[2] Planet Polymer Announces Agway Increases Holdings to 21 Percent.SAN DIEGO--(BUSINESS WIRE)--Nov. 8, 1999-- Planet Polymer Technologies Inc., (Nasdaq:POLY), a specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. company, today announced that Agway Inc. a $1.6 billion agribusiness agribusiness Agriculture operated by business; specifically, that part of a modern national economy devoted to the production, processing, and distribution of food and fibre products and byproducts. , has exercised a portion of their warrants and purchased an additional 500,000 shares of Planet Polymer's common stock. This increases Agway's holdings to a total of 1,500,000 shares or 21.8% of the company. In 1998, Agway's CPG CPG central pattern generators. Technologies division signed a licensing agreement with Planet Polymer to manufacture and distribute Planet Polymer's new polymer coated controlled release nitrogen for use in animal feed. Planet Polymer's President and Chief Executive Officer, Robert J. Petcavich, said, "Agway's new investment is an additional vote of confidence in Planet Polymer's team and technology. The funds will be used to aggressively promote our existing proprietary polymer products and create long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value for our shareholders." Dennis LaHood, president of Agway's Country Products Group, stated, "We are pleased to provide these additional funds to facilitate Planet Polymer's efforts in new product research and development. We continue to be excited about the opportunities Planet Polymer's technologies bring to the agricultural marketplace." Planet Polymer Technologies Inc. is a specialty chemical company that develops and licenses unique hydro-soluble polymer and biodegradable biodegradable /bio·de·grad·a·ble/ (-de-grad´ah-b'l) susceptible of degradation by biological processes, as by bacterial or other enzymatic action. bi·o·de·grad·a·ble adj. materials with broad applications in the fields of agriculture and industrial manufacturing. Agway Inc., is a 1.6 billion-dollar agricultural cooperative An Agricultural cooperative is a cooperative where farmers pool their resources in certain areas. There are two primary types of agricultural cooperatives:
Except for the historical information contained herein, this news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which involve risks and uncertainties, including the risk that the company and Agway Inc. will be unable to develop any future products, and that any such products may not be approved for sale by appropriate governmental agencies, risks related to market acceptance of products that are commercialized, and uncertainties with respect to the timely and amount (if any) of revenues to Planet from such products, as well as the other risks detailed from time to time in Planet's SEC reports including the report on Form 10-KSB for the year ended December, 1998. |
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