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FOR IMMEDIATE RELEASE

               MGP INGREDIENTS, INC. SCHEDULES FIRST QUARTER 2003
                     FINANCIAL RELEASE DATE, CONFERENCE CALL

     ATCHISON,  Kan.,  October 16, 2002 - MGP  Ingredients,  Inc. will report FY
2003  first  quarter  financial  results  prior to the  opening of the market on
Tuesday, November 12, to be followed by an investor conference call at 9:00 a.m.
CT that day.

     Participating  in the conference  call will be Ladd Seaberg,  President and
Chief   Executive   Officer;   Steve   Pickman,   Vice  President  of  Corporate
Communications; Brian T. Cahill, Vice President and Chief Financial Officer; and
Mike  Trautschold,  Executive Vice  President of Marketing and Sales.  They will
review the company's first quarter results.

     Interested  persons  may listen to the  conference  call via  telephone  by
dialing  (888)  417-2310  before  8:55  a.m.,  or access it on the  Internet  at
www.mgpingredients.com.

     Formerly known as Midwest Grain Products, Inc., the company was renamed MGP
Ingredients,  Inc.  on Oct.  10 to  reflect  a  greatly  increased  focus on the
development,  production  and  marketing of specialty  ingredients  derived from
natural sources. The company is a pioneer in producing and marketing value-added
proteins and starches  derived  primarily from wheat.  In addition,  the company
produces  natural  food-grade  alcohol for use in beverage,  food and industrial
applications, and fuel grade alcohol, commonly known as ethanol.

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