NEWS
Delta and Pine Land Company
P.O. Box 157
Scott, Mississippi 38772
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Contact: Investors Media
Tom Jagodinski Stephanie Pillersdorf/Jonathan Gasthalter
Delta and Pine Land Company Citigate Sard Verbinnen
(662) 742-4518 (212) 687-8080
DELTA AND PINE LAND COMPANY RESPONDS TO TWO COURT ORDERS IN ONGOING MONSANTO
LITIGATION
SCOTT, MS, OCTOBER 13, 2004 -- Delta and Pine Land Company (NYSE: DLP)
("D&PL"), a leading commercial breeder, producer and marketer of cotton planting
seed, today announced that the Circuit Court of the First Judicial District of
Bolivar County, Mississippi has issued two new orders in D&PL's litigation
against Monsanto Company relating to the failed merger between the two
companies.
In the first order, which related to D&PL's damage claims, the Circuit
Court granted Monsanto's motion for partial summary judgment relating to D&PL's
claims for benefit of the bargain damages resulting from Monsanto's breach of
the merger agreement. The Circuit Court ruled that D&PL cannot seek damages
using a benefit of the bargain measurement. This ruling reverses one by the
previous Judge in the case, who had ruled that use of a benefit of the bargain
measurement was a matter for the jury to decide. D&PL disagrees with the latest
ruling and believes that the law supports its position, which is consistent with
the previous Judge's ruling. D&PL intends to take an immediate appeal of this
issue to the Mississippi Supreme Court. The Circuit Court further found that
D&PL alternatively can "...make appropriate claims for damages in this case
other than benefit of the bargain damages, based on the theory of market share
loss."
The second order relates to Monsanto's counterclaims. The Circuit Court
granted D&PL's motion to compel the production of documents and the testimony of
witnesses relating to Monsanto's counterclaims. Monsanto had invoked privilege
as a basis for not producing documents and for not permitting its witnesses to
answer questions during depositions.
Tom Jagodinski, President and Chief Executive Officer, said, "While we are
pleased with the Judge's ruling on Monsanto's counterclaims, we disagree with
the ruling on benefit of the bargain damages and intend to pursue an immediate
appeal. As a result of this ruling, we believe it is highly unlikely that the
trial will occur in 2005."
About Delta and Pine Land Company
Delta and Pine Land Company is a leading commercial breeder, producer and
marketer of cotton planting seed. Headquartered in Scott, Mississippi, with
multiple offices in eight states and facilities in several foreign countries,
D&PL also breeds, produces and markets soybean planting seed in the U.S. For
more information, please refer to the Company's website at
http://www.deltaandpine.com.
Certain matters discussed in this release are "forward-looking statements,"
including statements about the Company's future plans, goals and other events
which have not yet occurred. These statements are intended to qualify for the
safe harbors from liability provided by the Private Securities Litigation Reform
Act of 1995. They can generally be identified because the context of such
statements will include words such as "believes," "anticipates," "expects" or
words of similar import. It is the nature of agricultural seed businesses that
supply, demand and their timing are affected by many variables, including
commodity prices, weather and government policy. Due to the seasonal nature of
the seed business, the Company typically incurs losses in its first and fourth
quarters. Additional risks and uncertainties with respect to the Company's
business and forward looking statements are set forth in the Company's latest
filings with the Securities and Exchange Commission.
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