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Diamond Foods Confirms Receipt Of NASDAQ Determination Letter

SAN FRANCISCO, Oct. 5, 2012 (GLOBE NEWSWIRE) -- Diamond Foods, Inc. (Nasdaq:DMND) ("Diamond") today announced that on October 3, 2012, as expected, it received a determination letter from the Nasdaq Stock Market Listing Qualifications Staff. The letter stated that Diamond's failure to file its annual report on Form 10-K for the year ended July 31, 2012 serves as an additional basis for the potential delisting of its shares as the Company works to become current in its periodic report filings with the SEC.

As previously disclosed, Diamond received an extension from the Nasdaq Hearings Panel requiring the company to become current in its periodic report filings with the SEC by December 7, 2012 and hold its annual shareholder meeting by January 14, 2013 to remain listed on Nasdaq. Diamond intends to file all of its late SEC filings as promptly as practicable, including its 2012 annual report on Form 10-K.  Diamond also intends to circulate proxy materials for its annual meeting of shareholders, and to hold that meeting, as soon as possible after filing those periodic reports with the SEC. 

About Diamond

Diamond Foods is an innovative packaged food company focused on building and energizing brands including Kettle® Chips, Emerald® snack nuts, Pop Secret® popcorn, and Diamond of California® nuts. Diamond's products are distributed in a wide range of stores where snacks and culinary nuts are sold. For more information visit our corporate web site: www.diamondfoods.com .

The Diamond Foods, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6112

Forward-Looking Statements

The statements in this report about Diamond's submissions to Nasdaq, future filings with the SEC, and holding its annual meeting of shareholders are forward-looking statements and therefore subject to uncertainty. It may take longer than Diamond expects to complete its financial restatement and file its periodic reports with the SEC, which could delay its annual meeting of shareholders and make it more likely that its shares will be delisted. Risk factors affecting our business and prospects are described under the "Risk Factors" section of the periodic reports that we file with the SEC.  All forward-looking statements included in this press release are made as of the date of this press release, based on information currently available to Diamond's management, and we assume no obligation to update any such forward-looking statements.

CONTACT: Investors:
         Diamond Foods
         Linda Segre
         SVP, Corporate Strategy
         (415) 230-7952
         lsegre@diamondfoods.com
         
         Media:
         Sard Verbinnen & Co for Diamond Foods
         Lucy Neugart/Alyssa Linn
         (415) 618-8750
         lneugart@sardverb.com
         alinn@sardverb.com

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