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MGP Ingredients, Inc. Files Supplemental Proxy Materials And Sends Letter To Stockholders

Stocks in this article: MGPI

ATCHISON, Kan., July 12, 2013 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI) (the "Company") announced today that it filed supplemental proxy materials with the Securities and Exchange Commission ("SEC") in connection with its 2013 Annual Meeting of Stockholders.

The independent directors of the Board also sent a letter urging stockholders to reject the Cray Group's dissident nominees and proposals.

The independent directors recommend that stockholders vote for the election of the highly qualified nominees of MGP on the WHITE proxy card.

Included below is the full text of the letter to MGP stockholders, which can also be found at :

Dear Fellow Stockholder:

You have an important decision to make about the future of MGP. The decision is clear: support MGP's continued strong progress as a public company focused on the interests of all stockholders OR allow Karen Seaberg through her influence over the Cray Group to use MGP as her personal empire at the expense of common stockholders like you.

Support a Strong, Vibrant MGP Reject Karen Seaberg's Self-Serving Agenda
● MGP's independent directors are working to serve the best interests of all MGP stockholders ● MGP is doing well and on the right path to increasing profitability ● MGP's experienced, high quality management team is vital to MGP's future ● MGP's independent directors all have a wealth of experience to help ensure MGP's success ● Mrs. Seaberg's proposals are bad for common stockholders and only serve her interests ● She is trying to seize control of MGP for personal gain without fairly compensating common stockholders ● She has no plan for MGP and would derail MGP's strong progress and good governance ● Mrs. Seaberg's hostile actions are unnecessary and wasting MGP resources


As at every public company, the Board of Directors has a fiduciary duty to serve the best interests of all stockholders. We, the six independent directors, take our duties very seriously. Based on our average tenure of more than 12 years on MGP's Board and our extensive collective business experience, we have a deep understanding of MGP's challenges and opportunities. Along with MGP's talented management team, we are working hard to ensure MGP continues to increase profitability and stockholder value.

Our independence as directors is especially critical given the Cray family's dominant ownership in MGP. They are beneficial owners of 92% of MGP's preferred stock and 27.5% of the common stock. Through their preferred stock ownership, the family can elect five of the nine directors on the Board. Two family members already serve on the Board.

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