AgriBioTech Inc. on Target in Every Respect.LAS VEGAS--(BUSINESS WIRE)--Aug. 26, 1998--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 , chairman and chief executive officer of AgriBioTech Inc. (Nasdaq:ABTX), Wednesday Wednesday: see week. announced that the company is continuing to increase 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. and cool-season turfgrass leading market position, germplasm Germplasm is a term used to describe a collection of genetic resources for an organism. For plants, the germplasm may be stored as a seed collection or, for trees, in a nursery. base, world class management team and to obtain biotechnology access as planned. Management can only attribute (1) In relational database management, a field within a record. (2) In object technology, a single element of data. See instance attribute and static attribute. recent declines in the company's common stock price to lies placed on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the by short sellers, with no basis in fact. An overview of facts concerning the company's business plan is as follows. -- No Restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of Financials: There will not be a restatement of any of the company's financial statements. -- Securities and Exchange Commission Review: The company underwent a full review by the SEC, with particular emphasis on accounting issues (March 10, 1998 - Aug. 14, 1998). The company registration statements were declared effective on Aug. 14, 1998. Any amendments to prior SEC filings by the companydid not result in any restatement or any change in sales, earnings, assets or equity previously reported by the company. There is no more further review. -- Fourth Quarter and Fiscal 1999 Performance: As reported (Aug. 19) by the company and analysts covering the company, the company will recognize revenues, assets, equity and earnings of acquisitions "at closing" as opposed to "effective dates" commencing April 1, 1998. This change was made three months earlier then planned in order to have an effective registration statement by Aug. 14. However, the company's 10-K will show results with both effective and closing date income recognition to allow shareholders to compare performance with expectations. Fiscal 1999 projections previously announced by analysts have not been changed since the company was planning to recognize acquisitions at closing effective July July: see month. 1, 1998. -- Pending Announced Acquisitions: The company has closed 14 acquisitions since Jan. 1 and only one announced pending acquisition remains to be closed (Oseco Inc.). This acquisition is expected to close within two weeks. -- Future Acquisitions: The company continues to successfully negotiate for new acquisitions to enhance market share and germplasm. Thomas expects, "the company's 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. revenue run rate to reach the $500 million target by Dec. 31, 1998, two years ahead of schedule." -- Shelf Registration Statements: The company's effective registration statement provides management flexible access to capital when needed to effectively implement the company's business plan. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Thomas, "all shareholders who embrace management's plans to 'build franchise value' should eagerly anticipate additional capital formation, since management will only access capital when business opportunities exceed the cost of capital." -- Continued Growth vs. No Growth: The company is at a unique stage of development. There are no acquisition candidates which must be acquired to accomplish company objectives; however, there are acquisition candidates which if acquired would increase shareholder value more than the cost of capital. -- Biotechnology Access: The company continues to advance several very important negotiations toward a successful conclusion. -- Conference Call: Thomas will host a conference call at 10 a.m. Eastern, on Aug. 26, 1998 to answer any questions. Shareholders may call in on 800/230-1092. The call will be available on replay by calling 800/475-6701, access code No. 403509. -- Web Site Changes: The company has deleted Deleted A security that is no longer included on a specified market. Sometimes referred to as "delisted". Notes: Reasons for delisting include violating regulations, failing to meet financial specifications set out by the stock exchange and going bankrupt. analyst reports and chairman's updates from its Web site as a direct result of the SEC registration process. According to Thomas, "it is unfortunate that management is unable to provide more complete information on the company to shareholders." AgriBioTech is a fugrass 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 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 acquisition of Oseco. The statements discussed in this news release inclresults and other risks detailed from time to time in the company's SEC reports.
CONTACT: AgriBioTech Inc., Henderson, Nev.
John Francis, 702/566-2440
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