January 8, 2001

McGinnis Farms Acquired by John Deere

McGinnis Farms, Inc. announced today acquisition by Deere & Company, makers of John Deere products. After the acquisition of Jenco and Pipe 'n Heads, as well as through steady, planned growth, McGinnis Farms became a company that was sought-after by larger corporations.

Many wanted to leverage McGinnis' strong market position and potential for continued expansion. Our Company was positioned well for a new direction in growth. Although several companies had approached McGinnis Farms, President and founder Stan Walker felt that John Deere truly shared the McGinnis Farms vision.

This acquisition represents a new line of business for John Deere, the world leader in the manufacture of commercial and consumer lawn care and agricultural equipment. "The formation of this alliance reflects our commitment to meet the needs of our existing customers, as well as keeping an eye toward the future and meeting the needs that will arise as those customers grow," said Walker.

The Green Industry, (comprised of outdoor power equipment, irrigation, nursery, fertilizer and chemicals, lighting, parts, tools, and landscape services), with a market size in excess of $100 billion, represents a significant opportunity for Deere & Company. Prior to the acquisition of McGinnis Farms, Deere & Company competed in less than 20% of that total market through their outdoor power equipment line.

The new organization formed through this acquisition will be headed by David Werning, a 24-year employee of Deere & Company. In commenting upon the new responsibilities, Werning said, "We are combining John Deere's strong brand image, logistics expertise and credit organization with the industry expertise and customer and vendor relationships of McGinnis Farms. Add to that mix the extensive management pool the McGinnis Farms family of companies brings and the equipment synergies developed out of cross-marketing partnerships with our dealer network, and the result is a complete, full-service solution for contractors from a company they already know and trust."