Attached files
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8-K - FORM 8-K - PENFORD CORP | d71406e8vk.htm |
Exhibit 99.1
Contact:
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Steven O. Cordier | |
Senior Vice President and CFO | ||
Penford Corporation | ||
303-649-1900 | ||
steve.cordier@penx.com |
ED RYAN ELECTED TO PENFORD BOARD OF DIRECTORS
Centennial, CO; March 5, 2010Penford Corporation (Nasdaq:PENX), a leader in specialty ingredients
systems for food and industrial applications, announced today that Edward F. Ryan has been elected
to the Companys Board of Directors. Mr. Ryan will serve on the Boards Audit Committee, as well
as the Executive Compensation and Development Committee.
Mr. Ryan, 53, a highly respected veteran of several industries, began his career with Koch
Industries in 1980. He is currently President of Entrepreneurial Financial Resources, Inc. (EFR),
a private equity firm that manages a portfolio of companies, and serves as Chairman of several of
those companies. Mr. Ryan is also Chairman of Summit Marketing, LLC, a national direct marketing,
government services, promotional products, and recognition and incentive company. Mr. Ryan
previously held a variety of positions at Code 3/Public Safety Equipment Inc., a supplier of
lighting and sound based warning products, which he purchased in 1986 and continued to manage until
its sale in 1998. He was previously a director of K2 Inc. and Rawlings Sporting Goods Company,
Inc., during periods when those sporting goods companies were independent and publicly held.
Were honored to have Ed join our Board of Directors, said Tom Malkoski, President and Chief
Executive Officer of the Company. Ed will bring fresh perspective, and a level of experience that
is critical to building Penfords future. In particular, Ed brings an entrepreneurial view as we
expand our food and industrial specialty ingredients expertise into new areas.
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About Penford Corporation
Penford Corporation develops, manufactures and markets specialty ingredients systems derived from
natural and renewable sources for food and industrial applications, including fuel ethanol.
Penford has five manufacturing and/or research locations in the United States.
The statements contained in this release that are not historical facts are forward-looking
statements that represent managements beliefs and assumptions based on currently available
information. Forward-looking statements can be identified by the use of words such as believes,
may, will, looks, should, could, anticipates, expects, or comparable terminology or
by discussions of strategies or trends. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it cannot give any assurances that
these expectations will prove to be correct. Such statements by their nature involve substantial
risks and uncertainties that could significantly affect expected results. Actual future results
could differ materially from those described in such forward-looking statements, and the Company
does not intend to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Among the factors that could cause actual results to
differ materially are the risks and uncertainties discussed in this release and those described
from time to time in other filings with the Securities and Exchange Commission which include, but
are not limited to: competition; the possibility of interruption of business activities due to
equipment problems, accidents, strikes, weather or other factors; product development risk; changes
in corn and other raw material prices and availability; the amount and timing of flood
insurance recoveries; the Companys inability to comply with the terms of instruments governing the
Companys debt; the effects of the current economic recession as well as other changes in general
economic conditions or developments with respect to specific industries or customers affecting
demand for the Companys products, including unfavorable shifts in product mix; unanticipated
costs, expenses or third party claims; the Companys ability to renew or replace its bank credit
agreement for periods beyond the agreements current expiration date; interest rate, chemical and
energy cost volatility; foreign currency exchange rate fluctuations; changes in returns on pension
plan assets and/or assumptions used for determining employee benefit expense and obligations;
unforeseen developments in the industries in which Penford operates; and other factors described in
the Risk Factors section in reports filed by the Company with the Securities and Exchange
Commission.
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