Seneca Foods Corporation Signs Memorandum of Understanding to Acquire Independent Foods, LLC

    Seneca Foods Corporation Signs Memorandum of Understanding to Acquire
                            Independent Foods, LLC

PR Newswire

MARION, N.Y., Nov. 8, 2012

MARION, N.Y., Nov. 8, 2012 /PRNewswire/ --Seneca Foods Corporation (SENEA,
SENEB), Underwood Fruit and Warehouse Company LLC, Independent Foods
Processors Corporation, and Mt. Adams Orchards Corporation are pleased to
announce that they have signed a Memorandum of Understanding contemplating an
acquisition by Seneca Foods of the ownership interest of Independent Foods,
LLC. The completion of the transaction is subject to the negotiation and
execution of a definitive agreement between the parties, customary closing
conditions, including regulatory, shareholder and lender approvals and
satisfactory completion of due diligence. Terms of the deal were not
disclosed.

About Seneca Foods Corporation

Seneca Foods is a processor of canned fruits and vegetables with manufacturing
facilities located throughout the United States. Its products are sold under
the Libby's, Aunt Nellie's Farm Kitchen, Stokely's, READ, Seneca Farms and
Seneca labels as well as through the private label and industrial markets. In
addition, under an alliance with General Mills Operations, LLC, a successor to
the Pillsbury Company and a subsidiary of General Mills, Inc., Seneca produces
canned and frozen vegetables which are sold by General Mills Operations, LLC
under the Green Giant label. Seneca's common stock is traded on the Nasdaq
Global Stock Market under the symbols "SENEA" and "SENEB". SENEA is included
in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.

About Independent Foods, LLC

Privately held and headquartered in Sunnyside, Washington, Independent Foods,
LLC is a processor of canned pears, apples and cherries in the United States.
Its product suite is sold via branded and private label items to the retail,
foodservice and industrial markets. The company was founded in 1972.

Forward-Looking Statements

Statements that are not historical facts, including statements about
management's beliefs or expectations, are forward looking statements as
defined in the Private Securities Litigation Reform Act (PSLRA) of 1995. All
forward-looking statements involve risks, uncertainties and contingencies
which may cause actual results, performance, or achievements to differ
materially from anticipated results, performance, or achievements. Factors
that may cause actual results to differ materially from those in the
forward-looking statements include those set forth in Seneca Foods
Corporation's filings with the SEC, including the disclosure under the heading
"Risk Factors" in Seneca Foods' Annual Report on Form 10-K. There can be no
assurance that the merger will close on the expected schedule or that the
merger will be consummated at all. We are under no obligation to update or
alter our forward-looking statements, whether as a result of new information,
future events or otherwise.

SOURCE Seneca Foods Corporation

Website: http://www.senecafoods.com
Contact: Seneca Foods, Timothy Benjamin, Chief Financial Officer,
+1-315-926-8100; or Independent Foods, LLC, Don Gibson, Chief Executive
Officer, Paul Pieti, Chief Financial Officer, +1-509-457-6487
 
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