Exhibit 99.1
                                                                    ------------

                    Pierre Foods Completes MBO Share Exchange

                  CINCINNATI, OHIO (July 26, 2002) -- Pierre Foods, Inc. (OTCBB:
FOOD.OB) announced today that it completed its share exchange with PF
Management, Inc., resulting in a management buyout of Pierre Foods. As a result
of the share exchange, each shareholder of Pierre Foods, other than PF
Management, is entitled to receive $2.50 in cash per share of Pierre Foods
common stock they owned immediately before the share exchange and Pierre Foods
becomes a wholly-owned subsidiary of PF Management.

                  Pierre Foods owns and operates food processing facilities in
Cincinnati, Ohio and Claremont, North Carolina. The company is a leading
manufacturer of fully cooked branded and private-label protein and bakery
products and is believed to be the largest integrated producer of microwaveable
sandwiches. The company provides specialty beef, poultry and pork products
formed and portioned to meet specific customer requirements. It sells primarily
to the foodservice market and serves leading national restaurant chains, a
majority of primary and secondary schools, vending, convenience stores and other
niche markets.

                  Certain statements made in this press release are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve risks and
uncertainties that may cause actual events and results to differ materially from
expected events and results. As detailed in the company's periodic SEC reports,
with respect to Pierre Foods these risks and uncertainties include, among
others: the company's substantial leverage and insufficient cash flow from
operations; restrictions imposed by the company's debt instruments; factors
inhibiting a hostile takeover of the company; the stock available for sale and a
limited secondary market for the stock; stock price volatility and the absence
of dividends; competition; government regulation; general risks of the food
industry; adverse changes in food costs and availability of supplies; dependence
on key personnel; and potential labor disruption. In view of these
considerations, investors should not place undue reliance on the predictive
value of the forward-looking statements made in this press release.


CONTACT:

Pamela M. Witters, Chief Financial Officer, (513) 874-8741