Henderson, Nevada
June 15, 1999Richard Budd, Chairman and
Chief Executive Officer of AgriBioTech, Inc.,
announced today that Mr. L. Glenn Orr, Jr. has been elected to and joins the Company's
Board of Directors as an outside director. With the addition of Mr. Orr to the ABT Board,
there are now six Board members, three of which are outside directors. During the March
1999 change in senior management, the Company announced its intention to create a new,
nine person Board, with a majority of members being outside directors. ABT is continuing
its search for additional outside directors to add to the Board to achieve this goal.
Mr. Orr, age 59, is currently Chairman, President & CEO of Orr Management Company, an
investment banking firm located in Winston-Salem, NC. Earlier in his career, Mr. Orr spent
30
years in the banking industry in the southeast U.S. He is Chairman Emeritus of Southern
National Corporation, and is also former Chairman, CEO and President of the firm that is
now part of Branch Bank & Trust Co. (BB&T). Mr. Orr was instrumental in
successfully completing the merger of equals between Southern National Corporation and
BB&T.
Mr. Orr serves on the Board of Directors of seven companies, including three other
publicly traded
companies, as well as serves on numerous non-profit boards, including service as a Trustee
at
Wake Forest University and as a member of the North Carolina Economic Development
Commission.
"We are extremely pleased that Glenn Orr has agreed to and will be joining our Board
of
Directors,'' said Richard Budd in making the announcement, "and we look forward to
his good
counsel and working with him.''
AgriBioTech, Inc. is a vertically integrated, full service seed company specializing in
the forage and turfgrass seed sector, complete with research and development of
proprietary seed varieties, seed processing plants, and a national and international
distribution and sales network. ABT's vision is to lead the turf and forage seed industry
in discovering its value potential.
Company news release
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