Savia S.A. de C.V. (Savia)(BMV:SAVIA) (NYSE:VAI) and Fox Paine & Company today announced the extension through May 30th 2003 the non-binding Letter of Intent signed on December 13th, 2002. Under the terms of this letter, Fox Paine and parties related to Savia will acquire the outstanding shares of Seminis (NASDAQ:SMNS). This Transaction is subject to conditions established by the agreement.

Also, Savia continues its negotiations for the payment of its bank debt. These negotiations are directly related to the Letter of Intent above mentioned.

Savia, S.A. de C.V. participates in industries that offer high growth potential in Mexico and internationally. Its principal subsidiaries include Seminis, a global leader in the production and marketing of fruit and vegetable seeds, Bionova, a company focused on the production, distribution and commercialization of fruits and vegetables and Desarrollo Inmobiliario Omega, a company dedicated to the development of real estate in Northern Mexico.

Seminis, Inc. is the world's largest developer, producer and marketer of vegetable seeds. The company uses seeds as the delivery vehicle for innovative agricultural technology. Its products are designed to reduce the need for agricultural chemicals, increase crop yield, reduce spoilage, offer longer shelf life, create better tasting foods and foods with better nutritional content. Seminis has established a worldwide presence and global distribution network that spans 150 countries and territories.