SYLN Sylvan Inc. (MM)

Sylvan Inc. Completes Merger With SAC Holding, Inc. SAXONBURG, Pa., June 10 /PRNewswire-FirstCall/ -- Sylvan Inc. (NASDAQ:SYLN) announced today that it has completed its merger with SAC Holding, Inc., a subsidiary of Snyder Associated Companies, Inc. of Kittanning, Pennsylvania. The merger, which was announced in November 2003, was approved at a June 9, 2004 special meeting of Sylvan shareholders. As a result of the merger, Sylvan shares have been delisted from trading on the Nasdaq Stock Market and will no longer be publicly available. Under the terms of the merger, each share of Sylvan common stock outstanding was converted into the right to receive $12.25 in cash, without interest. Mellon Investor Services, the company's transfer agent, will serve as the exchange agent for payment of the merger consideration. The exchange agent is expected to contact shareholders soon with instructions on how to obtain payment for their shares. Shareholders need not take any action regarding their shares until contacted by the exchange agent. 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 payment of merger consideration and to the payment process are forward-looking statements. They are based on the most current information available to the company, but there are no assurances related to the timing of these payments. DATASOURCE: Sylvan Inc. CONTACT: Don Smith of Sylvan Inc., +1-724-352-7520 Web site: http://www.sylvaninc.com/

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