MGP Ingredients (MGPI) Approves $3.5M Buyback Plan

MGP Ingredients (NASDAQ: MGPI) announced that on February 27, 2015, the Board of Directors of the Company authorized the purchase of up to $3,500,000 market value of the Company's common stock. Pursuant to the authorization, the Company is permitted to purchase its shares from time to time on the open market or in privately negotiated transactions.

Any repurchased shares will be held in treasury and may be used by the Company for general corporate purposes including stock-based employee benefit plans. The timing and the amount of any repurchases of common stock will be determined by the Company's management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time and will expire March 1, 2016.

Karen Seaberg, Chairperson of the Board of Directors, said "The Board of Directors and our management team have a strong conviction in our long-term growth prospects and our ability to generate profits and cash flow. We believe that stock repurchases demonstrate our commitment to building stockholder value as well as confidence in achieving our long-term growth plans."

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