Cham Foods (Israel) Ltd, a manufacturer of powdered eggs and ingredients for the food industry, signed through its US subsidiary Primera Foods a Letter of Intent with Golden Oval Eggs from Minnesota. Michael Shevy, president and CEO of Cham Foods, told that previous reports in the press “misinterpreted our statement to the Tel Aviv Stock Exchange,” which states that Cham plans to merge with Golden Oval Eggs, “as the Letter of Intent signed with Golden Oval Eggs does not bind any side, except that the signatories to the Letter cannot conduct with other parties until 31 March, 2003 any negotiations aimed at either merging or acquisition.”