S&W Files Financial Results of Seed Genetics International on Form 8-K/A
Acquisition creates the largest non-dormant alfalfa seed company in the world
FIVE POINTS, Calif., June 13, 2013 /PRNewswire/ -- S&W Seed Company (Nasdaq: SANW) today announced the filing of a Form 8-K/A with the U.S. Securities and Exchange Commission, containing historical financial information and pro forma combined financial statements relating to S&W's April 1, 2013 acquisition of Seed Genetics International ("SGI") and S&W's October 1, 2012 acquisition of Imperial Valley Seeds ("IVS").
Mark Grewal, president and chief executive officer of S&W Seed Company, commented, "The integration of SGI is going well. The Australian harvest has come in much better than we originally estimated and should be a driver for revenues and profits throughout the fourth quarter and next fiscal year. Additionally, we are progressing on a number of the important strategic initiatives that will drive increased value for years to come, including the creation of new blended products and the conversion of acreage located in Australia to S&W's leading varieties which should drive enhanced margins. We are also making strides in our seed breeding program as the expertise of these two organizations comes together. We are pleased with the traction to date, and look forward to continued progress."
Mark Harvey, Vice Chairman of S&W Seed Company and formerly Director of Seed Genetics International, commented, "S&W and SGI are now better positioned to meet the needs of our customers around the globe by providing them with access to a diverse portfolio of the world's leading alfalfa seed genetics. Additionally, with year round production capabilities, customers are able to receive orders in a more timely fashion that better correspond with their planting seasons. This acquisition has allowed the relationships with our customers to get stronger and stronger."
A copy of the form 8-K/A can be found on the SEC's website located at www.sec.gov.
About S&W Seed Company
Founded in 1980, S&W Seed Company is a global agricultural company, headquartered in the Central Valley of California. The company is the largest producer of non-dormant alfalfa seed varieties in the world, with production operations in the San Joaquin and Imperial Valley's of California, as well as in South Australia. The company has worldwide sales and distribution through both a direct sales force as well as dealer-distributors. The company's proprietary varieties are designed to meet the shifting needs of farmers that require high performance in poor and highly saline soil conditions and have been verified over decades of university-sponsored trials. Additionally, the company is utilizing its research and breeding expertise to develop and produce U.S.-based stevia leaf. Stevia is an all-natural, zero calorie sweetener from the food and beverage industry. For more information, please visit www.swseedco.com.
Safe Harbor Statement
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors and other risks identified in the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2012, and in other filings made by the Company with the Securities and Exchange Commission.
SOURCE S&W Seed Company
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