Penford Responds to Amended Schedule 13D Filing by SEACOR Holdings

Penford Corporation (Nasdaq: PENX), has noted the filing by SEACOR Holdings Inc. of an amendment to its Schedule 13D with respect to the Company on July 11, 2014 with the U.S. Securities and Exchange Commission. The filing indicates that SEACOR Holdings plans to nominate four candidates for election to the Company’s Board of Directors at the Company’s next annual meeting of shareholders, which is expected to take place in early 2015.

Assuming that it receives any SEACOR Holdings nominations, the Company expects to follow its established procedures for the review of candidates for election to its Board of Directors. Among other procedures, the Governance Committee of the Company’s Board of Directors will evaluate the qualifications and suitability of any nominees and make recommendations to the full Board.

The Company does not expect to have any further comment on this matter until appropriate reviews by its Governance Committee and Board of Directors have been completed.

About Penford Corporation

Penford Corporation develops, manufactures and markets specialty, natural-based ingredient systems for a variety of food and industrial products. Penford operates six manufacturing facilities and three research and development centers in the U.S.