BioTechnica International Inc. Holds Annual Meeting.PEORIA, Ill.--(BUSINESS WIRE)--Nov. 13, 1997--BioTechnica International Inc. (the "company") reported today the results of its annual meeting of shareholders. At the annual meeting, Messrs. Claude Agier, George R. Allbritten, Bruno Carette, Ralph W.F. Hardy, Serge serge 1 n. A twilled cloth of worsted or worsted and wool, often used for suits. [Middle English sarge, from Old French, from Vulgar Latin *s Lebreton, Claude Lescoffit, and Laurent Petoton were elected directors of the company. Also, KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen Peat Marwick was selected as auditors for the company for the year ended June 30, 1998. The company also announced today the results of its first quarter of Fiscal 1998. During the first quarter, the company recorded a net loss of $2,193,000. This compared to a net loss of $2,030,000 for the same period of the previous fiscal year. The company attributed most of the increase in loss to lower fall sales of wheat seeds in the current year compared to the prior year. In November 1997, the company sold a portion of the company's facility located in Mt. Pleasant, Iowa to an unrelated party for $250,000 cash. This will result in a loss of approximately $237,000 and followed a reevaluation of company assets that could be turned into cash without adversely impacting operations. The company would like to reiterate re·it·er·ate tr.v. re·it·er·at·ed, re·it·er·at·ing, re·it·er·ates To say or do again or repeatedly. See Synonyms at repeat. re·it its prior statements that, from time to time, the company's 94 percent parent, Limagrain Genetics genetics, scientific study of the mechanism of heredity. While Gregor Mendel first presented his findings on the statistical laws governing the transmission of certain traits from generation to generation in 1856, it was not until the discovery and detailed study of Corp. ("LG Corp."), evaluates its strategic alternatives with respect to its investment in the company. Such alternatives include, among other things, a possible cash-out merger of the minority shareholders of the company. Although the company and LG Corp. have had no substantive discussions regarding such a merger, LG Corp. has informed the company that it has begun preliminary internal discussions regarding the possibility of such a merger and that it may consider such a merger in the future. The company and its board of directors have discussed the possible legal structure of such a transaction among themselves and with representatives of LG Corp. As a part of these discussions, the company's board was informed that such a merger could be effected by LG Corp. without any action or approval by the company's board of directors or its stockholders. Because there can be no assurance whether or not LG Corp. will effect such a merger in the future, the company will not make any additional comments regarding the possibility of such a merger unless such a merger is approved by the board of directors of LG Corp. or other events occur that make an announcement appropriate. BioTechnica International Inc. is an agricultural products company dedicated principally to the production and marketing of proprietary hybrid corn, soybean soybean, soya bean, or soy pea, leguminous plant (Glycine max, G. soja, or Soja max) of the family Leguminosae (pulse family), native to tropical and warm temperate regions of Asia, where it has been , alfalfa alfalfa (ălfăl`fə) or lucern (l  sûn`), perennial leguminous plant (Medicago sativa , and other field seed products
throughout the Midwest Corn Belt Corn Belt, major agricultural region of the U.S. Midwest where corn acreage once exceeded that of any other crop. It is now commonly called the Feed Grains and Livestock Belt. region of 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: BioTechnica International Inc., Peoria Bruno Carette, 309/681-0300 |
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