Sylvan Inc. Announces Agreement to Be Acquired

Sylvan Inc., leader in the mushroom industry, has announced that it has entered into a definitive agreement with Snyder Associated Companies, Inc. of Kittanning, Pennsylvania, which will result in a merger between Sylvan and a Snyder affiliate. The value of the transaction, including the assumption of debt, is estimated to exceed $95 million. The merger is subject to certain conditions including the approval by a majority of the shareholders of Sylvan and approval from certain regulatory authorities. Sylvan Inc., with 2002 revenues of $88.2 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.