AgriBioTech Inc. Increases Equity By Approximately $26.4 Million.LAS VEGAS--(BUSINESS WIRE)--Dec. 23, 1997--Dr. Johnny R. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs , chief executive officer of AgriBioTech Inc. (Nasdaq NM:ABTX) announced that the State of Wisconsin Investment Board purchased 1.5 million shares of AgriBioTech Inc. common stock at $12 per share, which price is reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of the price of the company's common stock during the period of negotiating the agreement. In addition, since Oct. 1, 1997, 1,168,909 Class C Warrants were exercised at $7.50 per share, 1,135,722 by unaffiliated parties, and 33,187 by Scott J. Loomis, vice president. This makes a total of $17,593,657.50 the company has received from the early exercise of Class C Warrants since Jan. 1, 1997. The company anticipates the remaining 154,179 Class C Warrants will be exercised prior to their expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. in January 1998 by their current holders or stand-by purchasers. The following table shows certain financial information for the company as of Sept. 30, 1997, and as adjusted to reflect the above transactions as if they had occurred on Sept. 30, 1997.
Sept. 30, 1997
Actual As Adjusted
Total Assets $103,259,012 119,462,452
Short-Term Debt 10,188,378 --
Total Stockholders' Equity 53,827,747 80,219,565
Shares of Common Stock
Outstanding 25,578,422 28,247,331
The company has also reached agreement for a $10 million short-term financing arrangement with Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. . This facility will be repayable by March 31, 1998. The proceeds from the issuances of common stock and the bank financing will be used by the company to close its previously announced acquisitions of Lofts Seed Inc., Seed Corporation of America and Discount Farm Center Inc., and their related entities, as well as to facilitate the company continuing its acquisition program. 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 15 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 $280 million, including the pending acquisitions of Lofts Seed Inc., Seed Corporation of America and Discount Farm Center 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. John C. Francis, 702/798-1969 |
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