EcoScience Corporation*, the largest U.S. producer of premium, greenhouse grown tomatoes, today announced results for the third quarter ended October 3, 1999.

For the third quarter ended October 3, 1999, net revenues decreased 20% to $6,982,000,
compared to $8,708,000 in the corresponding period a year earlier. The lower revenues primarily
reflect the sale of the Company's postharvest equipment division in February 1999 combined with
sales of fewer pounds of tomatoes due to the closure of the Company's leased facility in Wheatfield, NY. The net loss for the 1999 third quarter amounted to $7,757,000, or $0.61 per share, compared with a net loss of $3,892,000 or $0.33 per share, a year-earlier. The prior year loss reflects a reduction of the loss due to the minority interests in four greenhouse facilities held by a third party that were purchased in December 1998.

"We are working to strengthen our finances and continue to reduce both production and
administrative costs. We have begun to harvest the new crop at the greenhouses that supply our
customers during the winter, a season in which the Company historically achieves its highest unit
pricing,'' said Michael A. DeGiglio, President and Chief Executive Officer. "This, combined with
our current strategy to focus on core businesses, should improve our financial condition.''

For the thirty-nine weeks ended October 3, 1999, net revenues were $39,678,000, 7% higher than
net revenues in the corresponding year-earlier period. The increase reflected a rise in tomato
revenues of $6,395,000, or 26% over the prior year despite lower market prices, offset by a
decrease in the biological and agricultural product sales of $3,767,000. This decrease is primarily
due to the sale of the postharvest equipment division that management has deemed non-core. The net loss for the thirty-nine weeks ended October 3, 1999 was $18,443,000 or $1.46 per share, compared to a net loss of $7,449,000 or $.64 per share, for the comparable period of the prior fiscal year. The prior year loss reflects the reduction of the loss due to the minority interests in four greenhouse facilities. The current year includes losses that resulted from both start up costs and the abbreviated crop cycle at the Presidio facility due to the conversion from peppers to tomatoes in April 1999 and the imposition of a default rate of interest by the Company's senior lender.

As previously announced, the Company signed a commitment letter in July 1999 with its senior
lenders which calls for the restructuring of an existing $58,900,000 term facility and providing a new $8,400,000 working capital line of credit subject to certain conditions including restructuring of indebtedness to Cogentrix Energy, Inc. ("Cogentrix'') which relates to the Company's acquisition of Cogentrix's interest in four greenhouse operations in which both the Company and Cogentrix were partners. The proposed maturity date of the term facility is two years, with a two-year extension under certain conditions. The line of credit will mature in one year with an option to request a one-year extension. In October 1999, the Company signed another commitment letter for an additional $5,000,000 working capital line of credit to be repaid no later than March 31, 2000 and for the deferral of all interest payments on the existing term facility, the $8,400,000 and $5,000,000 working capital lines until March 31, 2000. All of the proposed $8,400,000 working capital line and $2,670,000 of the proposed $5,000,000 working capital line have been funded in advance of the proposed restructuring.

On November 8, 1999, the Company sold substantially all of the assets of EcoScience Produce
Systems Corporation ("EPSC''), excluding EPSC's BioSave® biofungicide products and
technology, to Pace International LLC ("PACE''). EPSC conducted the Company's postharvest
coating products business and was divested as part of the Company's plan to focus on its core
businesses. The Company has entered into a distribution agreement with Pace pursuant to which
Pace has been granted the exclusive rights to distribute BioSave in the United States for the citrus, pome fruit and cherry markets.

EcoScience also announced that it has curtailed the development and marketing effort for its
biotechnology division.

EcoScience is the leading domestic producer, marketer, and distributor of high quality greenhouse grown tomatoes and uses advanced and environmentally sound technology to provide customers with nutritious, safe, better tasting and more appealing fresh produce. The Company markets its premium beefsteak and cluster on-the-vine tomatoes under the Village Farms® and Home Choice(TM) brand names. In addition, EcoScience develops, markets, and distributes biological and agricultural products.

* now Village Farms L.P.

Company news release
N2244