S&W Seed Company Australia Announces Changes

Longmont, CO (November 25, 2024) - S&W Seed Company announced it has finalized the voluntary plan of administration ("VA") process for its subsidiary, S&W Seed Company Australia Pty Ltd ("S&W Australia").

"As a result of the VA process being completed, on a go forward basis S&W is exclusively focused on its core U.S.-based operations led by our high margin Double Team sorghum solutions as well as our biofuels joint venture with Shell," comments S&W Seed Company CEO Mark Herrmann.

As previously reported, S&W Australia adopted a voluntary administration process on July 24, 2024, and on October 11, 2024 creditors of S&W Australia approved a proposed Deed of Company Arrangement ("DOCA") pursuant to which, among other things, 100% of the shares in S&W Australia would be transferred to Avior Asset Management No. 3 Pty Ltd. The effective date of the DOCA is November 22, 2024.

In order to facilitate the satisfaction of certain conditions to the effectiveness of the DOCA, on November 22, 2024, S&W entered into a settlement agreement in exchange for a release from the intercompany obligations owed to S&W Australia. S&W will transfer ownership of certain white clover and alfalfa (lucerne) intellectual property, provide the associated inventory, repay insurance proceeds received on behalf of S&W Australia, and provide transitional support to S&W Australia necessary to assist in the changeover of business operations to a standalone entity. S&W also entered into an agreement with National Australia Bank Limited that releases S&W from the AUD $15.0 million guarantee and obtained a release of certain applicable liens from CIBC Bank USA.

Vanessa Baughman, CFO of S&W Seed Company, commented, "The effectuation of the DOCA has resulted in providing the resources we believe are needed to create a going concern for all entities."

S&W Seed Company Australia Announces New Name Under Avior Capital Partners

(November 25, 2024) - With over 40 years’ experience in the Australian seed industry, S&W Seed Company Australia announced a new chapter in its journey, as it transitions to AlfaGen Seeds following Avior Capital Partners' recent purchase of the company.

The acquisition will see AlfaGen Seeds become a wholly Australian owned business, with Avior Capital Partners acting as non-operational financial owners.

AlfaGen Seeds CEO Cameron Henley says this new chapter will be firmly focused on the future, where communication and customer service will be a priority and implementing new grower contracts will be paramount.

“I acknowledge the past few months have been an extraordinarily difficult period, particularly for those who’ve been financially impacted,” said Henley. “But I’d like to take this opportunity to thank staff and creditors for their continued support, and I look forward to this exciting new chapter of AlfaGen Seeds and its future.”

AlfaGen Seeds is made up of a team of experienced professionals with extensive knowledge of the agriculture industry, who are committed to working together to build a strong and successful business, as well as support the communities in which they operate.

The consolidation of multiple facilities into two primary locations in Keith, rural South Australia, and Deniliquin, in the Riverina region of NSW, will deliver greater efficiencies and new opportunities, as well as maximise production capability.

“AlfaGen Seeds will create employment opportunities at our primary facilities in Keith and Deniliquin, as well as provide existing staff with opportunities for career development.”

With a solid existing base of seed varieties, including lucerne, pasture legumes, ryegrass, forage sorghum, forage cereal and sunflowers, the company has also flagged new products are in the pipeline, for both the domestic and international markets.

“In the coming months, customers and industry will notice a gradual roll out of new branding, as we transition all products to AlfaGen Seeds,” said Henley.

About S&W Seed Company

Founded in 1980, S&W is a global multi-crop, middle-market agricultural company headquartered in Longmont, Colorado. S&W's vision is to be the world's preferred proprietary seed company which supplies a range of sorghum, forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in alfalfa and proprietary sorghum seeds with significant research and development, production and distribution capabilities. S&W also is focused on sustainable biofuel feedstocks primarily within camelina through its partnership. For more information, please visit www.swseedco.com.