Oakland, California
April 24,  2001

Bionova Holding Corporation (Amex: BVA) announced today a restructuring of its technology business in Oakland. The two primary components of this restructuring involve refocusing the
strawberry growing and development operations contained in Bionova Holding's subsidiary VPP, and a significant reduction in the staffing of the company. The Company stated that these actions are being taken to conserve cash resources while the technology group continues to concentrate on the development of its trait genomics platform and seeks to develop new sources of funding and strategic options for its technology business. 

Company officials explained that refocusing the strawberry business will save more than $1 million in 2001, and could even generate some funds if the breeding assets can be sold to third party growers. When the reduction in staffing is completed in June, the technology group will be reduced to 29 employees from its current level of 72, and the annual payroll will fall by more than $2.5 million. Core scientific staff will focus on the development of key technologies essential to Bionova Holding's proprietary position in the functional genomics space. All employee-related expenditures are being reduced in a corresponding manner, and the Company plans to significantly reduce overhead and its facility expenses. Special charges will be recorded in the second quarter of 2001 to write down certain assets of the strawberry business and for severance costs associated with the employees being separated. 

Beyond the short-term savings these actions will generate, the primary goal of this restructuring is to reduce the annual cash burn rate of the technology group to a level no greater than $3 million. In conjunction with an estimated $1 million of corporate overhead on a per annum basis, Bionova Holding will be seeking to raise this level of funding for 2002 and beyond. To this end the Company is in the process of retaining an investment advisor to help it evaluate its alternatives. 

Bionova Holding also announced that Jorge Fenyvesi, President of DNA Plant Technology Corporation and an executive vice president of the company, will be leaving DNAP in early May to assume new responsibilities in affiliated companies of the parent group. Dr. Peter Davis, a director of Bionova Holding, will be taking on the responsibility of President of DNA Plant Technology. The Company also stated that Eugenio Najera had resigned his position as a director of Bionova Holding in March due to other commitments. 

Bionova Holding Corporation is a leading biotechnology company focused on genomics-based trait development for plant agriculture. Bionova Holding's goal is to deliver crop protection and human nutrition traits through high-efficiency gene profiling, bioinformatics, and expertise in plant biology. Bionova Holding and its affiliates have strategic alliances and licensing agreements
with some of the world's leading agricultural companies, value-added producers and marketers, and biotechnology research groups. Bionova Holding Corporation is majority owned by Mexico's Savia, S.A. de C.V. (NYSE: VAI), whose subsidiaries include Seminis Vegetables Seeds, Inc., the world's largest vegetable seed company. 

Company news release
N3477