EX-99.1 5 exhibit991.htm EX-99.1 exhibit991
exhibit991p1i0
Exhibit 99.1
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Contacts:
Sherman Miller, President and CEO
Max P. Bowman, Vice President and CFO
(601) 948-6813
CAL-MAINE FOODS, INC. COMPLETES ACQUISITION OF
 
EGG PRODUCTION ASSETS OF FASSIO EGG FARMS, INC.
RIDGELAND, Miss. (October
 
4, 2023)
―
 
Cal-Maine Foods, Inc.
 
(NASDAQ: CALM) (“Cal-Maine
 
Foods” or
the
 
“Company”),
 
the
 
largest
 
producer
 
and
 
distributor
 
of
 
fresh
 
shell
 
eggs
 
in
 
the
 
United
 
States,
 
today
announced it has closed the
 
previously announced acquisition of substantially all
 
the assets of Fassio
 
Egg
Farms, Inc.,
 
related to
 
its commercial
 
shell egg
 
production and
 
processing business.
 
The acquired
 
assets
include commercial shell
 
egg production
 
and processing facilities
 
with current capacity
 
of approximately
1.2 million
 
laying hens,
 
primarily cage-free,
 
feed mill,
 
pullets, fertilizer
 
production and
 
land located
 
in Erda,
Utah, outside Salt Lake City.
 
About Cal-Maine Foods
Cal-Maine Foods, Inc.
 
is primarily engaged
 
in the production,
 
grading, packaging, marketing
 
and
distribution
 
of
 
fresh
 
shell
 
eggs,
 
including
 
conventional,
 
cage-free,
 
organic,
 
brown,
 
free-range,
 
pasture-
raised and nutritionally enhanced eggs.
 
The Company, which is
 
headquartered in Ridgeland, Mississippi,
is the largest
 
producer and distributor of
 
fresh shell eggs in
 
the United States and
 
sells the majority of
 
its
shell
 
eggs
 
in
 
states across
 
the southwestern,
 
southeastern, mid-western
 
and mid-Atlantic
 
regions of
 
the
United States.
Forward Looking Statements
Statements contained in this
 
press release that are
 
not historical facts are
 
forward-looking statements
 
as that
term is
 
defined in
 
the Private
 
Securities Litigation Reform
 
Act of
 
1995. The
 
forward-looking statements are
based on management’s
 
current intent,
 
belief, expectations,
 
estimates and
 
projections regarding
 
our company
and our industry.
 
These statements
 
are not guarantees
 
of future performance
 
and involve risks,
 
uncertainties,
assumptions and
 
other factors
 
that are
 
difficult to
 
predict and
 
may be
 
beyond our
 
control. The
 
factors that
could cause actual
 
results to differ materially
 
from those projected
 
in the forward-looking
 
statements include,
among others, (i)
 
the risk factors
 
set forth in
 
the Company’s SEC
 
filings (including
 
its Annual Reports
 
on Form
10-K, Quarterly Reports on
 
Form 10-Q and Current Reports
 
on Form 8-K), (ii) the risks
 
and hazards inherent
in the shell egg
 
business (including disease, pests, weather conditions and
 
potential for recall), including but
not
 
limited to
 
the
 
most
 
recent
 
outbreak
 
of
 
highly
 
pathogenic
 
avian
 
influenza affecting
 
poultry
 
in
 
the
 
U.S.,
Canada and
 
other countries
 
that was
 
first detected
 
in commercial
 
flocks in
 
the U.S.
 
in February
 
2022, (iii)
changes in the demand for and market prices of shell eggs and feed costs, (iv)
 
our ability to predict and meet
demand for
 
cage-free and
 
other specialty
 
eggs, (v)
 
risks, changes
 
or obligations
 
that could
 
result from
 
our
future acquisition of new flocks or businesses and risks
 
or changes that may cause conditions to completing
 
a
pending
 
acquisition not
 
to
 
be
 
met, (vi)
 
risks
 
relating to
 
increased costs
 
and higher
 
and
 
potentially further
increases in inflation and interest
 
rates, which began in response to
 
market conditions caused in part by
 
the
COVID-19 pandemic
 
and which
 
generally have
 
been exacerbated
 
by the
 
Russia-Ukraine war
 
that began
 
in
February 2022,
 
(vii) our
 
ability to
 
retain existing customers,
 
acquire new customers
 
and grow
 
our product
mix, and (viii) adverse results in pending litigation matters. SEC filings may be obtained from the SEC or the
Company’s website
,
 
www.calmainefoods.com.
 
Readers are cautioned
 
not to place
 
undue reliance
 
on forward-
looking statements because,
 
while we believe
 
the assumptions on
 
which the forward-looking statements
 
are
based
 
are
 
reasonable,
 
there
 
can
 
be
 
no
 
assurance
 
that
 
these
 
forward-looking
 
statements
 
will
 
prove
 
to
 
be
accurate. Further, the
 
forward-looking statements included
 
herein are
 
only made
 
as of
 
the respective
 
dates
thereof, or
 
if no
 
date is
 
stated, as
 
of the
 
date hereof.
 
Except as
 
otherwise required
 
by law,
 
we disclaim
 
any
intent
 
or
 
obligation
 
to
 
publicly
 
update
 
these
 
forward-looking
 
statements,
 
whether
 
as
 
a
 
result
 
of
 
new
information, future events or otherwise.