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Seneca Foods Corporation Announces Closing of Secondary Offering of Class A Common Stock
Tuesday, July 21, 2009 12:54 PM


(Source: PRNewswire-FirstCall)trackingMARION, N.Y., July 21 /PRNewswire-FirstCall/ -- Seneca Foods Corporation today announced that the previously announced public offering of Class A common stock by certain of its shareholders has closed. In addition, on July 20, 2009, the underwriters notified the Company and the selling shareholders that they have exercised in full their over-allotment option to purchase an additional 489,956 shares of the Company's Class A common stock from the selling shareholders. As a result, the selling shareholders sold a total of 3,756,332 shares of Class A common stock. Seneca Foods did not receive any of the proceeds from the offering.

Merrill Lynch & Co. acted as sole book-running manager and Piper Jaffray & Co. was joint lead manager of the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Seneca Foods Corporation

Seneca Foods is one of the country's largest processors of canned fruits and vegetables with manufacturing facilities located throughout the United States. Its products are sold under the Libby's , Aunt Nellie's Farm Kitchen , Stokely's , READ , and Seneca labels as well as through the private label and industrial markets. In addition, under an alliance with General Mills Operations, LLC, a successor to The Pillsbury Company and a subsidiary of General Mills, Inc., Seneca Foods produces canned and frozen vegetables, which are sold by General Mills Operations, LLC under the Green Giant label. Seneca Foods' common stock is traded on the Nasdaq Global Stock Market under the symbols "SENEA" and "SENEB."

Forward-Looking Statements

Statements that are not historical facts, including statements about management's beliefs or expectations, are forward-looking statements as defined in the Private Securities Litigation Reform Act (PSLRA) of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Among the factors that could cause actual results to differ materially are: general economic and business conditions; cost and availability of commodities and other raw materials such as vegetables, steel and packaging materials; transportation costs; climate and weather affecting growing conditions and crop yields; leverage and the Company's ability to service and reduce its debt; foreign currency exchange and interest rate fluctuations; effectiveness of the Company's marketing and trade promotion programs; changing consumer preferences; competition; product liability claims; the loss of significant customers or a substantial reduction in orders from these customers; changes in, or the failure or inability to comply with, U.S., foreign and local governmental regulations, including environmental and health and safety regulations; and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as the date hereof. The Company assumes no obligation to update forward-looking statements.

Seneca Foods Corporation

CONTACT: Roland E. Breunig, CFO, Seneca Foods Corporation,+1-608-757-6000

Web Site: http://www.senecafoods.com/

A service of YellowBrix, Inc.



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