Royster-Clark and Agriliance Report Delay in Final Closing
New York, NY, September 4, 2001 In a joint announcement, Royster-Clark, Inc. and Agriliance announced today that the final closing on Royster-Clark's acquisition of the assets and businesses of Agro Distribution South and ProSource One, originally scheduled for August 31, 2001, has been delayed due to last minute changes in the mix of institutions involved in the Royster-Clark, Inc. financing structure and a variety of legal formalities. According to Royster-Clark, Inc. Chairman and CEO Francis P. Jenkins, Jr., "Both companies are working constructively together in addressing these matters and remain confident of a positive outcome. At this point, we expect that the final closing will take place in thirty to sixty days."
Royster-Clark is a leading supplier of fertilizers, seeds and crop protection products to customers throughout the eastern half of the nation with nearly 350 retail outlets and numerous production and distribution points serving agriculture.
Agriliance is the agronomy marketing joint venture between Land O'Lakes, Inc.,
This news release contains forward-looking statements that are subject to risks and uncertainties. These statements are based on current expectations; actual results may differ materially. Among the factors that could cause actual results to differ materially are general business and economic conditions; weather conditions; constraints in the availability of products and materials required to conduct the company's business; transportation constraints; market acceptance of the company's products, including the failure of products to generate anticipated sales levels; and, difficulties or delays in receiving required governmental or regulatory approvals.
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