Ed Ryan Elected to Penford Board of Directors
March 05 2010 - 11:00AM
Business Wire
Penford 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 Company’s Board
of Directors. Mr. Ryan will serve on the Board’s 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.
“We’re 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 Penford’s future. In particular, Ed brings an
entrepreneurial view as we expand our food and industrial specialty
ingredients expertise into new areas.”
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 management’s
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 Company’s inability to comply with the terms of instruments
governing the Company’s 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 Company’s products, including unfavorable
shifts in product mix; unanticipated costs, expenses or third party
claims; the Company’s ability to renew or replace its bank credit
agreement for periods beyond the agreement’s 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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