RiceBran Technologies said this week it had sold its Golden Ridge rice mill situated in Wynne, Arkansas, in a deal valued at $2.15 million.
The divestiture is expected to further narrow the company’s forecast annual net loss by nearly $1.5 million, while not jeopardizing the estimated $54.4 million in federal and $46 million in state net operating loss carryforwards which it had amassed as of December 31st 2022.
“This sale eliminates cash and working capital drags on the business’ profitability, streamlining operations while preserving the Company’s net operating loss carryforward assets,” Eric Tompkins, RiceBran’s Executive Chairman, said in a press release.
“We continue to own and operate MGI, our barley and oats mill located in East Grand Forks, Minnesota. This transaction is the advancement of the strategic restructuring process undertaken by the Board of Directors. Today, RiceBran has streamlined its business and balance sheet, eliminating unprofitable operations. We can now shift our attention to RiceBran’s future, as we explore a more sustainable way to take advantage of our tax assets and public listing to create value for shareholders.”
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