Landec Sells Seed Coating Business and Partners With INCOTEC to Gain Global Access for Landec Agriculture Seed Coating Technology

Landec Corporation LNDC, a company that develops and markets patented products for food, agricultural and biomedical applications, announced today that it has entered into three agreements with INCOTEC® Coating and Seed Technology Companies, a leading provider of seed and coating technology products and services to the seed industry. The partnership provides Landec access to growing global markets for its polymer technology and enables Landec to exit the day-to-day operations of its agricultural seed coating business. These agreements enable Landec to focus on developing new polymer formulations for an agricultural market increasingly dependent on seed coating technology and to leverage INCOTEC's global presence in the seed treatment markets. In the first agreement, Landec sold its seed subsidiary, Landec Ag LLC, to INCOTEC Holding North America, Inc. Landec Ag was sold to INCOTEC for $600,000, which will result in a gain of approximately $400,000.