RiceBran Technologies (RIBT), a global leader in the production and marketing of value-added products derived from rice bran and a producer of rice, rice co-products, and barley and oat products, announced today it received a $1.8 million loan through Spirit of Texas Bank under the United States Small Business Administration's (SBA) Payroll Protection Program (PPP) contained within the new Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The two-year, SBA administered PPP loan has an interest rate of 0.98% per annum, with initial principal and interest payments deferred for six months. PPP loan proceeds will primarily be used for payroll costs and to retain workers, and, if used for payroll and certain other permitted expenses, the principal and unpaid interest may be forgiven.

"RiceBran is thankful the CARES Act is supporting small U.S. businesses and their employees during this unprecedented time," said Brent Rystrom, President and CEO of RiceBran. "Along with the proceeds raised through our secondary offering in December, 2019, and unused capacity from our factoring facility with Republic Business Credit, the $1.8 million PPP loan further strengthens our balance sheet. While our company continues to be fully operational, this increased liquidity will help us to maintain payroll and support our business through the difficulties caused by the COVID-19 pandemic."

About RiceBran Technologies

RiceBran Technologies is a specialty ingredient company servicing the food, animal nutrition and specialty products markets. We utilize our proprietary processes to convert rice bran, one of the world's most underutilized food source, into a number of highly nutritious and clean label ingredient products. The global target markets for our products include food and animal nutrition manufacturers and retailers, as well as specialty food, functional food and nutritional supplement manufacturers and retailers. More information can be found in our filings with the SEC and by visiting our website.