NutraCea, a California-based food supplement company, announced the launch of a project that would create a large central procuring and processing entity with its operations anchored in the DR for exportation of processed and finished products throughout the Caribbean and Latin America. Company president Bradley Edson and senior vice president Margie Adelman met with government officials and private industry leaders and announced yesterday the entering into a binding letter of intent for US$10.8 million in product revenue with Food Trading, S.A., a major rice milling company in the DR.
This represents NutraCea’s first international joint venture with a rice mill to convert rice bran, one of the world’s largest wasted food resources, into an economical food supply for feeding the malnourished. “This is a very important initiative, not only from a business and economic perspective, but from a humanitarian one that we believe will benefit the most underprivileged population of our country,” stated Vice President Rafael Alburquerque.
The company reports that the Dominican government has committed to buying at least US$5.4 million of NutraCea’s flagship RiSolubles product a year over the next two years – that is 100,000 servings of the nutritious drink per day. These servings will form the basis of school feeding programs.
http://www.nutraingredients-usa.com/news/news-ng.asp?n=60983-nutracea-brings-nutrition