S&W announces the appointment of Mark Herrmann as Chief Executive Officer following the retirement of Mark Wong

Herrmann has more than 35 years of experience in the seed industry, including as CEO of AgReliant Genetics and various VP positions with Monsanto

LONGMONT, Col., June 26, 2023 /PRNewswire/ — S&W Seed Company (Nasdaq: SANW), a global agricultural company, today announced the appointment of a seed industry veteran Marco Hermann as Chief Executive Officer, effective July 1, 2023following the anticipated retirement of the current CEO, Marco Wong. Wong will continue to serve as a member of S&W’s board of directors.

S&W announces the appointment of Mark Herrmann as Chief Executive Officer following the retirement of Mark Wong.

S&W announces the appointment of Mark Herrmann as Chief Executive Officer following the retirement of Mark Wong.

“We are thrilled to announce the appointment of Marco Hermannone of the top executives in the agricultural seed industry, as the new CEO of S&W,” he commented Alan Willit, President of S&W. “Mark has a strong track record of building and growing seed companies in leadership positions across the crop industry, with a specific focus on trait technology. We look forward to his leadership as we continue to drive value across the robust resource platform of S&W”.

Herrmann has more than 35 years of experience in the seed industry, including as managing director of AgReliant Genetics LLC, the 3rd largest North American corn seed company and a leader in soybeans and other support crops, headquartered in Westfield, Indiana from January 2016 TO July 2020. From 1999 to 2016, Herrmann held various positions at Monsanto Company and its subsidiaries, including Vice President North America Vegetable Seed, Vice President US Technology Development and Licensing, President of Corn States LLC, Director Eastern US, and Director Monsanto US Seed and Trait Business. Herrmann became part of the Monsanto Company through the acquisition of DEKALB Genetics Corporation in 1998, where he began his career in the seed industry in 1984 with leadership roles in sales, sales management, marketing and product management.

Marco Hermann said, “I am honored to have the opportunity to lead S&W as we embark on an exciting future for the company. I look forward to leveraging my professional experiences in the seed industry to bring continued positive impact to our customers, employees and shareholders”.

From January 2021, Herrmann was the president and founder of Acumen Seed Executive Consulting LLC, an executive seed consulting firm. He currently serves on the Advisory Board of EarthSense, Inc., a privately held agricultural robotics company headquartered in Champaign, Ill. He has been extensively involved with the American Seed Trade Association, serving as a member of its board from 2009 to 2020, a member of its executive committee from 2015 to 2020, and as its president from 2016 to 2017. Herrmann also served on the NCGA Advisory Council AIG from 2008 to 2010. Mr. Herrmann holds a degree in Agronomy from Western Illinois University.

Willits continued: “We want to thank Marco Wong for his strong strategic leadership over the past six years. During this time, S&W has expanded its crop portfolio through two strategic acquisitions, developed and commercialized innovative trait technologies in sorghum, and entered S&W into an exciting partnership with Shell for the production of renewable fuels. We look forward to his continued leadership as a member of the S&W board of directors.”

Fiscal 2023 Guide reiterated

S&W reiterates previously issued guidance for fiscal 2023 revenue and Adjusted EBITDA. The Company expects fiscal 2023 revenue to be in the range of $65.0 million TO $75.0 millioncompared to fiscal year 2022 revenue of $71.4 million. Adjusted EBITDA should be between $(12.0) million TO $(8.0) million for fiscal year 2023, compared to Adjusted EBITDA of $(23.8) million in fiscal year 2022.

About S&W Seed Company
Founded in 1980, S&W Seed Company is a mid-market global multi-crop agricultural company headquartered in Longmont, CO. S&W’s vision is to be the world’s favorite wholly owned seed company providing a range of forage and specialty crop products that support growing global demand for animal protein and healthier diets for consumers. S&W is a global leader in proprietary alfalfa, wheat and forage sorghum, and pasture seeds, with significant research and development, manufacturing and distribution capabilities. S&W is currently focused on commercializing stevia products, entering the camelina market, and developing products to address unmet market needs through high-value improved traits in its crops. more information, please visit www.swseedco.com.

Non-GAAP financial measures

In addition to guidance for anticipated revenue for fiscal 2023, calculated in accordance with generally accepted accounting principles in The United States of America (“GAAP”), S&W has provided guidance for fiscal year 2023 Projected Adjusted EBITDA, which is a non-GAAP measure. S&W uses non-GAAP financial measures internally to facilitate period comparisons and analysis of its operating performance and liquidity, and believes they are useful to investors as a supplement to GAAP measures in analyzing, trending and benchmarking company performance and value. its commercial activity. However, these measures are not intended to replace those reported in accordance with GAAP. These measures may be different from the non-GAAP financial measures used by other companies, even when similar terms are used to identify those measures. S&W has not reconciled FY 2023 Projected Adjusted EBITDA to net income (loss) for the same period because the reconciliation items that affect net income (loss), including interest expense, compensation based on non-cash shares and foreign currency (earnings) losses, among others, are uncertain or beyond S&W’s control and cannot be reasonably anticipated. The actual amount of these items in fiscal 2023 will have a material impact on net income (loss). Consequently, a reconciliation of Adjusted EBITDA to net income (loss) is not available without unreasonable effort.

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 provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are usually preceded by words such as “expects,” “believes,” “forecast,” “may,” “future,” “plans,” should” or “will be”. The forward-looking statements in this release include, but are not limited to, statements regarding: our ability to generate value in our resource platform and our expectations regarding future performance; Mr. Herrmann’s anticipated contributions to our business, including by making a positive impact on our customers, employees and shareholders; Mr. Wong’s continued leadership as a member of our board of directors; and our guidance on revenue and Adjusted EBITDA for the fiscal year ending June 30th, 2023. Such statements are cautioned to be subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those anticipated in the forward-looking statements, including risks and uncertainties relating to: the effects of macroeconomic events, such as the COVID-19 pandemic, and uncertain market conditions, such as inflation and supply chain disruptions, on our business and operations; the sufficiency of our cash and access to capital to meet our liquidity needs, including our ability to pay our growers when our payment obligations mature; our need to meet financial covenants included in our loan agreements, refinance some of our credit lines and raise additional capital in the future, and our ability to continue as a “going concern”; our potential transactions under negotiation may not lead to completed transactions and our recently completed transactions may not produce the expected benefits of those transactions; changes in market conditions, including any unexpected drop in commodity prices, could harm our results of operations; changes in the competitive landscape and the introduction of competitive products can negatively impact our operating results; our commercial and strategic initiatives may not achieve the expected results; logistical challenges previously experienced in shipping and transporting our products could amplify, delaying our ability to recognize revenue and decreasing our gross margins; and the risks associated with our ability to successfully optimize and market 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, 2022 and in other documents subsequently filed by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date they were made and are based on management’s assumptions and estimates as of that date. We undertake no 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:
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

S&W Seed Company is a leading supplier of seed genetics, production, processing and marketing.  (PRNewsPhoto/S&W Seed Company)

S&W Seed Company is a leading supplier of seed genetics, production, processing and marketing. (PRNewsPhoto/S&W Seed Company)

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