Today, Golden Oval Eggs of Renville, Minnesota and Canadian Inovatech of Abbotsford, British Columbia announced their strategic alliance with the formation of a joint venture: Inovatech USA.

Inovatech USA will manufacture and distribute a full line of egg products for its global markets at its new facility in Thompson, Iowa, home of Golden Oval’s state-of-the-art in-line production and processing operations. With construction already underway, the venture is scheduled to be in production by June, 2002, and will be supplied from the egg production already in place in Golden Oval’s complex.

Commenting for Inovatech, President and CEO J. Hugh Wiebe said, “We are excited about this joint venture with Golden Oval. It is a very complementary partnership. Golden Oval is one of the best run and most efficient shell egg and raw liquid egg producers in the world. We will be coupling those strengths with our expertise in R&D, manufacturing, marketing and value-added specialty egg products. Our partnership with Golden Oval will allow us to broaden our focus giving us the supply to better service our customers needs around the world. It will also complement our Canadian operations, which will continue to expand.”

Chief Executive Officer for Golden Oval, Dana Persson stated, “This joint venture is truly a global opportunity for Golden Oval Eggs and our farmer-owners. Canadian Inovatech’s considerable investment and success in research and development of new specialty egg products along with a strong technical service approach allows us to directly reach the food ingredients market and therefore add more value to our eggs. By starting with day old pullets and in-line breaking, and now concluding with a full line of egg product ingredients ready for use in our customer’s manufacturing facilities, enormous efficiencies will be created. We will also gain entry into international markets with greater opportunities in supplying global food companies.”

About Canadian Inovatech
Canadian Inovatech has established the global egg product brands of Emulsa™, Ova Easy™, Centrova™, Centromay™, and InovapureTM. Its Functional Ingredients business unit markets fresh, frozen, and dried egg products, as well as convenient liquid concentrates and specialty yolk formulations.

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Canadian Inovatech is the successor to a combination of family businesses founded in the late 1950s that operated primarily in the Canadian egg processing business. It has since evolved into an international company employing the latest in technology, research and development to produce and market food, nutritional and nutraceutical ingredients and finished products. In addition to its egg business, Inovatech has dairy-based nutritional products and biologically active proteins, which are marketed worldwide. It has locations in three Canadian provinces and in the USA, Mexico, Argentina, Austria, the Netherlands and the United Kingdom.

About Golden Oval
Established in 1994, Golden Oval Eggs, a division of Midwest Investors, Inc., is an agricultural cooperative owned by 700 farmer-shareholders committed to assuring the future of the family farm. Initially producing raw egg products at its in-line production facility in Renville, Minnesota, Golden Oval Eggs expanded operations in August 2000 by building a new layer and egg processing complex in Thompson, Iowa.

In-line egg production and state-of-the-art processing facilities and equipment make Golden Oval one of the world’s most modern and automated food companies. The process of quality assurance, utilizing single-source genetics, controlled feed sources and milling, strict biosecurity, a computerized management system that controls and monitors flock comfort and production plus frequent health inspections by veterinarians, ensures that all of Golden Oval’s egg products attain the highest standards. Golden Oval is committed to producing food in a safe and humane manner while protecting the environment and is proud of the significant number of initiatives taken in this area.