Officers, directors quit Henderson firm

Wednesday, Feb. 23, 2000 | 10:56 a.m.

AgriBioTech Inc., a grass seed company operating under bankruptcy protection, said all its board members and officers resigned.

The Henderson company on Tuesday also reported a quarterly loss of $19.5 million or 39 cents a share compared with a loss in the year-ago quarter of $10.3 million or 26 cents a share. Revenue fell from $75.9 million to $52 million.

AgriBioTech, which filed for bankruptcy in Las Vegas Jan. 25, said the bankruptcy court named William Brandt as the company's "responsible natural person."

Brandt, a principal with the company's crisis manager and reorganization consultant Development Specialists Inc., now has complete control of the company's daily operations and plans to sell its assets.

AgriBioTech, whose shares were delisted from the Nasdaq National Market when it filed for bankruptcy, said it anticipates lower revenue and losses for the foreseeable future because of inadequate cash reserves for the purchase of seed, freight costs and other activities.

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