DAVIS, Calif., June 4, 2014 (GLOBE NEWSWIRE) -- Marrone Bio Innovations, Inc. (MBI) (Nasdaq:MBII), a leading global provider of bio-based pest management and plant health products, announced today the U.S. Department of Agriculture Business and Industry (B&I) Guaranteed Loan program approved a guarantee for a $10 million loan financing. The loan is now only subject to completion of related bank documentation. The funds will be used to expand the production capacity of the MBI manufacturing plant in Bangor, MI.
According to the USDA, the B&I Guaranteed Loan Program was established to support the development and growth of businesses and employment in rural communities and support improvements in the economic and environmental climate in those areas. The program does not grant loans directly, rather it works with existing private credit providers to guarantee loans that fund enterprises, which the program believes can provide long term benefits to communities.
U.S. Secretary of Agriculture Tom Vilsack highlights the impact of the loan guarantee, "This program is a prime example of how USDA helps local businesses have far-reaching payoffs, including the production of innovative products that are made in rural America and sold around the world. By guaranteeing a high quality loan, like this one to Marrone Bio Innovations, the economic benefits resulting from the program stretch from the Bangor area in Michigan to MBI's home in California."
U.S. Senator Debbie Stabenow (MI), Chairwoman of the Senate committee on Agriculture, Nutrition and Forestry adds, "I first met with Marrone Bio Innovations a few years ago and strongly urged them to come to Michigan, because we are leaders in bio-based manufacturing, an area poised for growth. Today's announcement is welcome news and will help this innovative company expand its operations and create new, high-tech jobs in Southwestern Michigan."
"Since President Obama took office in 2009, Rural Development has invested over $5.2 billion in Michigan's economy. One of our most significant investments is our loan guarantee to support Marrone Bio Innovation's expansion in Michigan. This investment in the bio economy should count as a real success story," said James Turner, USDA Rural Development Michigan State Director.
Said Pam Marrone, CEO of MBI, "We greatly appreciate the support of Secretary of Agriculture Vilsack, Senator Stabenow and Director Turner for their assistance in MBI's obtaining the loan guarantee."
About Marrone Bio Innovations
Marrone Bio Innovations, Inc. (Nasdaq:MBII) is a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental, and water treatment markets. Our effective and environmentally responsible solutions help customers operate more sustainably while controlling pests, improving plant health and increasing crop yields. We have a proprietary discovery process, a rapid development platform, and a robust pipeline of pest management and plant health product candidates. At Marrone Bio Innovations we are dedicated to pioneering better biopesticides that support a better tomorrow for users around the globe. For more information, please visit www.marronebio.com.
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release include statements regarding our potential receipt of a loan financing, the potential impact of the loan and expansion of MBI's operations. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those in the forward-looking statements, including potential delays in completing, or failure to complete, required bank documentation and the difficulty in predicting the outcome of development efforts. Additional relevant information concerning risks can be found in the in the Form 10-Q that the Company filed with the Securities and Exchange Commission on May 15, 2014.
CONTACT: Julie Versman Marrone Bio Innovations, Inc. 530-750-2800 firstname.lastname@example.org
Source:Marrone Bio Innovations