Following the February 22, 1999 Annual Shareholders Meeting and a Board meeting that concluded today, AgriBioTech, Inc. announced today a reorganization of senior management at the Company.

As of February 26, 1999, Richard Budd assumes the position of Chairman and Chief Executive Officer (CEO) of the Company; Kent Schulze continues as President and Chief Operating Officer. In addition, the Office of President has been created which includes four Co-Presidents: Randy Ingram, Co-President and Chief Financial Officer (CFO), Dr. Thomas B. Rice, Co-President and Director of Research, Kathy Gillespie, Co-President, Mergers, Divestitures and Acquisitions, and a fourth Co-President, currently open, that will be filled by an individual with significant and successful turfgrass and forage seed business operations experience.

Dr. Johnny R. Thomas, member of the founding management team and former Chairman and CEO, resigned as a member of the Board and as an Executive Officer of the Company, effective February 26, 1999.

Dr. Thomas noted "that the Company’s operational needs during the integration and consolidation phase of ABT’s development can best be served through the leadership of the eight member team which has been selected and developed for that purpose. I remain an optimistic and enthusiastic shareholder of the Company." Dr. Thomas has agreed to non-compete provisions and will be available to the Company as requested.

In his new role as Chairman and CEO, Mr. Budd will focus his efforts on capital formation, investor relations and Board leadership, including leading the effort to recruit and add four new additional, outside Board members that will lead to a new nine-member Board with a majority of outside members. Mr. Budd’s primary objective as Chairman and CEO will be to work with the senior management team to achieve and maintain Company profitability now that ABT is about
to integrate its acquired companies and operate a single business entity.

Kent Schulze will have overall operational responsibility for the Company. In addition, he will lead the ABT integration effort. Doug Fisher, Vice President, General Counsel, Secretary and Director of Business Services, and Tony Blum, Vice President, Director of Communications, Planning and Development will continue to report to Schulze. The other members of the Office of the President will work with Schulze and be responsible for specific operational areas and ABT-level functions, including strategic planning and implementation and asset allocation.

Mr. Budd has been a member of the Company’s Board of Directors since January 1998 when his company, Lofts Seed, was acquired by ABT. He is CEO of The Budd Group, Winston-Salem, North Carolina. The Budd Group is a diversified services company with contract cleaning, landscaping, security and other interests.

In other news, ABT announced the re-election of six Board members and the passage of a proposal to amend the Company’s Articles of Incorporation to increase the number of authorized shares of Common Stock from 75,000,000 to 100,000,000 at the February 22, 1999 annual shareholders meeting. The six directors were re-elected with 94.8 percent or greater affirmative votes, and the proposal to increase the authorized number of Common Stock shares passed
with 92.5 percent of the vot .

AgriBioTech is a fully 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. AgriBioTech’s vision is to lead the turf and forage seed industry in discovering its value potential.

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