Las Vegas, Nevada
October 8, 1998Dr. Johnny R. Thomas, Chairman and Chief
Executive Officer, AgriBioTech, Inc.
("ABT") (NASDAQ National Mark-et: ABTX) announced today that ABT has retained
Merrill Lynch & Co. as its investment banker, primarily to explore alternatives to
maximize shareholder value. In light of the dramatic and recent acceleration in
consolidation of the seed industry, the ABT Board of Directors has determined that this is
the appropriate time to evaluate strategic alternatives.
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 33 acquisitions
since January 1, 1995 and is the largest forage and cool-season turfgrass seed company in
the world, with a current level of annualized net sales of approximately $460 million.
The statements discussed in this press release include forward
looking statements that involve a number of risks and uncertainies. These include the
Company's historical lack of profitability, need to manage its growth, intense competition
in the seed industry, seasonality of quarterly results, weather conditions, volatile stock
price and other risks detailed from time to time in the Company's SEC reports.
