S&W Seed Company Initiates Dormant Alfalfa Seed Expansion Program
FIVE POINTS, Calif., March 4, 2013 /PRNewswire/ — S&W Seed Company (Nasdaq: SANW) today announced the initiation of its dormant alfalfa seed expansion program. The company has selected a portion of its farmland surrounding its Five Points, California seed processing facility for the initial planting of its SW4328 dormant parent seed. Upon the successful harvest of “parent seed” in the fall of 2013, S&W will be able to begin producing commercial quantities of dormant alfalfa seed in the fall of 2014.
Alfalfa seed is ranked by dormancy, and since 1980, S&W had focused primarily on breeding and producing non-dormant alfalfa seed varieties that are suited to warmer climates. In February 2012, S&W obtained certification from the California Crop Improvement Association (CCIA) for its first internally bred dormant alfalfa seed variety, SW4328. In August 2012, S&W acquired a portfolio of dormant alfalfa varieties suited for colder climate conditions. These varieties were previously marketed by their developer as Rhino, Trophy, Runner and Monument. S&W’s breeders are engaged in a breeding program that seeks to integrate leading traits of S&W’s non-dormant varieties, such as salt tolerance, into proprietary dormant alfalfa seed varieties.
Mark Grewal, president and chief executive officer of S&W Seed, commented, “While our dormant program continues to be in its early stages, this marks the first time in the company’s history that we will be growing dormant parent seed to be utilized in seed production. SW4328 is well suited to high altitude and cooler climates and will help to expand our customer base. In addition to the initiation of SW4328, we anticipate that we will produce Rhino, Trophy, Runner and Monument this year through contract growers in the Northwest. I believe these varieties stand up well in the market.”
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 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.
Contact: Robert Blum, Joe Dorame, Joe Diaz Matt Szot Lytham Partners, LLC Chief Financial Officer 602-889-9700 S&W Seed Company email@example.com 559-884-2535 www.lythampartners.com www.swseedco.com
SOURCE S&W Seed Company