AgriBioTech Inc. Announces Tentative Agreement for Sale of Forage Assets.Business Editors HENDERSON, Nev.--(BUSINESS WIRE)--June 7, 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") today announced that it has reached an agreement in principle to sell substantially all of the assets relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc its 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. business unit for an estimated $16 million of cash, subject to adjustment at closing. As part of the transaction, the purchaser is expected to assume the company's obligations under certain amended production contracts with its growers and other contracts. This sale, along with the disposition of the other forage related assets retained by the company, is expected to create a value of approximately $30 million. The purchased assets include real property, inventory and intangibles, including plant varieties and supply agreements. The purchaser is Research Seeds Inc Seeds was a Japan-based independent video game development company. It was founded on August 1,2006 by Shinji Mikami, Atsushi Inaba and Hideki Kamiya, the former key members of Capcom's Clover Studio and still retains many other former members of the studio. ., a recognized worldwide leader in the development, production and marketing of proprietary forage, turf seed and microbial microbial pertaining to or emanating from a microbe. microbial digestion the breakdown of organic material, especially feedstuffs, by microbial organisms. products. Completion of the transaction is subject to U.S. bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. and other governmental approvals, completion of a business and legal 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. review by the purchaser, agreement on definitive documents and the absence of any material adverse change in the purchased assets. ABT is a seed company specializing in the forage and turfgrass sector. The transaction is the latest in a series of liquidating sales undertaken as part of the company's continuing 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 . ABT has been subject to federal bankruptcy court supervision since January 25, 2000. For further information regarding AgriBioTech's bankruptcy case, see the www.agribiotech.com Web site and/or the SEC's Web site (www.sec.gov) filings for the latest 10-Q. The foregoing information may include forward-looking statements. Such statements include, but are not limited to, statements regarding the likelihood that currently contemplated asset sale transactions will be completed or the amounts likely to be realized in future sale transactions. Forward-looking statements are subject to various risks and uncertainties, including but are not limited to (a) the company's ability to enter into definitive documents reflecting the agreement in principle, (b) the risk that the agreed-upon asset sale may not be approved by the U.S. and Canadian bankruptcy courts or receive other required governmental approvals, (c) the possibility that any of various contingencies, including but not limited to purchaser's due diligence review, will not be satisfied, and (d) other factors as detailed from time to time in the company's SEC filings. |
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