S&W Seed Corrects Information about Proposed Equity Incentive Plan Increase
FIVE POINTS, Calif., Nov. 1, 2012 /PRNewswire/ -- The S&W Seed Company (Nasdaq: SANW) Board of Directors is recommending that its shareholders increase the number of shares for potential issuance in the Company's 2009 Equity Incentive Plan by 500,000 shares to 1,250,000 shares. The Proxy Statement filed on October 29, 2012, inadvertently indicated an increase in the Plan to 2,250,000 shares. An amended Proxy Statement was filed with the Securities and Exchange Commission on November 1, 2012 to correct the error and no incorrect proxies have been mailed by S&W's proxy mailing firm. All stockholders of record on October 19, 2012 will receive the notice of meeting and proxy statement filed on November 1, 2012.
As one of a comparatively small number of publicly traded companies in the agricultural industry, the Company believes that the ability to give equity based compensation gives it a competitive advantage over private companies in attracting and retaining key employees. However, the Company believes it maintains a reasonable and conservative policy related to equity awards. The Company's existing plan was adopted in 2009, prior to the Company's IPO, and the proposed increase for fiscal 2013 is the first requested since the plan was initially approved. The Company typically requires multi-year vesting at the time of issuance of equity awards. At this time, employee options outstanding, both vested and unvested, amount in the aggregate to less than 10% of total common shares outstanding.
About S&W Seed Company
Founded in 1980 and headquartered in the Central Valley of California, S&W Seed Company is a leading producer of warm climate, high yield alfalfa seed varieties, including varieties that can thrive in poor, saline soils, as verified over decades of university-sponsored trials. S&W Seed also offers seed cleaning and processing at its 40-acre facility in Five Points, California and, in 2011, began the commercial launch of its California-based stevia leaf business in response to the growing global demand for the 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 10-K for the fiscal year ended June 30, 2012, and other filings made by the Company with the Securities and Exchange Commission.
SOURCE S&W Seed Company