DAVIS, Calif., June 17, 2014 (GLOBE NEWSWIRE) -- Marrone Bio Innovations, Inc. (MBI) (Nasdaq:MBII), a leading global provider of bio-based pest management and plant health products announced it has funded a $10 million loan with Five Star Bank under the U.S. Department of Agriculture (USDA) Business and Industry Guaranteed Loan (B&I) program. The funds will be used to expand the production capacity of the MBI plant in Bangor, MI. The expansion will meet product sales increases projected over the next 2 years.
The B&I Guaranteed Loan Program supports the development and growth of businesses and employment in rural communities and strives to improve 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 providing long term benefits to communities.
Pam Marrone, CEO of MBI, outlines the benefit of the B&I loan program for the company and the community, "This loan plays a key role in helping us expand capacity to meet the sales increases and new product introductions projected over the next 2 years, improve our product margins and become a preferred employer in the Bangor area. When the plant is fully staffed we anticipate it will create 40-50 new jobs in the innovative and growing field of bio-based manufacturing."
"We are delighted to have had a role in helping secure these funds that will allow Marrone Bio Innovations to expand their production facility and bring more new jobs to the Bangor, Michigan region," said Mike Rizzo, Senior Vice President with Five Star Bank, which is making the loan for which the guarantee was provided. "Having been business partners with Marrone Bio Innovations since its beginning, it's a privilege to be a part of their growth and success."
Marrone Bio Innovations chose the Bangor, MI site after a nationwide search, based on its centralized location, the existing physical plant, a skilled local workforce, and the business-friendly environment cultivated by state and local agencies and officials.
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 expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements relating to market size and the results from the field trials. 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 the difficulty in predicting the outcome of product research and development efforts and regulatory approvals. 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.