AgriBioTech Inc. Has Completed the Acquisitions of Geo. W. Hill & Co., Kentucky; Geo. W. Hill of Indiana Inc.; and Fine Lawn Research Inc.LAS VEGAS--(BUSINESS WIRE)--July 14, 1998--Dr. Johnny R. Thomas, chief executive officer of AgriBioTech Inc. (Nasdaq/NMS:ABTX), Tuesday announced that the company has completed the acquisitions of Geo. W. Hill & Co. Inc. ("Hill Kentucky"), Geo. W. Hill of Indiana Inc. ("Hill Indiana") and Fine Lawn Research Inc. ("Fine Lawn") with combined annual revenues of approximately $25 million. AgriBioTech purchased all three companies for approximately $11 million in cash and 10,000 shares of AgriBioTech common stock with an aggregate value of $248,000 based on prices at the time terms were agreed to. Hill Kentucky and Hill Indiana specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in turfgrass distribution in the Midwest. They also sell 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. and chemicals to golf courses and other turf professionals. The four key owners have signed employment agreements with AgriBioTech. The company's acquisition of Hill Kentucky and Hill Indiana will significantly strengthen AgriBioTech's Midwest distribution base. Fine Lawn is a leadingproduction company, managing significant acres of proprietary turf seed production in Oregon. Fine Lawn also owns several proprietary turf varieties that exhibit outstanding performance. This acquisition will complement AgriBioTech's existing germplasm base. 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 28 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 $425 million, including the previously announced pending acquisitions of Willamette Seed Co., J&M Seed Co., and Oseco Inc. The statements discussed in this news release include 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. 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, 702/566-2440
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