PICKSEED Canada Inc. is pleased to announce that on Friday, August 11, 2000 a successful closing was reached completing the purchase of AgriBioTech Canada Inc.

AgriBioTech Canada Inc. (ABT-C) is the successor company to Oseco Inc., formerly of Brampton, ON and Rothwell Seeds Inc., formerly of Lindsay, ON. Both of these companies have a long and highly respected history of serving the Canadian and International Seed Industry, Agriculture and Horticulture. Each is noted for their respective, unique contributions to the Canadian seed industry. Oseco was a leader in the production of pedigree forage seeds for export to Europe and abroad, while Rothwell made a significant contribution to the packaged lawn and professional turf seed segment.

Tom Pick, President of PICKSEED states, "There are remarkable similarities in the nature of these businesses to that of PICKSEED. This makes their integration into the PICKSEED structure straightforward". PICKSEED will be assuming most of the grower seed production contracts mirrored by the appropriate long-term sales contracts.

Both Tom and Martin Pick were anxious for this essentially Canadian business to remain in Canada. The production contracts represent an important revenue stream for Canadian seed growers, Canadian seed plants and the related infrastructures associated in this commerce.

It is anticipated that the inventory and asset transfer from Bowmanville, ON to PICKSEED's Lindsay location will be accomplished over the next 30 days.

Company news release
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