SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date or Report (Date of earliest event reported): November 12, 1997
BIOTECHNICA INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-11854 22-2344703
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification No.)
4001 North War Memorial Drive, Peoria, IL 61614
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 309/681-0300
_____________________________________________________________
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
FOR IMMEDIATE RELEASE: November 12, 1997
CONTACT:
Bruno Carette, President and CEO
BioTechnica International, Inc.
4001 N. War Memorial Drive -- Suite 200
Peoria, Illinois 61614
(309) 681-0300
BIOTECHNICA INTERNATIONAL, INC.
HOLDS ANNUAL MEETING
BioTechnica International, Inc. (the "Company") reported today the results
of its annual meeting of shareholders. At the annual meeting, Messrs.
Claude Agier, George R. Allbritten, Bruno Carette, Ralph W.F. Hardy, Serge
Lebreton, Claude Lescoffit, and Laurent Petoton were elected directors of
the Company. Also, KPMG Peat Marwick was selected as auditors for the
Company for the year ended June 30, 1998.
The Company also announced today the results of its first quarter of Fiscal
1998. During the first quarter, the Company recorded a net loss of
$2,193,000. This compared to a net loss of $2,030,000 for the same period
of the previous fiscal year. The Company attributed most of the increase
in loss to lower fall sales of wheat seeds in the current year compared to
the prior year.
The Company also announced that in November 1997, it sold a portion of the
Company's facility located in Mt. Pleasant, IA to an unrelated party for
$250,000 cash. This will result in a loss of approximately $237,000 and
followed a reevaluation of Company assets that could be turned into cash
without adversely impacting operations.
The Company reiterated its prior statements that, from time to time, the
Company's 94% parent, Limagrain Genetics Corp. ("LG Corp."), evaluates its
strategic alternatives with respect to its investment in the Company. Such
alternatives include, among other things, a possible cash-out merger of the
minority shareholders of the Company. Although the Company and LG Corp.
have had no substantive discussions regarding such a merger, LG Corp. has
informed the Company that it has begun preliminary internal discussions
regarding the possibility of such a merger and that it may consider
such a merger in the future. The Company and its Board of Directors have
discussed the possible legal structure of such a transaction among
themselves and with representatives of LG Corp. As a part of these
discussions, the Company's Board was informed that such a merger could be
effected by LG Corp. without any action or approval by the Company's Board
of Directors or its stockholders. Because there can be no assurance whether
or not LG Corp. will effect such a merger in the future, the Company
will not make any additional comments regarding the possibility of such a
merger unless such a merger is approved by the Board of Directors of LG
Corp. or other events occur that make an announcement appropriate.
BioTechnica International, Inc. is an agricultural products company
dedicated principally to the production and marketing of proprietary hybrid
corn, soybean, alfalfa, and other field seed products throughout the Midwest
Corn Belt region of the United States.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BioTechnica International, Inc.
Date: November 12, 1997 By: /s/ Edward M. Germain
Chief Financial Officer
(principal financial officer)
