WINNIPEG, March 5, 2019 /CNW/ - Ag Growth
International Inc. ("AGI") (TSX: AFN) is pleased to announce it has
acquired IntelliFarms LLC ("IntelliFarms"), a provider of hardware
and software solutions that benefit grain growers, processors, and
other participants in the agriculture market. IntelliFarms was
founded in 2001 and is headquartered in Archie, Missouri.
Sales at IntelliFarms for the year ended December 31, 2018 were approximately $11.0 million USD.
Throughout the company's history they have offered innovative
technology solutions to farmers. IntelliFarms' BinManager is a
leading grain storage management solution, using advanced sensors,
cables, and controls to maintain stored grain in ideal condition.
The highly-automated system works with conditioning equipment to
efficiently maintain the quality of stored grain, and allows for
remote monitoring and control of the systems. The company's
SureTrack Farm solution is a central portal which offers farmers
multiple tools including seed trait data, field management, and bin
management. SureTrack Pro, targeted at processors, seed
companies, and cooperatives, was launched in 2018 and provides
unique functionality tailored to the needs of each of these
groups.
IntelliFarms has achieved its success through a combination of
expertise in sensor technology, embedded electronics, Internet of
things (IoT) infrastructure, and credibility with farmers. AGI is
proud to welcome Todd Sears,
Adam Weiss and the entire
IntelliFarms team to the AGI family.
Company Profile
AGI is a leading provider of equipment solutions for agriculture
bulk commodities including seed, fertilizer, grain, and feed
systems with a growing platform in providing equipment and
solutions for food processing facilities. AGI has manufacturing
facilities in Canada, the United States, the United Kingdom, Brazil, South
Africa, France and
Italy, and distributes its product
globally.
Further information can be found in the disclosure documents
filed by AGI with the securities regulatory authorities, available
at www.sedar.com and on AGI's website www.aggrowth.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that
reflect our expectations regarding the future growth, results of
operations, performance, business prospects, and opportunities of
the Company. Forward-looking statements may contain such words as
"anticipate", "believe", "continue", "could", "expect", "intend",
"plan", "will" or similar expressions suggesting future conditions
or events. In particular, the forward-looking statements in this
press release include statements relating to our business and
strategy, including our expectations with respect to the expected
benefits of the IntelliFarms acquisition. Such forward-looking
statements reflect our current beliefs and are based on information
currently available to us, including certain key expectations and
assumptions concerning anticipated grain production in our market
areas, financial performance, business prospects, strategies,
product pricing, regulatory developments, tax laws, the sufficiency
of budgeted capital expenditures in carrying out planned
activities, currency exchange rates and the cost of materials,
labour, services, AGI's ability to achieve the expected benefits of
the acquisition of IntelliFarms, and the anticipated impact of the
acquisition of IntelliFarms on AGI's business. Forward-looking
statements involve significant risks and uncertainties. A number of
factors could cause actual results to differ materially from
results discussed in the forward-looking statements, including
changes in international, national and local business conditions,
weather patterns, crop planting, crop yields, crop conditions, the
timing of harvest and conditions during harvest, seasonality,
industry cyclicality, volatility of production costs, agricultural
commodity prices, the cost and availability of capital, currency
exchange rates, competition, the failure to complete the
IntelliFarms acquisition on the terms or on the timing announced or
at all and the failure to realize some or all of the anticipated
benefits of the acquisition of IntelliFarms. These risks and
uncertainties are described under "Risks and Uncertainties" in our
most recently filed MD&A and Annual Information Form. These
factors should be considered carefully, and readers should not
place undue reliance on the Company's forward-looking statements.
There can be no assurance that any of the anticipated benefits of
the IntelliFarms acquisition will be realized. We cannot assure
readers that actual results will be consistent with these
forward-looking statements and we undertake no obligation to update
such statements except as expressly required by law.
SOURCE Ag Growth International Inc. (AGI)