Press Releases

Dr. Johnny R. Thomas, CEO of AgriBioTech, Inc., announced today that the Company has completed the acquisition of Las Vegas Fertilizer Co., Inc. ("LVF") with annual revenues of approximately $16 million. AgriBioTech purchased LVF for approximately $5.0 million in cash and 295,000 shares of AgriBioTech common stock with aggregate value of $5.0 million based on prices at the time terms were agreed to. In addition, AgriBioTech agreed to acquire approximately $2.4 million of property, plant and equipment of LVF not originally anticipated to be acquired, for $0.5 million in cash and the balance payable to the former owners of LVF over 7 years with interest at prime plus one-half percent.

LVF specializes in the distribution of turfgrass seed and ancillary products to golf courses, and lawn and garden products to home improvement centers, mass merchants and independent nurseries in Nevada, California, Utah, Idaho and Wyoming. this acquisition will increase the Company's access to golf courses and will give the Company experienced management in lawn and garden products which may be expanded to other distribution territories of the Company. Paul and George Jaramillo, the former owners of LVF, signed long-term employment contracts with AgriBioTech.

The Company and Willamette Seed Company have mutually agreed to delay completion of the Willamette acquisition until early to mid-June pending completion of environmental reports. Consequently, the effective date of purchase will become April 1, 1998 instead of March 1, 1998.

AgriBioTech is now in a position to close its third fiscal quarter books. Third fiscal quarter results will be released May 14, 1998 at approximately 2:45 p.m. EDT. A press conference will be held by CEO Johnny Thomas at 4:10 p.m. EDT.

Contact:
John C. Francis
Vice President
(702) 798 1969

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