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

To: Joel Karlinsky who wrote (6855)	1/8/1999 9:53:00 AM
From: Anaxagoras	Read Replies (2) \| Respond to of 8359

Just remember you read it here first... Anaxagoras ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ (BSNS WIRE) AgriBioTech Inc. Funds $10 Million of Long-Term Convertible AgriBioTech Inc. Funds $10 Million of Long-Term Convertible Debt in Second Closing Business Editors HENDERSON, Nev.--(BUSINESS WIRE)--Jan. 8, 1999 - AgriBioTech, Inc. (Nasdaq NM:ABTX) (ABT) Friday announced that the company has received $10 million from the second closing of a long-term convertible debt financing at a fixed conversion price. The proceeds from the long-term debt will be used for short-term debt retirement, working capital and pending acquisitions. The long-term debt will lower the company's interest cost. Additional details on the funding will be made available upon completion of the offering. According to Dr. Thomas: "The prudent use of equity and long-term debt to repay short-term debt, fund pending acquisitions, and provide working capital has been part of management's plan for capital formation since the filing of registration statements in March 1998. "Debt and equity placements are part of the company's normal financing activities. The company is proceeding on schedule with the previously announced strategic alternative process." In a news release dated Jan. 4, 1999, the company discussed the breakdown in negotiations for the alfalfa business unit and the international sorghum business unit of AgriPro Seeds Inc., a subsidiary of Helena Chemical Co. (Helena). Although the company has not been served, it has been provided with a copy of a lawsuit filed by Helena related to this proposed acquisition. The company believes the lawsuit is without merit and it will be defended vigorously. According to Thomas, "The company continues to maintain forage and turfgrass seed industry leadership in germplasm, market share, personnel and biotechnology, with or without the acquisition." 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 33 acquisitions since Jan. 1, 1995, and is the largest forage and cool-season turfgrass seed company in the world, with a current level of annualized net sales of approximately $455 million, including the previously announced pending acquisitions of Moore Seed Processors and Production Plus+, which have annualized net sales aggregating approximately $15 million. The statements discussed in this news release include forward-looking statements that involve a number of risks and uncertainties. These include AgriBioTech's historical lack of profitability, need to manage its growth, intense competition in the seed industry, seasonality of quarterly results, weather conditions, volatile stock price and other risks detailed from time to time in the company's SEC reports.