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Golden Enterprises, Inc. and Utz Quality Foods, Inc. of Hanover, PA Announce that they Entered into a Definitive Merger Agreement

BIRMINGHAM, Ala. and HANOVER, Pa., July 19, 2016 /PRNewswire/ -- Golden Enterprises, Inc. (the "Company") (NASDAQ: GLDC) and Utz Quality Foods, Inc. of Hanover, PA ("Utz") announced that they entered into a definitive merger agreement on July 18, 2016, pursuant to which Utz will acquire the Company and Company stockholders will receive $12.00 per share in cash. This price represents a premium of approximately 71 percent over the Company's 30-day average closing trading price of $7.00.

"After conducting a review of strategic alternatives by a Special Committee consisting of independent members of the Company's Board of Directors, we believe that this is an excellent transaction for our stockholders, our customers and our employees," said Mark McCutcheon, Chief Executive Officer of the Company. "This merger will allow the Golden Flake brand to continue to grow in our core southeastern markets, while expanding the product selections for our consumers. Utz is a very community oriented company and we look forward to the future that Utz and Golden Flake will create together."

Utz Quality Foods, Inc. is a privately held snack food company, founded in 1921 by William and Salie Utz. They began making potato chips out of their home in Hanover, in much the same way Frank Mosher, Mose Lischkoff and Helen Freidman began Golden Flake in 1923. The Bashinsky family...