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FOR IMMEDIATE RELEASE

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

     ATCHISON, Kan., January 23, 2003 - MGP Ingredients, Inc. plans to report FY
2003  second  quarter  financial  results  following  the close of the market on
Monday, February 10, to be followed by an investor conference call at 10:00 a.m.
CT on Tuesday,  February 11.

     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  second quarter results.

     Interested  persons  may listen to the  conference  call via  telephone  by
dialing  (888)  417-2310  before  9:55  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, 2002 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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