Press Releases

Dr. Johnny R. Thomas, CEO of AgriBioTech, Inc. (NASDAQ National Market: ABTX), announced today that the Company has successfully completed and received aggregate proceeds of approximately $9.5 million from private placements of its Common Stock since the prior private placements of $30.5 million disclosed in a press release dated April 1, 1998, for a total of $40 million. The Company originally contemplated raising up to $50 million in equity financings. Accordingly, it is possible the Company may accept up to $10 million in additional equity in addition to the debt financing discussed below.

The Company sold an aggregate of 667,200 shares of unregistered AgriBioTech Common Stock at $13.75 per share, plus 241,600 Warrants, sold at $1.50 per Warrant, and exercisable at $17.50 per share. the stock has not been registered for resale under the securities laws. The purchasers of the Company's securities were a group of investors led by Brown Simpson Assed Management, L.L.C. The Company intends to use the proceeds of these private placements to close pending acquisitions in the immediate future.

Management of the Company has determined to pursue a high yield debt offering of at least $100million, the terms of which are being negotiated. The Company has also made substantial progress in the process of negotiating a long-term revolving line of credit substantially greater than its existing facilities. The Company believes both of these debt arrangements can be completed prior to its June 30, 1998 fiscal year end. The combination of these debt instruments should be adequate to fund ongoing operations and the completion of the Company's previously announced acquisitions and some future acquisitions currently under negotiation.

AgriBioTech is a fully integrated full service seed company specializing in the forage 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 22 acquisitions since January 1, 1995 and is the largest forage and cool season turfgrass seed company in the United States, with a current level of annualized net sales of approximately $426 million, including the above two acquisitions and the previously announced pending acquisitions of Las Vegas Fertilizers Co., Inc., Willamette Seed Company, Peterson Seed Company, Inc., Geo. W. Hill & Co., Inc., Fine Lawn Research, Inc. and Geo. W. Hill of Indiana, Inc.

Contact:
John C. Francis, Vice President
(702) 566 2440

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