Research Triangle Park, NC/–- Source Food Technology Inc. (SFTI) today announced the formation of a joint venture with Hormel Foods Corporation to develop and market Omega-3 fish oils and unique combination products based on SFTI’s proprietary oil purification technology. The transaction involves the purchase of certain assets of SFTI and the contribution of intellectual property rights, including patents to the joint venture. The new entity is called Hormel Health Technology LLC.

"We are very excited about our alliance with such an icon company. Hormel Health Technology provides a vehicle to leverage Hormel’s food applications expertise and its purchasing, sales, marketing and logistics systems,” said Source Food Technology Chairman and Chief Executive Officer Hank Cardello. He added, "We envision Hormel Health Technology becoming the preeminent supplier of the most stable, highest quality Omega-3s for incorporation into foods and beverages.”

“Our partnership with Source Food further strengthens the portfolio within our Specialty Ingredients business segment,” said Paul Jacobson, director, Hormel Foods Specialty Products. “Omega-3s are on-trend with today’s health-conscious consumer and we are excited about the growth opportunity within this category. We believe that we will now be able to offer superior Omega-3s for food and beverage applications,” Jacobson stated.

From the June 18, 2007, Prepared Foods e-Flash