Food Technology Service, Inc. To Be Acquired By Sterigenics International LLC For $7.23 Per Share In Cash

Food Technology Service, Inc. (NASDAQ:VIFL) (the “Company” or “FTSI”), a regional provider of sterilization services, announced today that it entered into a definitive merger agreement, dated December 5, 2013, under which the Company will be acquired by an affiliate of Sterigenics International LLC (“Sterigenics”), a portfolio company of GTCR, LLC. Under the terms of the merger agreement, upon completion of the transaction, the shareholders of the Company (other than holders of excluded shares and dissenting shares, as described in the merger agreement) will receive $7.23 per share in cash. The purchase price represents a premium of 28.4% over the Company’s closing share price on December 5, 2013 and a premium of 27.2% over the Company’s average closing share price for the 30 trading days ending on December 5, 2013.

The Company’s board of directors, acting upon the unanimous recommendation of a special committee of the board of directors consisting of independent directors (the “Special Committee”), approved the merger agreement and resolved to recommend that the Company’s shareholders vote to approve the merger agreement. The Special Committee negotiated the terms of the merger agreement with the assistance of its legal advisor and the Company’s financial advisor.

Richard G. Hunter, Ph.D., President and CEO of the Company, commented, “This is great news for the Company and our customers and shareholders. It is a clear endorsement of Food Technology Service, Inc. and of the hard work and commitment of each and every one of our employees. Sterigenics and Food Technology Service, Inc. share the same commitment to technical expertise and providing high quality service and we look forward to joining them.”

Added Chairman of the board of directors and Chairman of the Special Committee, Dr. John Sinnott, “After a thorough assessment, we believe that this transaction appropriately recognizes the value of the Company’s business and provides our shareholders with a meaningful cash premium based on the current stock price.”

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