Henderson, Nevada
December 8.1998AgriBioTech, Inc.
("ABT") (NASDAQ National Mark-et: ABTX) announced today that the Company has
successfully completed and received aggregate proceeds of approximately $11 million from
an equitv placement. The Company has also received a commitment for long term debt funding
for a minimum of $25,000,000. The long term debt will be used for pending acquisitions,
short term debt retirement and working capital. The long term debt is expected to be
funded prior to Christmas holidays.
The Companv sold 250,000 shares of registered AgriBioTech Common Stock at $12.50 per
share to the State of Wisconsin Investment Board, and the Company sold 600,000 units (1
common share and 1 warrant) to three private investors led by Brown Simpson Asset
Management, LLC. for $13.50/unit. The proceeds were designated for payment on the
"BABC" overadvance due December 31, 1998 and working capital, as were the
voluntary warrant exercises of $6.7 million on November 17, 1998.
According to Dr. Thomas, "the prudent use of equity and long term debt to repay
short term debt, fund pending acquisitions, and provide working capitaI has been part of
management's plan for capital formation since the filing of registration statements in
March of 1998. These debt and equity placements are part of the Company's normal business
operations. The Company is proceeding uninterrupted with the previously announced
strategic alternative process".
