Press Releases

Dr. Johnny R. Thomas, CEO of AgriBioTech, Inc., announced today that the Company has consummated a new revolving credit facility. The new credit facility provides for up to $100 million of borrowing capacity through January 2001 and replaces the existing credit facilities of the Company and its subsidiaries, which aggregated approximately $60 million. Dr. Thomas stated that "We are pleased with the vote of confidence we have received from the commercial banking market and this facilitates our options for future capital formation." Funds will be used for working capital and general corporate purposes. The credit facility is secured by substantially all of the assets of the Company and its subsidiaries other than fixed assets. The lender group is comprised of BankAmerica Business Credit, Inc. as agent, and Deutsche Financial Services Corporation as administrative agent.

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 24 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 $425 million, including the previously announced pending acquisitions of Willamette Seed Company, Geo. W. Hill & Co., Fine Lawn Research, Inc., Inc., Geo. W. Hill of Indiana, Inc., J&M Seed Company, and Oseco, Inc.

The statements discussed in this press release include forward looking statements that involve a number of risks and uncertainties. These include the Company's historical 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 SEC reports.

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