AgriBioTech Inc. Has Completed the Acquisition of Las Vegas Fertilizer Co. Inc.LAS VEGAS--(BUSINESS WIRE)--May 11, 1998--Dr. Johnny R. Thomas, chief executive officer of AgriBioTech Inc. (Nasdaq/NM:ABTX), Monday announced that the company has completed the acquisition of Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. Fertilizer fertilizer, organic or inorganic material containing one or more of the nutrients—mainly nitrogen, phosphorus, and potassium, and other essential elements required for plant growth. Co. Inc. (LVF LVF Loyalist Volunteer Force LVF Left Ventricular Function LVF Left Ventricular Failure LVF Linear Variable Filter LVF Libertarian Victory Fund (political fundraising group) LVF Lavatory Vent Fan LVF Line Voltage Fluctuation ), with annual revenues of approximately $16 million. AgriBioTech purchased LVF for approximately $5.0 million in cash and 295,000 shares of AgriBioTech common stock with an aggregate value of $5.0 million based on prices at the time terms were agreed to. In addition, AgriBioTech agreed to acquire approximately $2.4 million of property, plant and equipment of LVF not originally anticipated to be acquired, for $0.5 million in cash and the balance payable to the former owners of LVF over seven years with interest at prime plus one-half percent. LVF specializes in the distribution of turfgrass seed and ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. products to golf courses and lawn and garden products to home improvement centers, mass merchants and independent nurseries in Nevada, California, Utah, Idaho and Wyoming. This acquisition will increase the company's access to golf courses and will give the company experienced management in lawn and garden products which may be expanded to other distribution territories of the company. Paul and George Jaramillo, the former owners of LVF, signed long-term employment contracts with AgriBioTech. The company and Willamette Seed Co. have mutually agreed to delay completion of the Willamette acquisition until early to mid-June, pending completion of environmental reports. Consequently, the effective date of purchase will become April 1, 1998, instead of March 1, 1998. The company is now in a position to close out its third-fiscal- quarter books. Third-fiscal-quarter results will be released May 14, 1998, at approximately 2:45 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . A news conference will be held by Thomas at 4:10 p.m. EDT. AgriBioTech is a fully 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 seed sector, complete with research and development of proprietary seed varieties, seed processing plants, and a national and international distribution and sales network. The company has completed 23 acquisitions since Jan. 1, 1995, and is the largest forage and cool-season turfgrass seed company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with a current level of 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. net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of approximately $426 million, including the previously announced pending acquisitions of Willamette Seed Co.; Peterson Seed Co. Inc.; Geo. W. Hill & Co. Inc.; Fine Lawn Research Inc.; Geo. W. Hill of Indiana Inc.; J&M Seed Co.; and Oseco Inc. -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 historical 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 Securities and Exchange Commission reports. CONTACT: AgriBioTech Inc., Las Vegas John C. Francis, 702/798-1969 |
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