S&W Seed Company Completes the Acquisition of S&W Seed Company Partnership
May 20 2010 - 9:15AM
Business Wire
S&W Seed Company (NasdaqCM: SANWU) today announced
that it has completed the final tranche of its
purchase of the S&W Seed Company, a California general
partnership. As described in the May 3, 2010 prospectus for its
initial public offering, this was the 15% of the general
partnership not already owned by Seed Holding, LLC,
its wholly-owned subsidiary. As a result, the general partnership
has ceased to exist, and the business and property of the
partnership is now wholly-owned and operated by S&W Seed
Company and its subsidiary. Pursuant to applicable accounting
rules, the financial statements in the prospectus already
reflect Seed Holding owning 100% of the partnership at
December 31, 2009.
“We are pleased to own 100% of the business and we look forward
to executing on our strategic initiatives,” commented Matt Szot,
Chief Financial Officer.
About S&W Seed Company
S&W Seed Company, founded in 1980, is a leader in warm
climate alfalfa seed varieties, including varieties that can
thrive on poor, saline soils. The company's claims to salt
tolerance and high yield product leadership are verified by
decades of university-sponsored trials. S&W owns a 40
acre alfalfa seed cleaning and processing facility. A
large percentage of its sales are to a distributor who sells to
foreign end users, principally in Saudi Arabia. In fiscal
2010, the company launched a pilot program to produce stevia
leaf, the source of an all natural, non-caloric
sweetener. For more information on the company, please visit
their website, www.swseedco.com.
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