S&W Seed Company Announces Commercial Launch of Double Team Forage Sorghum

Rhea-AI Summary

S&W Seed Company has announced the commercial launch of Double Team Forage Sorghum, expanding its sorghum trait technology portfolio. The new product provides forage sorghum growers with an effective grassy weed control option. Double Team Forage Sorghum is projected to be planted on over 10% of all grain sorghum acres in 2024, doubling the previous year's acres. S&W aims to match herbicide solutions in critical crops like corn, wheat, and soybeans.

Positive

• Double Team Forage Sorghum offers forage growers an effective grassy weed control option, enhancing overall profitability.

• The product is projected to be planted on over 10% of all grain sorghum acres in 2024, showing significant market adoption and growth.

• Double Team Forage Sorghum has delivered increased yields to growers in field trials, with high levels of grower satisfaction reported.

Negative

• The risk of prussic acid poisoning in grazing livestock is a global challenge that could impact the success of the PAF trait introduction in 2025.

LONGMONT, Colo., May 10, 2024 /PRNewswire/ -- S&W Seed Company (Nasdaq: SANW), a global agricultural technology company, today announced the expansion of its novel and proprietary sorghum trait technology portfolio with the commercial launch of Double Team Forage Sorghum. Double Team Forage Sorghum gives forage sorghum growers an over-the-top, non-GMO, grassy weed control option.

S&W initially introduced Double Team Grain Sorghum in 2021 and it has quickly become the number one grass control trait in grain sorghum on the market. The Company estimates that it will be planted on more than 10% of all grain sorghum acres in 2024, nearly double the acres planted in the previous year, and on a trajectory to match herbicide solutions in other critical crops, including corn, wheat and soybeans.

"With the introduction of Double Team Forage Sorghum, S&W is now able to provide forage growers with the same enhanced return on their investments that grain sorghum growers have experienced," commented Mark Herrmann, CEO of S&W Seed Company.

While corn, soybean, and cotton growers have benefited from weed control technologies, historically, sorghum growers had been limited by an absence of post-emerge grass control, which has ultimately impacted overall acreage and profitability. S&W's introduction of Double Team has brought a much needed solution to the sorghum industry.

"Double Team is revolutionizing the sorghum industry in the same way that other weed control technologies have enhanced yields for crops such as corn, soybeans and cotton," Herrmann continued.

In numerous field trials, Double Team has delivered increased yields to growers, with growers reporting high levels of satisfaction.

"Double Team provides superior grass weed control, protecting yields under high weed pressure," Herrmann expanded. "Grower surveys show that it consistently delivers a positive return on investment for farmers, helping to boost overall profitability."

S&W has made sorghum trait technology a key focus. In addition to Double Team, the Company expects to introduce a Prussic Acid Free (PAF) trait in 2025. PAF will eliminate the risk of prussic acid poisoning in grazing livestock which will extend the grazing season and provide growers peace of mind. Sorghum plants with the PAF trait contain a mutation that prevents the plants from producing dhurrin, the precursor to Prussic Acid. Prussic Acid is poisonous to all mammals and causes annual challenges up to death to livestock producers globally

Double Team Forage Sorghum is now available to growers through both S&W Sorghum Partners brand, as well as private label partners. To learn more, please visit https://sorghumpartners.com/.

About S&W Seed Company
Founded in 1980, S&W Seed Company is a global multi-crop, middle-market agricultural company headquartered in Longmont, Colorado. S&W's vision is to be the world's preferred proprietary seed company which supplies a range of sorghum, forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in proprietary alfalfa and sorghum seeds with significant research and development, production and distribution capabilities. S&W also has a commercial presence in pasture and sunflower seeds, and through a partnership, is focused on sustainable biofuel feedstocks primarily within camelina. For more information, please visit www.swseedco.com.

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 harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "anticipates," "believe," "expected," "may," "future," "plans," "should" or "will." Forward-looking statements in this release include, but are not limited to, the projected growth of Double Team Grain Sorghum's share of all grain sorghum acres in the U.S. and our expected timelines for the development and launch of our products, including Prussic Acid Free trait sorghum. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including risks and uncertainties related to: the effects of unexpected weather and geopolitical and macroeconomic events, such as global inflation, bank failures, supply chain disruptions, uncertain market conditions, the armed conflict in Sudan, the ongoing military conflict between Russia and Ukraine and related sanctions and the conflict in the Middle East, on our business and operations as well as those of our partners, and the extent to which they disrupt the local and global economies, as well as our business and the businesses of our partners, customers, distributors and suppliers; the sufficiency of our cash and access to capital in order to meet our liquidity needs; our need to comply with the financial covenants included in our loan agreements, refinance certain of our credit facilities and raise additional capital in the future and our ability to continue as a "going concern"; demand for and production of sorghum in our target markets may decline; changes in the competitive landscape and the introduction of competitive products may affect our results of operations; demand for our current and planned Double Team sorghum solutions may not be as strong as expected; and the risks associated with our ability to successfully optimize and commercialize 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, 2023 and in other filings subsequently made by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any 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:
Mark Herrmann, Chief Executive Officer
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

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SOURCE S&W Seed Company

FAQ

What did S&W Seed Company announce?

S&W Seed Company announced the commercial launch of Double Team Forage Sorghum, expanding its sorghum trait technology portfolio.

What is Double Team Forage Sorghum?

Double Team Forage Sorghum is a novel and proprietary sorghum trait technology that provides forage sorghum growers with an over-the-top, non-GMO, grassy weed control option.

What is the projected adoption rate of Double Team Forage Sorghum in 2024?

Double Team Forage Sorghum is projected to be planted on more than 10% of all grain sorghum acres in 2024.

How does Double Team Forage Sorghum benefit growers?

Double Team Forage Sorghum delivers increased yields to growers, with high levels of grower satisfaction reported in field trials.

What future trait technology does S&W Seed Company plan to introduce?

S&W Seed Company expects to introduce a Prussic Acid Free (PAF) trait in 2025 to eliminate the risk of prussic acid poisoning in grazing livestock.

Where can growers purchase Double Team Forage Sorghum?

Growers can purchase Double Team Forage Sorghum through S&W Sorghum Partners brand and private label partners. For more information, visit https://sorghumpartners.com/.