AgriFORCE Growing Systems Provides Update on Planned Acquisition of Leading European Agriculture/Horticulture and CEA Consulting Firm
January 11 2022 - 9:00AM
AgriFORCE Growing Systems Ltd.
(“the Company") (NASDAQ:
AGRI; AGRIW), an IP-focused AgTech company dedicated to
advancing sustainable cultivation and crop processing across
multiple platforms, today provided an update on its planned
acquisition of a leading AgTech European consultancy focused on
driving agricultural optimization, innovation, solutions, and
operational expertise in the agriculture, horticulture, and
Controlled-Environment Agriculture (CEA) sectors.
As previously announced, the Company had entered
into a binding letter of intent to acquire the AgTech consultancy
in October 2021, subject to completion of due diligence and entry
into a definitive purchase agreement. The Company reports that it
has now completed its due diligence, which was conducted by DVDW, a
Dutch Law Firm and Grant Thornton, an international accounting
firm.
Ingo Mueller, CEO of AgriFORCE Growing Systems,
commented: “As we had reported, the target company achieved 2020
annual consulting audited revenues of over US$26 million and EBITDA
of US$3 million (IFRS-based).* In addition to reviewing the
financial and legal information, we conducted physical visits of
the target’s innovation centers. During these tours, we observed
first-hand how these centers are being used as commercial testing
grounds for optimizing crops in a real-world setting for both
commercial farmers and suppliers—providing both with commercial
results and innovation that are not easily replicated in other
environments without extensive capital and working relationships.”
He added: “As a result of the completion of due diligence, we
expect to finalize the definitive agreement by the end of January
2022, and hope to close as soon as it is practicable to do so.”
* Based on FX Rate Euro to US$ 2020
1.141357.
About AgriFORCEDedicated
to providing more sustainable and better quality food, plant-based
products, and ingredients, pharmaceuticals and nutraceuticals,
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is an
AgTech company focused on developing and acquiring innovative
agriculture IP that changes the way cultivation and crop processing
are done. The Company’s vision is to be a leader in delivering
plant-based foods and products through advanced and sustainable
AgTech solution platforms that make positive change in the
world—from seed to table. The AgriFORCE foundational IP—called the
AgriFORCE GrowHouse—includes a proprietary facility design and
automated growing system for high-value crops focused on improving
the way that controlled-environment agriculture (CEA) is done. The
AgriFORCE GrowHouse was designed to produce in virtually any
environmental condition and to optimize crop yields to as near
their full genetic potential as possible, while using substantially
fewer natural resources and eliminating the need for the use of
pesticides and/or irradiation. The AgriFORCE goal: Clean. Green.
Better. Additional information about AgriFORCE is available at:
www.agriforcegs.com.
This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. Statements
other than statements of historical facts included in this press
release may constitute forward-looking statements and are not
guarantees of future performance, condition or results and involve
a number of risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described from time to time
in our filings with the Securities and Exchange Commission and
elsewhere. The Company undertakes no duty to update any
forward-looking statement made herein. All forward-looking
statements speak only as of the date of this press release.
Company Contact:Ian PedersenTel: (604)
757-0952Email: ipedersen@agriforcegs.com
Investor Relations:Crescendo Communications,
LLCDavid Waldman/Natalya RudmanTel: (212) 671-1021Email:
AGRI@crescendo-ir.com
Media Relations:AHA Creative Strategies
Inc.Ruth AtherleyTel: (604) 846-8461Email: ruth@ahacreative.com
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