S&W’s First Cooler Climate Alfalfa Seed is Awarded CCIA Certification
FIVE POINTS, Calif., Feb. 15, 2012 /PRNewswire/ — S&W Seed Company (NASDAQ: SANW), a leader in the development of non-dormant alfalfa seed varieties, today announced that it has developed its initial “dormant” alfalfa seed variety. The seed variety, designed to succeed in high altitude and cooler climates, has been certified by the California Crop Improvement Association (CCIA).
The newly-certified variety, SW4328, marks the company’s first, proprietary variety specifically bred to thrive in high altitude and cooler climates, and expands the topographies that can utilize S&W Seed products. The new variety is a departure from the company’s “mainstay” high yielding non-dormant varieties that thrive in high-heat and saline soil conditions.
Mark Grewal, chief executive officer of S&W Seed Company commented, “This variety is the result of three years of R & D and marks the expansion of our proprietary seed varieties into the “dormant” seed market. With the development of this initial dormant market variety, we expect to leverage our knowledge and develop additional varieties with the goal of expanding our revenues streams in the coming years. We intend to continue to invest in research and development with the goal of diversifying our product offerings, expanding the geographies and topographies that we can sell into, and extend our status as a premier breeder of non-dormant proprietary alfalfa seed varieties into the dormant market as well.”
The California Crop Improvement Association is the official seed-certifying agency in California as recognized by California Seed Law. The CCIA works closely as a partner in the seed industry and the seed grower to assist in the production of high quality, certified seed. The mission of CCIA is to engage in any activity that promotes the production, distribution and use of superior quality seed. Crop varieties today have tremendously complex genotypes and advancements in genetics are occurring at rates unimagined just a few years ago. Because the assurance of genetic purity and quality contributes great value to seed, certified seed sells for a higher price than “common” seed, often returning greater profits to the grower and conditioner. Use of superior quality certified seed assures that the full genetic potential of a variety is uncompromised and available for the production of the highest quality crop yields.
According to the USDA, alfalfa hay is commanding record prices due to shortages and increased global demand. In December 2011, the USDA reported that the national average price was $199 per ton, compared with $121 per ton in the previous year. While not a direct correlation, with the significant increase in price for alfalfa hay, S&W expects increased demand for hay production in the future, which will, in the opinion of the management of S&W, also increase the demand for S&W’s proprietary varieties.
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 also offers seed cleaning and processing at its 40-acre facility in Five Points, California. Additionally, the company has recently launched a business expansion initiative centered on its plan to mass produce stevia leaf in the U.S. in response to 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 Annual Report on Form 10-K for the fiscal year ended June 30, 2011, its Quarterly Report on Form 10-Q for the period ended December 31, 2011, and in other filings made by the Company with the Securities and Exchange Commission.
Contact: Matt Szot Robert Blum, Joe Dorame, Joe Diaz Chief Financial Officer Lytham Partners, LLC S&W Seed Company 602-889-9700 559-884-2535 firstname.lastname@example.org www.swseedco.com
SOURCE S&W Seed Company