/26/2019 @ 12:00PM
Source : Business Wire
Stock : Amira Nature Foods Ltd (ANFI)
Quote : 0.4521  -0.00375 (-0.82%) @ 11:00PM

Amira Nature Foods Ltd Announces Increase of Previously Announced $30 Million Contract with Repeat Customer to $42 Million

Amira Nature Foods (NYSE:ANFI)
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Amira Nature Foods Ltd (the "Company") (NYSE: ANFI), a global provider of packaged Indian specialty rice, today announced that its previously announced $30 million contract to supply third party branded basmati rice to a repeat customer in the Europe, Middle East, and Africa (“EMEA”) region was increased to $42 million within the provisions of the contract. The Company expects to recognize the benefit of this contract in the 2020 fiscal year ending March 31, 2020.

“We are extremely pleased that our customer has increased its order and we look forward to continuing to grow all of our relationships in the EMEA region,” stated Karan A. Chanana, Amira’s Chairman.

Further information on the Company, including an updated investor presentation and other information, can be found on the Company’s website at www.amira.net.

About Amira Nature Foods

Founded in 1915, Amira has evolved into a global provider of packaged specialty rice, with sales in over 40 countries today. Amira sells Basmati rice, premium long-grain rice grown only in certain regions of the Indian sub-continent, under their flagship Amira brand as well as under other third party brands. Amira sells its products primarily in emerging markets through a broad distribution network. Amira’s headquarters are in Dubai, United Arab Emirates, and it also has offices in India, Germany, the United Kingdom, and the United States.

Cautionary Note on Forward-Looking Statements

This release contains forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements generally can be identified by phrases that we or our members of management use such as “believe,” “expect,” “anticipate,” “foresee,” “forecast,” “estimate” or other words or phrases of similar import. Specifically, these statements include, among other things, statements that describe our expectations for the global rice market, the financial impact of new sales contracts on our revenue, our expectations regarding the successful efforts of our distribution partners, and other statements of management’s beliefs, intentions or goals. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on our results of operations, financial condition, or the price of our ordinary shares. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements, including but not limited to our ability to perform our agreements with customers; our ability to recognize revenue from our contracts as planned; continued competitive pressures in the marketplace; our reliance on a few customers and distribution partners for a substantial part of our revenue; our ability to implement our plans, forecasts and other expectations with respect to our business and realize additional opportunities for growth; and the other risks and important considerations contained and identified in our filings with the Securities and Exchange Commission. All forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, we undertake no obligation to update any forward-looking or other statements herein, whether as a result of new information, future events or otherwise.

Wendy EguezThe Amira Group+447340071854wendy.eguez@theamiragroup.com

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