Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: drakes353 who wrote (6865)	1/8/1999 11:37:00 AM
From: John Hensley	Read Replies (1) \| Respond to of 8359

News: Company Press Release AgriBioTech Inc. Funds $10 Million of Long-Term Convertible Debt in Second Closing HENDERSON, Nev.--(BUSINESS WIRE)--Jan. 8, 1999 - AgriBioTech, Inc. (Nasdaq NM:ABTX - news; 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. Contact: AgriBioTech Inc., Henderson, Nev. John Francis, 702/566-2440 Fax: 702/566-2450 www.agribiotech.com