AgriBioTech Inc. management increases ownership in the company.LAS VEGAS--(BUSINESS WIRE)--May 16, 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 Johnny R. Thomas purchased 180,000 shares at $3.00 per share; John C. Francis Francis, French prince, duke of Alençon and Anjou Francis, 1554–84, French prince, duke of Alençon and Anjou; youngest son of King Henry II of France and Catherine de' Medici. , vice president, purchased 40,000 shares at $3.00 per share; Scott J. Loomis, vice president, purchased 20,000 shares at $3.00 per share; an unaffiliated third party purchased 100,000 shares at $3.00 per share; and an employee purchased 20,000 shares at $3.00 per share, all through the exercise of stock options. The above purchases were effected through Thomas', Francis' and Loomis' exercise of certain of their employee options exercisable at $3.00 per share through June 30, 2005. Kathy Gillespie, vice president, transferred 100,000 of her options exercisable at $2.00 per share through June 30, 2005, to an unaffiliated third party, for immediate exercise, which completed the transaction previously announced. Gillespie received $1.00 per option from the parties exercising the options Exercising the option The act of buying or selling the underlying asset via the option contract. ; therefore the parties paid $3.00 per share. Loomis made 100,000 of his options exercisable through June 30, 2005, available for immediate exercise at $3.00 per share to AgriBioTech, with no compensation to Loomis. Eighty thousand of said options were exercised by Thomas and 20,000 were exercised by an 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 employee. All 360,000 options were exercised early in order to facilitate the company's acquisition plans. The $980,000 in cash received by the company, coupled with the $733,000 announced in March and April through other early exercise of options by management, is being used along with debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay to facilitate acquisitions. Additional early exercise of options is probable as part of management's commitment and plan to fund acquisitions without issuing new shares. 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 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. AgriBioTech is a fully integrated, full-service seed company specializing in the forage- and turf-seed sector, complete with research and development of proprietary seed varieties, seed- processing plants, and a national distribution and sales network. The company has completed 11 acquisitions since Jan. 1, 1995, and is now the fourth-largest forage-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. . CONTACT: AgriBioTech, 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. John C. Francis, 702/798-1969 |
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