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Microcap & Penny Stocks : ABTX - Agribiotech -- Ignore unavailable to you. Want to Upgrade?

To: sherine elgohary who wrote (4486)	8/25/1998 12:41:00 PM
From: The Ox	Read Replies (1) \| Respond to of 8359

AgriBioTech Inc. Completes Acquisition of Willamette Seed Co LAS VEGAS--(BUSINESS WIRE)--Aug. 25, 1998--Dr. Johnny R. Thomas, chief executive officer of AgriBioTech Inc. (NASDAQ National Market: ABTX), Tuesday announced that the company has completed the acquisition of Willamette Seed Co. (Willamette), with annual revenues of approximately $40 million, which will be consolidated into the company's operations as of closing. AgriBioTech purchased Willamette for approximately $10.2 million in cash and $1.0 million in deferred payments. In addition, the former owners of Willamette retained certain non-operating assets. Willamette is a strong production turfgrass seed company which markets to wholesale distributors in the United States and internationally. Willamette also provides fertilizers to primarily Oregon farmers, who grow turfgrass seed under contract. The seed and fertilization base of Willamette will be complementary to AgriBioTech's existing turfgrass operations. Tom Burns, a former owner and manager, has agreed to a 3-year employment agreement. AgriBioTech is a fully integrated full-service seed company specializing in the forage and turfgrass seed sector, complete with research and development of proprietary seed varieties, seed processing plants, and a national and international distribution and sales network. The company has completed 30 acquisitions since Jan. 1, 1995, and is the largest forage and cool-season turfgrass seed company in the United States, with a current level of annualized net sales of approximately $425 million, including the previously announced pending acquisition of Oseco Inc. The statements discussed in this news release include forward-looking statements that involve a number of risks and uncertainties. These include the company's historical lack of profitability, need to manage its growth, intense competition in the seed industry, seasonality of quarterly results, and other risks detailed from time to time in the company's SEC reports. --30--TJJ/la* DB/la CONTACT: AgriBioTech Inc., Henderson, Nev. John Francis, 702/566-2440 702/566-2450 (fax) www.agribiotech.com