Delta and Pine Land Company Announces Modification to Technology Licenses With Monsanto

SCOTT, Miss., Jan. 4 -- Delta and Pine Land Company announced an agreement with Monsanto Company to modify the Bollgard and Roundup Ready gene technology license agreements. The modified agreements eliminate the minimum royalty payments and additional royalties required to be paid to Monsanto by Delta Pine, if Delta Pine commercializes cottonseed that contain non-Monsanto technologies.

In addition, the modifications permit Delta Pine to combine in its cottonseed varieties technologies acquired or licensed from third parties with Monsanto technologies. Delta Pine's rights to Monsanto's existing technology under these agreements, as well as access to future Monsanto technologies, remain unchanged.

"We are pleased to have reached this agreement with Monsanto," said Roger D. Malkin, Chairman and Chief Executive Officer of Delta and Pine Land Company. "These changes will enhance Delta Pine's ability to evaluate and commercialize technologies from other providers without having to pay additional royalties to Monsanto. At the same time, Delta Pine and Monsanto continue substantive negotiations with respect to issues Delta Pine has raised arising out of the May 8, 1998 Merger Agreement."