AgriBioTech Inc. Announces $250,000 Offer for One Million Shares by New World Liquidity Fund and Adopts a Neutral Position.Business Editors HENDERSON, Nev.--(BUSINESS WIRE)--March 24, 2000 AgriBioTech Inc. ("ABT ABT About ABT Abteilung (German: Department) ABT Abbott Laboratories (stock symbol) ABT American Ballet Theatre ABT Associação Brasileira de Telemarketing ABT Abort ABT Availability Based Tariff " or the "Company") (Nasdaq:ABTXQ) today announced that its outstanding shares of common stock are the subject of a "mini-tender offer mini-tender offer An offer to purchase less than 5% of a company's stock. Investors are at greater danger in a mini-tender offer because it is not subject to many of the SEC disclosure and procedural protections that apply to traditional tender offers. " by New World Liquidity Fund. The offer, directed at the Company's shareholders, is for the purchase of up to 1 million shares of the outstanding common stock of ABT at $.25 per share. Offers of this type are sometimes referred to as "mini-tenders" because the offeror seeks to purchase less than 5% of the outstanding stock of the target company. "We express no opinion regarding the New World offer, and we are remaining neutral with respect to the offer," said William A. Brandt, who is the court-appointed responsible person for the Company. In addition, Development Specialists Inc. (of which Brandt is a principal) serves as the court-approved reorganization consultant to ABT. "The rights of holders of the Company's common stock remain subject to, and are expected to be determined by, the Company's Chapter 11 bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party . At the present time, it remains uncertain, and probably doubtful, whether the proceeds of the Company's liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy will generate any distribution to the Company's stockholders," stated Brandt. The Company filed for Chapter 11 bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most protection on Jan. 25, 2000. For further information regarding the Company's bankruptcy case, interested persons may turn to the Company's Web site at www.agribiotech.com. About AgriBioTech AgriBioTech Inc. is a vertically integrated, full-service seed company specializing in the forage forage Vegetable food, including corn and hay, of wild or domestic animals. Harvested, processed, and stored forage is called silage. Forage should be harvested in early maturity to avoid a decrease in protein and fibre content as crops mature. and turfgrass sector, complete with research and development of proprietary seed varieties, seed processing plants, and a national and international distribution and sales network. The foregoing information may contain 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. . All such statements are subject to the risks and uncertainties of forward-looking statements, including but not limited to the factors detailed in the Company's Securities and Exchange Commission filings. |
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