S&W Seed Company Acquires Rights to Dormant Alfalfa Genetics
FIVE POINTS, Calif., Aug 22, 2012 /PRNewswire/ — S&W Seed Company (Nasdaq: SANW) today announced it has purchased the rights to a portfolio of alfalfa varieties suited for colder climate conditions, thereby expanding its alfalfa genetics to include dormant varieties. Since 1980, S&W has focused on breeding and producing non dormant alfalfa seed, known as 8, 9 and 10 dormancies that are suited to warm climates. This purchase is the first time the company has ventured into seed genetics for colder climates, where dormancies of two, three and four dormancies are appropriate.
Today’s acquisition of proprietary alfalfa germ-plasm, will help enable S&W to participate in the marketplaces for dormant alfalfa varieties, particularly in countries which do not currently allow GM (genetically modified) seed. The acquisition also has the potential to help the company produce classically bred, low dormancy, alfalfa seed varieties which might include salt tolerance or other traits tied to S&W’s proprietary alfalfa germ-plasm. As part of the acquisition, the company will also be acquiring select multi leaf alfalfa and orchard grass varieties which the company expects will supplement alfalfa seed sales going forward. S&W expects to commence production on its first dormant seed varieties this fall, with seed available for sale in the fall of 2013.
Mark Grewal, chief executive officer of S&W Seed Company, commented, “Today’s announcement is a first step into production of low dormancy, alfalfa seed. We believe that the varieties we acquired have excellent traits and can be sold internationally and domestically. This acquisition also gives us access to additional contract seed growers in the United States and Canada that have been growing these and other dormant varieties for a number of years.”
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 and 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, including statements regarding the potential success of the Company’s stevia program, 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, 2011, and other filings made by the Company with the Securities and Exchange Commission.
Contact: Robert Blum, Joe Dorame, Joe Diaz Matt Szot Lytham Partners, LLC Chief Financial Officer 602-889-9700 S&W Seed Company firstname.lastname@example.org 559-884-2535 www.lythampartners.com www.swseedco.com
SOURCE S&W Seed Company