| AgriBioTech has
completed the acquisition of Willamette Seed Company |
Las Vegas, Nevada
August 25, 1998Dr. Johnny R. Thomas, CEO of AgriBioTech, Inc.
announced today that the Company has completed the acquisition of Willamette Seed Company
("Willamette") with annual revenues of approximately $40 million which will be
consolidated into the Company's operations as of closing. AgriBioTech purchased Willamette
for approximately $10.2 million in cash and $1.0 million in deferred payments. In
addition, the former owners of Willamette retained certain non-operating assets.
Willamette is a strong production turfgrass seed company which
markets to wholesale distributors in the United States and internationally. Willamette
also provides fertilizers, primarily to Oregon farmers who grow turfgrass seed under contract. The
seed and fertilization base of Willamette will be complementary to AgriBioTech's existing
turfgrass operations. Mr. Tom Burns, a former owner and manager, has agreed to a 3 year
employment agreement.
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 30 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 acquisition of Oseco Inc.
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