Dr. JT Resigns......Totally:
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AgriBioTech Inc. Announces Management Changes
BusinessWire, Tuesday, February 23, 1999 at 20:11
HENDERSON, Nev.--(BUSINESS WIRE)--Feb. 23, 1999--Following the
Feb. 22, 1999 annual shareholders meeting and a board meeting that
concluded Tuesday, AgriBioTech Inc. (Nasdaq NM:ABTX) ("ABT") Tuesday
announced a reorganization of senior management at the company.
As of Feb. 26, 1999, Richard Budd assumes the position of
chairman and chief executive officer (CEO) of the company; Kent
Schulze continues as president and chief operating officer.
In addition, the office of president has been created which
includes four co-presidents: Randy Ingram, co-president and chief
financial officer (CFO); Dr. Thomas B. Rice, co-president and director
of research; Kathy Gillespie, co-president, mergers, divestitures and
acquisitions; and a fourth co-president, currently open, that will be
filled by an individual with significant and successful turfgrass and
forage seed business operations experience.
Dr. Johnny R. Thomas, member of the founding management team and
former chairman and CEO, resigned as a member of the board and as an
executive officer of the company, effective Feb. 26, 1999.
Thomas noted: "The company's operational needs during the
integration and consolidation phase of ABT's development can best be
served through the leadership of the eight-member team which has been
selected and developed for that purpose. I remain an optimistic and
enthusiastic shareholder of the company."
Thomas has agreed to non-compete provisions and will be available
to the company as requested.
In his new role as chairman and CEO, Budd will focus his
efforts on capital formation, investor relations and board leadership,
including leading the effort to recruit and add four new additional,
outside board members that will lead to a new nine-member board with a
majority of outside members.
Budd's primary objective as chairman and CEO will be to work with
the senior management team to achieve and maintain company
profitability now that ABT is about to integrate its acquired
companies and operate a single business entity.
Schulze will have overall operational responsibility for the
company. In addition, he will lead the ABT integration effort. Doug
Fisher, vice president, general counsel, secretary and director of
business services, and Tony Blum, vice president, director of
communications, planning and development will continue to report to
Schulze.
The other members of the office of the president will work with
Schulze and be responsible for specific operational areas and
ABT-level functions, including strategic planning and implementation
and asset allocation.
Budd has been a member of the company's board of directors since
January 1998 when his company, Lofts Seed, was acquired by ABT. He is
CEO of The Budd Group, Winston-Salem, N.C. The Budd Group is a
diversified services company with contract cleaning, landscaping,
security and other interests.
In other news, ABT announced the re-election of six board members
and the passage of a proposal to amend the company's articles of
incorporation to increase the number of authorized shares of common
stock from 75 million to 100 million at the Feb. 22, 1999 annual
shareholders meeting. The six directors were re-elected with 94.8
percent or greater affirmative votes, and the proposal to increase the
authorized number of common stock shares passed with 92.5 percent of
the vote.
Budd, Schulze, Ingram and Rice will host a conference call at
8:30 a.m. ET Wednesday, Feb. 24, 1999, to answer questions regarding
the new management structure. Shareholders and interested parties may
hear a tape recording of the conference call by calling AT&T Executive
Conference Call services at 800/475-6701, using conference code No.
436594. The recording should be available within approximately two
hours or less of its completion.
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. AgriBioTech's vision is to lead the turf and forage
seed industry in discovering its value potential.
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, weather conditions,
volatile stock price and other risks detailed from time to time in the
company's Securities and Exchange Commission reports.
Actual results could differ materially.
CONTACT: AgriBioTech Inc., Henderson
Tony Blum, 702/566-2440
www.agribiotech.com
KEYWORD: NEVADA
INDUSTRY KEYWORD: FOODS/BEVERAGES MANAGEMENT CHANGES
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