Press Releases

Dr. Johnny R. Thomas, CEO of AgriBioTech, Inc., announced today that the Company has completed the acquisitions of Peterson Seed Company, Inc. ("Peterson") and W-D Seed Growers Idaho Inc. ("WD") with combined annual revenues of approximately $25 million. AgriBioTech purchased both companies for approximately $15 million in cash and 336,365 shares of AgriBioTech Common Stock with an aggregate value of $6.0 million based on prices at the time terms were agreed to.

Peterson specializes in alfalfa, other forages and turfgrass distribution in the East and Mid-West. They also have a seed coating plant and licenses to unique germplasm. All five owners, including Jerry Peterson, a long term industry leader, have signed employment agreements with AgriBioTech. The Company's acquisition of Peterson will significantly strengthen AgriBioTech's distribution base.

WD is a leading alfalfa and clover production company managing significant acres of proprietary alfalfa and proprietary clover seed production in the northwestern United States. WD has two seed cleaning and processing facilities located in Homedale, Idaho and Lovelock, Nevada. This acquisition will complement AgriBioTech's existing processing and cleaning operations. This acquisition, coupled with AgriBioTech's new seed processing facility under construction in Wyoming, will assist the Company in achieving production capacity sufficient to match its distribution. Five key employees, including Dan Swindell, have signed long-term employment agreements.

The Company also announced today that Standard & Poor's assigned its single 'B' rating to the Company's previously announced $100 million secured revolving credit facility. In addition, Standard & Poor's assigned its single 'B' corporate credit rating to the Company.

Contact:
John C. Francis
Vice-President
+1 (702) 566 2440

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