The redemption was funded with available balances on the Company’s existing revolving credit facility.

About Penford Corporation
Penford Corporation develops, manufactures and markets specialty ingredients for a variety of industrial and food applications. Penford has seven manufacturing and/or research locations in the United States.

Contact:
Penford Corporation
Steven O. Cordier
Senior Vice President & Chief Financial Officer
303‐649‐1900
steve.cordier@penx.com

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City Kidz is an award-winning program that educates middle and high-school students about food science, technology, marketing and equipment engineering, as well as agri-business. Working with industry leaders and college professors from top universities, students formulate new products that can be commercialized for sale. Sales proceeds go back to the students to help offset the cost of college.

One recent example of a successful City Kidz project is Viva Vanilla™ ice cream, which was developed by a team of 15 students. Viva Vanilla went on to win a prestigious industry competition and will be soon be available for purchase in Sam’s Club stores.

Penford’s Senior R&D Manager, Dr. Ibrahim Abbas, worked with a City Kidz group inJacksonville,Florida. The class, called “Starch Ingredient Technologies for Dairy Products,” focused on how starches can improve the texture and health of dairy products.

Abbas demonstrated how Penford’s PenBind® 850 is used to reduce casein from 23 to 15 percent in imitation cheeses. He also discussed ingredient alternatives that reduce the calories and fat content of food products including PenBind® 1550 and PenPlus® 2510 tapioca starches used for fat reduction in cheese sauces.

For yogurt, Dr. Abbas highlighted Penford’s PenCook® 37 and PenCook® 30 natural rice starches which impart smooth, creamy and thick texture, with a fraction of the fat. PenCook 37 can also be used to reduce the fat in ice cream. The small granules in PenCook 37 help cut down on fat while maintaining the full-fat and creamy mouth feel.

“City Kidz is a great program to educate students on what an interesting and rewarding career is ahead of them in the field of food science,” said Penford’s President John Randall. “Those of us in the industry are aware of statistics showing a downturn in the number of students pursuing careers in food science and – through City Kidz – Penford is committed to helping reverse that trend.”

About City Kidz: Now in its second year, City Kidz Food Science Educational Lab (http://www.vivavanillaicecream.com) is the only program of its kind in the United States. Classes are taught by food industry and academic experts, and students must meet strict academic requirements to qualify for enrollment. The program is facilitated by Pastor Clinton Bush.

About Penford Food Ingredients: Penford Food Ingredients Co., (www.penfordfoods.com) is a division of Penford Corporation (NASDAQ:PENX), which was founded over 100 years ago and is a leading global supplier of food and industrial starches. An innovation and service-driven organization, Penford Food Ingredients supplies a broad family of dextrin and starches based on potato, tapioca, rice and corn. They also develop formulations for coatings, gluten-free products, marinades, batters for protein substrates and starch-based pet treats and toys.  Headquartered in Centennial, Colorado, Penford Food Ingredients has over 100 employees, including top food scientists and chemists, and those in manufacturing facilities in Iowa, Idaho, Washington, Wisconsin, South Carolina  and Pennsylvania.

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Penford Corporation, a leader in innovative carbohydrate systems and technologies, will be showcasing their new Penergy™ K-9 Energy Gels and Penergy™ ball prototype at this year’s Global Pet Expo from February 29 through March 2 in Orlando. Penford offers a wide range of capabilities which include health and wellness pet food products, extrusion and injection expertise for chew and treats, and an extensive portfolio of ingredients.

The new Penergy K-9 Energy Gels for active and sporting dogs provide a safe and effective energy boost and are available in two natural flavors, chicken and sweet potato.

Penergy K-9 Energy Gels Health and Wellness Attributes

• Naturally flavored

• Glucosamine to support healthy joints

• Omega-3 and Omega-6 for skin and coat

• Vitamin C

The Penergy ball prototype showcases the company’s expertise in contract manufacturing of injection molded products, as well as the ability to create market-right products of any design.

Penergy Ball

• Virtually indestructible

• High bounce

• Palatability-enhanced

“We’re excited to introduce our new Penergy K-9 Energy Gels at this year’s Global Pet Expo. Our R&D group is continually innovating new products that reflect the latest science related to pet health and wellness. This gel exhibits several health and wellness attributes formulated for high-energy, sporting canines,” said John Randall, President of Penford Food Ingredients. “In addition to new product innovation, we have extrusion and injection molding capabilities for treats, chews, and other pet products. We partner with manufacturers to take their products to the next level by providing development and production of private-label products.”

Penford’s starches, starch blends, and dextrins combined with its R&D expertise contribute to advanced pet products for today’s health-conscious pet owners. Penford not only offers their own unique, innovative pet products to pet specialty retailers, but also works with manufacturers to create pet food, treats, and chews that enhance the health and wellness of their products:

• Natural

• Reduced calorie

• Low-fat

• Gluten-free

• Grain-free

• Digestive health

• Dental health

• Skin and coat health

• Hip and joint health

Learn more about these and other Penford pet products at Booth #4017

About Penford Food Ingredients:

Penford Food Ingredients Co., (www.penfordfoods.com) is a division of Penford Corporation (NASDAQ:PENX), that is a leading global supplier of food and industrial starches. An innovation and service-driven organization, Penford Food Ingredients supplies a broad family of dextrin and starches based on potato, tapioca, rice and corn. They also develop formulations for coatings, gluten-free products, marinades, batters for protein substrates and starch-based pet treats and toys. Headquartered in Centennial, Colorado, Penford Food Ingredients has over 100 employees, including top food scientists and chemists, and those in manufacturing facilities in Iowa, Idaho, Washington, Wisconsin, South Carolina and Pennsylvania.