RESEARCH TRIANGLE PARK, N.C., May 07, 2007 (BUSINESS WIRE) -- Source Food Technology, Inc. (SFTI) today announced the formation of a joint venture with Hormel Foods Corporation (HRL) to develop and market Omega-3 fish oils and unique combination products based on SFTI's proprietary oil purification technology. The transaction involves the purchase of certain assets of SFTI and the contribution of intellectual property rights, including patents to the joint venture. The new entity is called Hormel Health Technology, LLC.
"We are very excited about our alliance with such an icon company. Hormel Health Technology provides a vehicle to leverage Hormel's food applications expertise and its purchasing, sales, marketing and logistics systems," said Source Food Technology Chairman and Chief Executive Officer Hank Cardello. He added, "We envision Hormel Health Technology becoming the preeminent supplier of the most stable, highest quality Omega-3s for incorporation into foods and beverages."
"Our partnership with Source Food further strengthens the portfolio within our Specialty Ingredients business segment," said Paul Jacobson, director, Hormel Foods Specialty Products. "Omega-3s are on-trend with today's health-conscious consumer and we are excited about the growth opportunity within this category. We believe that we will now be able to offer superior Omega-3s for food and beverage applications," Jacobson stated.
About Source Food Technology, Inc.
Source Food Technology, Inc., a privately held company based in Research Triangle Park, North Carolina, specializes in the development and marketing of nutritionally advanced oils for the food industry. Its patented formulas and technologies yield nutritionally-advanced oils centered on improving heart health. Specific proprietary processes strip cholesterol, odors, and other impurities from edible fats and oils, while increasing their stability resulting in superior finished product quality and taste. For more information, visit www.appetizeoil.com.
About Hormel Foods Corporation
Hormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring quality, value-added brands to the global marketplace. For each of the past eight years, Hormel Foods has been named one of "The Best Big Companies in America" by Forbes magazine. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value. For more information, visit www.hormelingredients.com.
Some statements set forth in this release contain forward-looking statements that are subject to change. Statements including words such as "anticipate", "believe", "estimate" or "expect" and statements in the future tense are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual events or actual future results to differ materially from the expectations set forth in the forward-looking statements.