AgriBioTech Inc. Agrees to Acquire Lofts Seed Cos. With Annual Sales of Approximately $75 Million.LAS VEGAS--(BUSINESS WIRE)--Sept. 8, 1997--Dr. Johnny R. Thomas, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AgriBioTech Inc. (Nasdaq/NM:ABTX) Monday announced that AgriBioTech has agreed to acquire by merger Lofts Seed Inc. (including its operating division Great Western) and its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , Sunbelt Seed and Budd Seed (collectively "Lofts"), one of the nation's premier turfgrass seed companies, with combined annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of approximately $75 million. Terms of the proposed acquisition were not disclosed by the parties. Closing of the acquisition is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and the negotiation of a definitive purchase agreement. Closing is expected to occur early in 1998. While AgriBioTech's management expects to successfully close this transaction since all significant terms have been negotiated, there can be no assurance the transaction will close. Ken Budd, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Lofts, has agreed to continue to manage Lofts under a long-term employment agreement. Richard Budd, CEO of Lofts, has agreed to serve on the AgriBioTech board of directors upon the completion of the acquisition. The Budd family will become significant shareholders of AgriBioTech at closing. Lofts management team has a proven track record in mergers and acquisitions, growth of companies and increasing profitability. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Thomas: "In addition to a strong, profitable revenue base, this acquisition will dramatically enhance AgriBioTech's turfgrass germplasm base. The combined research programs of Lofts, and previously acquired E.F. Bulingham & Sons and Olsen-Fennell Seeds, will unquestionably un·ques·tion·a·ble adj. Beyond question or doubt. See Synonyms at authentic. un·ques  tion·a·bil make AgriBioTech the industry
leader in turfgrass germplasm.
"AgriBioTech expects to continue to strengthen its germplasm base through a combination of acquisitions and internal research and development." 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 worldwide distribution and sales network. The company has completed 14 acquisitions since Jan. 1, 1995, and is the largest forage and turfgrass seed company in the United States, with pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma revenues of approximately $230 million, including Lofts and a previously announced and pending acquisition with approximately $10 million of revenues. -0- The statements discussed in this news release include forward-looking statements that involve a number of risks and uncertainties. These include the company's long-term 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. CONTACT: AgriBioTech Inc., Las Vegas John C. Francis, 702/798-1969 |
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