The RiceX Company, formerly Food Extrusion, Inc., Files Registration Statement
PR Newswire - May 19, 1998 09:14
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EL DORADO HILLS, Calif., May 19 /PRNewswire/ -- The RiceX Company (OTC: FODX) announced today that it has filed a Form 10-SB Registration Statement with the Securities and Exchange Commission. It also announced that it changed its name from Food Extrusion, Inc. to The RiceX Company effective May 15, 1998.
Allen J. Simon, Chief Executive Officer stated, "The Filing of the Form 10-SB is our first step towards full registration and the listing of our common stock on one of the national stock exchanges. When the SEC informs us the Registration Statement is effective, we will become a 'Reporting Company' and we look forward to providing our shareholders and the SEC periodic reports of our operating results and significant events."
The Form 10-SB also disclosed several strategic alliances that the Company has entered into in the past several months including:
The Kellogg Company: The Company recently signed an agreement with The Kellogg Company to collaborate in a clinical research project to determine whether RiceX products have a beneficial effect on certain health conditions. The Company anticipates that the studies could lead to the commercialization of new and reformulated consumer food products containing RiceX products.
The Nutrilite Division of Amway: Under a non-binding letter of intent, Nutrilite will participate with the Company in the development of Max "E" Stabilized Rice Bran Oil(TM) and Higher Value Fractions from oil, the nutraceutical-like compounds found in rice bran that provide specific health benefits. Upon completion of the development project, Nutrilite has indicated a plan to commercialize both nutraceutical products and edible rice bran oil for distribution in the U.S. and other countries through its multi-level sales channel.
SunJoy Enterprises: The Company has begun shipment of a variety of its stabilized rice bran and rice bran products into Mainland China pursuant to an international distributor agreement with SunJoy. The Company intends to develop this relationship into a joint venture with SunJoy to allow the Company to stabilize and process rice bran in the local areas of China.
Monsanto Company: The RiceX Company has agreed to work with the Monsanto Company to form two joint venture companies, the first in India to commercialize the Company's rice bran stabilization technology to increase the yield and quality of rice bran oil in India. The second joint venture would be for the worldwide, non-multi-level sales distribution channel (those channels not served by Nutrilite) commercialization of edible rice bran oils.
DuCoa, L.P.: The Company formed a strategic alliance in February 1998 with DuCoa, L.P., to introduce RiceX products into the petfood and swine feed industry markets. These markets are estimated to be $11.8 billion annually. Under the agreement, DuCoa has dedicated technical and sales resources to the formulation of the Company's products as ingredients for petfood and swine feed.
Simon added, "The name change was undertaken to highlight the fact we are entering a new phase of development. We are, uniquely, The Company producing stabilized rice bran in its nutritionally dense forms. Our new motto, 'Capturing the Nutritional Value of Grain' describes our mission to develop products that promote human health and nutrition from rice, and in the future, from other grains as well."
This press release contains forward-looking statements that involve risks and uncertainties. The statements that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future. All forward-looking statements included in this press release are based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statements.
The RiceX Company has developed exclusive technology to stabilize rice bran and manufacture unique rice bran based nutraceuticals, functional food ingredients, and performance feed supplements.
SOURCE The RiceX Company
/CONTACT: Allen Simon, CEO or Karen Berriman, CFO, of The RiceX Company,
916-933-3000/
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