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May 14, 2002

USA: Sylvan to explore strategic alternatives

Pennsylvanian fungal technology firm Sylvan, a major grower of fresh mushrooms in the US, has recently retained investment bank Lane, Berry & Co Int to assist with an evaluation of strategic plans and business alternatives designed to enhance Sylvan's shareholder value. The action was recommended by a special committee of the board of directors, composed of the board's outside members, that was organised for the purpose of selecting an advisor.

Pennsylvanian fungal technology firm Sylvan, a major grower of fresh mushrooms in the US, has recently retained investment bank Lane, Berry & Co Int to assist with an evaluation of strategic plans and business alternatives designed to enhance Sylvan’s shareholder value.

The action was recommended by a special committee of the board of directors, composed of the board’s outside members, that was organised for the purpose of selecting an advisor.

Sylvan’s chairman and CEO Dennis C. Zensen commented: “We have been committed to optimising shareholder value since Sylvan was formed in 1989. However, we do not believe that our accomplishments are adequately reflected in Sylvan’s share price.

“We look forward to Lane, Berry & Co’s assistance as we examine alternatives to enhance shareholder value.”

Sylvan assumes no obligation to make any further announcements regarding its evaluations of strategic alternatives until the evaluations are completed.

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