LONGMONT, Colo., May 10, 2024
/PRNewswire/ -- S&W Seed Company (Nasdaq: SANW), a global
agricultural technology company, today announced the expansion of
its novel and proprietary sorghum trait technology portfolio with
the commercial launch of Double Team Forage Sorghum. Double
Team Forage Sorghum gives forage sorghum growers an
over-the-top, non-GMO, grassy weed control option.
S&W initially introduced Double Team Grain Sorghum in
2021 and it has quickly become the number one grass control trait
in grain sorghum on the market. The Company estimates that it will
be planted on more than 10% of all grain sorghum acres in 2024,
nearly double the acres planted in the previous year, and on a
trajectory to match herbicide solutions in other critical crops,
including corn, wheat and soybeans.
"With the introduction of Double Team Forage Sorghum,
S&W is now able to provide forage growers with the same
enhanced return on their investments that grain sorghum growers
have experienced," commented Mark
Herrmann, CEO of S&W Seed Company.
While corn, soybean, and cotton growers have benefited from weed
control technologies, historically, sorghum growers had been
limited by an absence of post-emerge grass control, which has
ultimately impacted overall acreage and profitability. S&W's
introduction of Double Team has brought a much needed solution to
the sorghum industry.
"Double Team is revolutionizing the sorghum industry in the same
way that other weed control technologies have enhanced yields for
crops such as corn, soybeans and cotton," Herrmann continued.
In numerous field trials, Double Team has delivered increased
yields to growers, with growers reporting high levels of
satisfaction.
"Double Team provides superior grass weed control, protecting
yields under high weed pressure," Herrmann expanded. "Grower
surveys show that it consistently delivers a positive return on
investment for farmers, helping to boost overall
profitability."
S&W has made sorghum trait technology a key focus. In
addition to Double Team, the Company expects to introduce a Prussic
Acid Free (PAF) trait in 2025. PAF will eliminate the risk of
prussic acid poisoning in grazing livestock which will extend the
grazing season and provide growers peace of mind. Sorghum plants
with the PAF trait contain a mutation that prevents the plants from
producing dhurrin, the precursor to Prussic Acid. Prussic Acid is
poisonous to all mammals and causes annual challenges up to death
to livestock producers globally
Double Team Forage Sorghum is now available to growers
through both S&W Sorghum Partners brand, as well as private
label partners. To learn more, please visit
https://sorghumpartners.com/.
About S&W Seed Company
Founded in 1980, S&W
Seed Company is a global multi-crop, middle-market agricultural
company headquartered in Longmont,
Colorado. S&W's vision is to be the world's preferred
proprietary seed company which supplies a range of sorghum, forage
and specialty crop products that supports the growing global demand
for animal proteins and healthier consumer diets. S&W is a
global leader in proprietary alfalfa and sorghum seeds with
significant research and development, production and distribution
capabilities. S&W also has a commercial presence in pasture and
sunflower seeds, and through a partnership, is focused on
sustainable biofuel feedstocks primarily within camelina. For more
information, please visit www.swseedco.com.
Safe Harbor Statement
This release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
"Forward-looking statements" describe future expectations, plans,
results, or strategies and are generally preceded by words such as
"anticipates," "believe," "expected," "may," "future," "plans,"
"should" or "will." Forward-looking statements in this release
include, but are not limited to, the projected growth of Double
Team Grain Sorghum's share of all grain sorghum acres in the U.S.
and our expected timelines for the development and launch of our
products, including Prussic Acid Free trait sorghum. You are
cautioned that such statements are subject to a multitude of risks
and uncertainties that could cause future circumstances, events, or
results to differ materially from those projected in the
forward-looking statements, including risks and uncertainties
related to: the effects of unexpected weather and geopolitical and
macroeconomic events, such as global inflation, bank failures,
supply chain disruptions, uncertain market conditions, the armed
conflict in Sudan, the ongoing
military conflict between Russia
and Ukraine and related sanctions
and the conflict in the Middle
East, on our business and operations as well as those of our
partners, and the extent to which they disrupt the local and global
economies, as well as our business and the businesses of our
partners, customers, distributors and suppliers; the sufficiency of
our cash and access to capital in order to meet our liquidity
needs; our need to comply with the financial covenants included in
our loan agreements, refinance certain of our credit facilities and
raise additional capital in the future and our ability to continue
as a "going concern"; demand for and production of sorghum in our
target markets may decline; changes in the competitive landscape
and the introduction of competitive products may affect our results
of operations; demand for our current and planned Double Team
sorghum solutions may not be as strong as expected; and the risks
associated with our ability to successfully optimize and
commercialize our business. These and other risks are identified in
our filings with the Securities and Exchange Commission, including,
without limitation, our Annual Report on Form 10-K for the year
ended June 30, 2023 and in other
filings subsequently made by us with the Securities and Exchange
Commission. All forward-looking statements contained in this press
release speak only as of the date on which they were made and are
based on management's assumptions and estimates as of such date. We
do not undertake any obligation to publicly update any
forward-looking statements, whether as a result of the receipt of
new information, the occurrence of future events or otherwise.
Company Contact:
Mark
Herrmann, Chief Executive Officer
S&W Seed Company
Phone: (720) 593-3570
www.swseedco.com
Investor Contact:
Robert
Blum
Lytham Partners, LLC
Phone: (602) 889-9700
sanw@lythampartners.com
www.lythampartners.com
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SOURCE S&W Seed Company