Five Points, California, USA
November 20, 2014
S&W Seed Company (Nasdaq: SANW), one of the world's leading alfalfa seed companies, today announced that it has expanded its distribution capabilities with its first sale into the Republic of Turkey. Expansion into new countries and geographies is consistent with S&W's plan to continually broaden its sales and distribution capabilities with the objective of achieving extended geographic diversification. The alfalfa seed market in Turkey is estimated to be approximately 4 million pounds annually, comprised of a combination of non-dormant, dormant and semi-dormant alfalfa seed varieties. Additionally, the Company is in testing with a number of other potential distribution partners in the Republic of Turkey to best develop this long-term growth opportunity for S&W.
Historically, the alfalfa seed market in Turkey has been characterized by lower price point and lower quality alfalfa seed varieties. S&W believes there is an opportunity to provide certain segments of the market with many of its leading alfalfa seed genetics, ranging from its non-dormant varieties to its dormant alfalfa seed varieties that will provide strong economic benefits to alfalfa hay farmers through increased hay yields and, consequently, profits. Initially, S&W will be providing to the market in Turkey certain of its leading Australian-based genetics, which are currently registered for sale within the Republic of Turkey. Over the coming years, the company expects to sell additional varieties as registration approvals are granted.
Mark Grewal, chief executive officer of S&W Seed Company commented, "As we have stated previously, one of our key objectives is to expand our distribution capabilities to further diversify our geographic reach and lessen our reliance on any one market. This expansion into the Republic of Turkey represents our continued success with this initiative. While we expect modest sales during this initial year, as additional varieties become registered and our presence within the country grows, we believe that Turkey can become another strong market for S&W in the coming years."
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