Sylvan Inc. Announces Extension of Merger Deadline
April 02 2004 - 6:36PM
PR Newswire (US)
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/
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