S&W Seed Company Appoints Walter Van Leeuwen as Vice President of Australian Sales and Marketing
Aug 27 15
S&W Seed Company announced that Walter van Leeuwen has been appointed as the Company's Vice President of Australian Sales and Marketing, where he will have primary responsibility for expanding the market for the Company's non-dormant Australian-grown varieties. Mr. van Leeuwen has more than 20 years of extensive experience in a wide diversity of management roles within the agricultural industry. Since November 2013, Mr. van Leeuwen has been functioning as the Sales & Marketing Manager for Seed Genetics International (SGI), a wholly-owned subsidiary of S&W Seed Company, based in Adelaide, South Australia. Mr. van Leeuwen joined SGI in February 2009 as Sales & Logistics Manager. In this role, he developed and implemented strategies to facilitate the efficient delivery of proprietary and private label alfalfa and white clover seed products into numerous overseas markets from the production base in Australia. Prior to joining SGI, Mr. van Leeuwen was Operations Manager, Seed Certification of Seed Services Australia, where he joined in 2004. In this position, he oversaw the production of certified small seeds, including alfalfa, cereals, grain legumes and cotton seed.
S&W Seed Company Enters into Fifth Amendment to Credit Agreement and Fifth Amendment to Ex-Im Working Capital Guarantee Credit Agreement
Jun 30 15
As previously reported under cover of Form 8-K filed on February 24, 2014, on February 21, 2014, S&W Seed Company executed and entered into credit agreements with Wells Fargo Bank, National Association and thereby became obligated under new working capital facilities. The Wells Fargo Facilities include (i) a domestic revolving facility of up to $4 million to refinance the company's outstanding credit accommodations from Wells Fargo and for working capital purposes, and (ii) an export-import revolving facility of up to $10 million for financing export-related accounts receivable and inventory. The Wells Fargo Facilities have been amended from time to time by amendments entered into on July 28, 2014, December 30, 2014, February 27, 2015 and March 30, 2015. On June 30, 2015, the company executed and entered into a Fifth Amendment to credit agreement and a Fifth Amendment to Ex-Im Working Capital Guarantee Credit Agreement, together with accompanying notes. The amended terms are identical in both agreements. Under the terms of the Fifth Amendments, the Wells Fargo Facilities have been extended to October 1, 2015, and the net income covenant has been lowered. In addition, the company's U.S. subsidiaries, Seed Holding, LLC and Stevia California, LLC, have entered into continuing guaranties under the terms of which, each subsidiary has guaranteed the company's obligations under the Fifth Amendments. In all other material respects, the provisions of the Facilities as entered into in February 2014, as amended in July 2014, December 2014, February 2015 and March 2015, remain unchanged and in full force and effect. The company currently relies on Exim Bank to support its bank financing and intends to continue to do so in future periods. Exim Bank's charter expires June 30, 2015, and if it is not renewed by Congress, the charter's expiration could materially adversely impact the company's ability to continue to be provided bank financing once the Wells facility matures on October 1, 2015.
S&W Seed Company and Calyxt, Inc. Announce Alfalfa Seed Collaboration
Jun 9 15
S&W Seed Company and Calyxt, Inc. announced that they have entered into a collaboration agreement to research, develop, produce and commercialize alfalfa seed products involving next generation gene editing technology on S&W's alfalfa seed genetics. Calyxt's technology allows for the custom gene-editing of plant species to create novel traits and increase value. In particular, Calyxt will be applying its patented nuclease technology to develop a series of alfalfa seed products based on editing of native genes to improve the agronomic and quality value of alfalfa for the food and agriculture industries. The approach is based on the same principle as classical cross-breeding of different plants, however the gene editing technology developed by Calyxt dramatically accelerates the development timeline. The targeted approach of gene editing is more predictable and reliable than traditional breeding and can also be much more cost effective. The companies will look to commercialize products through S&W and Calyxt's distribution channels with pre-defined financial terms.