Eggland's Best Eggs

EGGLAND’S BEST RECEIVES 1999 BLUE CHIP ENTERPRISE INITIATIVE® AWARD

Company Recognized for its Grit in Overcoming Obstacles

KING OF PRUSSIA, PA, April 30, 1999—Eggland’s Best, Inc., developer of nutritionally superior patented* real eggs available in supermarkets around the country, received the 1999 Blue Chip Enterprise Initiative® Award. The award recognizes small businesses that have successfully emerged from adversity to become profitable, healthy enterprises.

The Blue Chip competition is sponsored annually by Massachusetts Mutual Life Insurance Co., the U.S. Chamber of Commerce and Nation’s Business magazine.

Eggland’s Best was recognized for its accomplishments in the face of regulatory obstacles when their product was introduced. As a result of these difficulties, the company faced reorganization, but was able to recover with the support of Eggland’s Best board of directors and its creditors, who remain valued business partners to this day. The company’s franchisees who produce the nutritionally beneficial eggs were stalwart in their support of Eggland’s Best recovery plan.

Their efforts paid off as Eggland’s Best reported its 18th consecutive month of sales growth. First quarter sales for 1999 were up 24.2 percent. The company’s revenues have increased 90 percent since 1995 which is the equivalent of a compound annual rate of 30 percent.

Charles Lanktree, Eggland’s Best president and CEO, said, “Eggland’s Best was able to overcome a number of hurdles which threatened its survival. Everybody involved pulled together as a team. The Board of Directors, valued suppliers and our franchisees supported our efforts because of their strong belief in our nutritional superiority of our egg and their commitment to produce the best egg on the market.”

Mr. Lanktree noted that consumer acceptance of Eggland’s Best continues to grow in established markets and in those in which the product was recently introduced. “Sales increases are a clear indication that consumers in record numbers are eating Eggland’s Best eggs. In 1998 a record 300 million Eggland’s Best eggs were sold and we anticipate that number to grow as cholesterol-conscious consumers continue to include eggs in their diet as long as they are eaten in place of more fatty foods.