Sylvan (NASDAQ:SYLN)
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Sylvan Inc. Announces Extension of Merger Deadline
SAXONBURG, Pa., April 2 /PRNewswire-FirstCall/ -- Sylvan Inc. announced today
that it and Snyder Associated Companies, Inc. of Kittanning, Pennsylvania,
agreed to extend from May 1, 2004 to June 15, 2004, the deadline for completing
the merger between Sylvan and a Snyder affiliate that was announced by Sylvan in
November 2003. The extension was made to accommodate an ongoing review by the
Securities and Exchange Commission ofthe proxy statement that Sylvan intends to
distribute to its shareholders in connection with a special meeting of
shareholders that will be convened for the purpose of voting on the merger. The
shareholders meeting is currently expected to take place in May of this year.
Sylvan's board of directors approved the deadline extension upon the unanimous
recommendation of its special committee of independent directors.
Snyder Associated Companies, Inc. is a privately held company involved in the
production of oil, natural gas, mineral aggregates and fresh mushrooms, the
mining of coal and limestone and the manufacture of cement and concrete
products, among other businesses. Sylvan Inc., with 2003 revenues of $95
million, is a leader in fungal technology and a preeminent worldwide producer
and distributor of products for the mushroom industry. It specializes in spawn
(the equivalent of seed for mushrooms) and other spawn-related products and
services, and is a major grower of fresh mushrooms in the United States.
Forward-Looking Statements
The references in this press release to the completion of the merger,
distribution of a proxy statement and the convening of a special shareholders
meeting are forward-looking statements. They are based on the most current
information available to the company. However, expectations are inherently
uncertain. There is no assurance that the merger will be consummated or that
the meeting will be held in May. Events could turn out to be significantly
different, depending upon such factors as an agreement by the parties to
terminate the merger or the failure of the parties to consummate the merger, due
to the occurrence of any of the contingencies provided for in the merger
agreement, which has been filed with the Securities and Exchange Commission as
an exhibit with the company's annual report on Form 10-K for the fiscal year
ended December 28, 2003, and is available at Sylvan's website at
http://www.sylvaninc.com/ .
Proxy Solicitation Disclaimer
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT REGARDING
THE MERGER DESCRIBED ABOVE, WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN
IMPORTANT INFORMATION. Sylvan expects to mail a proxy statement to its
shareholders in connection with the special meeting of shareholders to vote on
the merger. Investors and security holders may obtain a free copy of the proxy
statement (when available) and other documents filed by the company at the
Securities and Exchange Commission's website athttp://www.sec.gov/ and at
Sylvan's website at http://www.sylvaninc.com/ . The proxy statement and such
other documents may also be obtained from Sylvan (when available) by directing
requests to Sylvan at P.O. Box 249, Saxonburg, PA 16056-0249, telephone: (724)
352-7520.
Sylvan and its officers and directors may be deemed to be participants in the
solicitation of proxies from its shareholders with respect to the transactions
contemplated by the merger. Information regarding such officers and directors is
included in Sylvan's annual report on Form 10-K for the fiscal year ended
December 28, 2003, filed with the Securities and Exchange Commission on March
26, 2004. The 10-K is available free of charge at the Securities and Exchange
Commission's website at http://www.sec.gov/ and from Sylvan at the address
listed above or at its website listed above.
DATASOURCE: Sylvan Inc.
CONTACT: Don Smith for Sylvan, Inc., +1-724-352-7520
Web site: http://www.sylvaninc.com/
http//http://www.sec.gov/