Exhibit 99.1
-MORE-
Contacts:
Sherman Miller, President and CEO
Max P. Bowman, Vice President and CFO
(601) 948-6813
CAL-MAINE FOODS, INC. ANNOUNCES
STRATEGIC INVESTMENT IN NEW EGG PRODUCTS JOINT VENTURE
RIDGELAND, Miss. (September 9, 2024)
—
that it has completed a strategic investment with Crepini LLC, establishing a new egg products and
prepared foods joint venture. Crepini LLC, founded in 2007, has grown its brand throughout the United
States and Mexico featuring egg wraps, protein pancakes, crepes, and wrap-ups, which are now sold online
and in over 3,500 retail stores.
The new entity, located in Hopewell Junction, New York, will operate as Crepini Foods LLC
(“Crepini”). Cal-Maine Foods will capitalize Crepini with approximately $6.75 million in cash to purchase
additional equipment and other assets and fund working capital in exchange for a 51% interest in the new
venture. Crepini LLC will contribute its existing assets and business in exchange for a 49% interest in the
new venture.
Commenting on the announcement, Sherman Miller, president and chief executive officer of
Cal-Maine Foods, Inc., stated, “We are pleased to announce our strategic investment in Crepini, which
aligns with our growth strategy to enhance our product portfolio and focus on value-added products and
other egg product opportunities. We have a unique opportunity to leverage the established Crepini brand
of quality products and extend our market reach to major retailers across the country. This new venture
will complement our other egg product offerings from our growing Meadowcreek operation, which offers
hard-cooked eggs for institutional, food service and retail needs. As consumer demand for affordable
protein options, including egg products, continues to grow, Cal-Maine Foods is well positioned to meet this
demand. We have a proven ability to derive value from our other strategic investments and believe there
are significant opportunities to use our scale and established customer relationships to further expand our
egg products business. We look forward to working with the Crepini team as we extend our leadership role
in supporting the nation’s food supply with a differentiated product mix.”
“The Crepini team is looking forward to expanding our brand and offerings. We are excited to join
the Cal-Maine Foods family, whose leadership team shares our values and approach to excellence,” said
Paula Rimer Shkolnik, chief executive officer of Crepini LLC. “This partnership will allow us to make our
products available to more national and international customers and continue to provide innovations in
the egg specialty products category.”
About Cal-Maine Foods
Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packaging, marketing and
distribution of fresh shell eggs, including conventional, cage-free, organic, brown, free-range, pasture-
raised and nutritionally enhanced eggs. The Company, which is headquartered in Ridgeland, Mississippi,
is the largest producer and distributor of fresh shell eggs in the nation and sells most of its shell eggs
throughout the majority of the United States.
About Crepini LLC
Crepini LLC is an innovator in egg wraps and products from the original Egg Wrap that is low carb, low
calorie, gluten free and kosher to Protein Cakes with veggies and cheese which are high in protein and
gluten free to Pancheesi® Protein pancakes made with cottage cheese, eggs and oats to Wrap-ups filled
with protein powerhouses like salami, pepperoni, sausage, chorizo and a variety of cheeses. Crepini LLC is
headquartered in Hopewell Junction, NY, and sells in the continental U.S. and Mexico.
Cal-Maine Foods, Inc. Announces Strategic Investment in New Egg Products Company
Page 2
September 9, 2024
Forward Looking Statements
Statements contained in this press release that are not historical facts are forward-looking
statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-
looking statements are based on management’s current intent, belief, expectations, estimates and
projections regarding our company and our industry. These statements are not guarantees of future
performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict
and may be beyond our control. The factors that could cause actual results to differ materially from those
projected in the forward-looking statements include, among others, (i) the risk factors set forth in the
Company’s SEC filings (including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K), (ii) the risks and hazards inherent in the shell egg business (including
disease, pests, weather conditions and potential for recall), including but not limited to the current
outbreak of highly pathogenic avian influenza affecting poultry in the U.S., Canada and other countries
that was first detected in commercial flocks in the U.S. in February 2022 and that first impacted our
flocks in December 2023, (iii) changes in the demand for and market prices of shell eggs and feed costs,
(iv) our ability to predict and meet demand for cage-free and other specialty eggs, (v) risks, changes or
obligations that could result from our recent or future acquisitions of new flocks or businesses and risks
or changes that may cause conditions to completing a pending acquisition not to be met, (vi) risks relating
to changes in inflation and interest rates, (vii) our ability to retain existing customers, acquire new
customers and grow our product mix, (viii) adverse results in pending litigation matters, and (ix) global
instability, including as a result of the war in Ukraine, the Israel-Hamas conflict and attacks on shipping
in the Red Sea. SEC filings may be obtained from the SEC or the Company’s website
,
www.calmainefoods.com. Readers are cautioned not to place undue reliance on forward-looking
statements because, while we believe the assumptions on which the forward-looking statements are based
are reasonable, there can be no assurance that these forward-looking statements will prove to be
accurate. Further, the forward-looking statements included herein are only made as of the respective
dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we
disclaim any intent or obligation to publicly update these forward-looking statements, whether as a
result of new information, future events or otherwise.
-END-