AgriFORCE reports further progress on planned acquisition of leading European agriculture/horticulture and AgTech consulting firm, Delphy, The Canadian Business Journal
VANCOUVER, British Columbia, September 26, 2022 (GLOBE NEWSWIRE) — Agriforce Growing Systems Co., Ltd. (“Company”) (NASDAQ: AGRI; AGRIW)is an intellectual property (IP) focused AgTech company dedicated to advancing sustainable cultivation and crop processing across multiple platforms. In addition, we agreed to reciprocally extend the closing date as part of the amended agreement to allow sufficient time to complete Form 14A for shareholder approval. The transaction is expected to close in the current calendar year, subject to approval by AgriFORCE stockholders.
The amended agreement reduces the purchase price from US$29 million to US$17.66 million.1plus potential earnings of up to US$5.99 million1 2+ years based on achievement of future performance milestones.
AgriFORCE CEO Ingo Mueller commented: However, Delphy has completed an audit and aims to complete the acquisition by the end of the year, subject to timely shareholder approval. We are extremely excited about Delphy’s strong capabilities and growing customer base, and more than ever about the potential revenue and operational synergies between the two organizations. In addition, the lower scheduled purchase price due to the addition of the earn-out factor reflects the further alignment of our interests and mutual confidence in our business prospects. Importantly, we believe this additional acquisition will significantly transform our business and help propel AgriFORCE onto the global stage. “
Delphy CEO Jacco van der Wekken said: In the meantime, both AgriFORCE and Delphy have taken this opportunity to develop strategic plans that can be put into action immediately after the merger is complete. The companies share the mission and vision of a combined organization and the timing of this transaction will enable them to deliver innovative solutions to the challenges of global food supply through the introduction of new production methods, advanced IP and innovative products. We think we can provide it. In turn, we believe this will lead to strong revenue growth and maximizing stakeholder value. “
About Delphi
Created in 2013 through the merger of DLV (a former division of the privately held Dutch Ministry of Agriculture) and GreenQ (the company behind the Improvement Center focused on consulting, education, projects and R&D innovation), Delphy is a consulting and Leading company in R&D improvement. Based in the Netherlands, it has over 200 employees and a global operation. Delphi’s name is based on the classical ancient name ‘Delphi’ which was a place where people met about crops, fertility and harvest. Delphy stands for Worldwide Expertise for Food and Flowers.
About AgriForce
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is an AgTech company focused on developing and acquiring crop production know-how and intellectual property enhanced by advanced AgTech facilities and solutions. We aim to serve the global market and our current focus is North America, Central America, Europe, and Asia. AgriFORCE’s vision is to be a leader in providing plant-based food and products through his AgTech solutions platform, which is advanced and sustainable, making a positive difference in the world, from seed to table. AgriFORCE Goal: Clean. green. Better. Additional information about AgriFORCE is available at www.agriforcegs.com.
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This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. They are predictions of future performance, conditions or outcomes and are subject to a number of risks and uncertainties. Actual results may differ materially from forward-looking statements as a result of a number of factors, including those described from time to time in filings with the U.S. Securities and Exchange Commission and others. We undertake no obligation to update any forward-looking statements contained herein. All forward-looking statements speak only as of the date of this press release.
This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Issuer. Offer to sell or solicitation of offers to buy securities of the Issuer only pursuant to a valid prospectus based on a valid registration statement or pursuant to a valid exemption from registration under the Securities Act of 1933 (as amended) and regulations; can be done. and the regulations promulgated thereunder.
Company Contact:
Ian Pedersen
Phone: (604) 757-0952
Email: [email protected]
Investor Relations:
Crescendo Communications, LLC
David Waldman/Alexandra Shilt
Phone: (212) 671-1021
Email: [email protected]
Media contact:
pepper com
Hannah Robbins
Phone: (415) 633-3205
Email: [email protected]
1 Based on EUR/USD foreign exchange rate of 1.00 as of 20th Septemberth2022
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AgriFORCE reports further progress on planned acquisition of leading European agriculture/horticulture and AgTech consulting firm, Delphy, The Canadian Business Journal
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