Due diligence course of performed by DVDW, a number one Dutch Law Firm, and Grant Thornton, a extremely revered worldwide accounting agency
VANCOUVER, British Columbia, Jan. 11, 2022 (GLOBE NEWSWIRE) — 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.
Dedicated to offering extra sustainable and higher high quality meals, plant-based merchandise, and components, prescription drugs and nutraceuticals, AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is an AgTech firm centered on growing and buying progressive agriculture IP that modifications the best way cultivation and crop processing are accomplished. The Company’s imaginative and prescient is to be a pacesetter in delivering plant-based meals and merchandise by means of superior and sustainable AgTech answer platforms that make optimistic change on the earth—from seed to desk. The AgriFORCE foundational IP—referred to as the AgriFORCE GrowHouse—features a proprietary facility design and automated rising system for high-value crops centered on bettering the best way that controlled-environment agriculture (CEA) is finished. The AgriFORCE GrowHouse was designed to provide in nearly any environmental situation and to optimize crop yields to as close to their full genetic potential as potential, whereas utilizing considerably fewer pure assets and eliminating the necessity for the use of pesticides and/or irradiation. The AgriFORCE purpose: Clean. Green. Better. Additional details about AgriFORCE is on the market at: www.agriforcegs.com.
This press launch accommodates forward-looking statements inside the that means of the “protected harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements aside from statements of historic details included on this press launch might represent forward-looking statements and will not be ensures of future efficiency, situation or outcomes and contain a quantity of dangers and uncertainties. Actual outcomes might differ materially from these within the forward-looking statements consequently of a quantity of elements, together with these described every now and then in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no responsibility to replace any forward-looking assertion made herein. All forward-looking statements converse solely as of the date of this press launch.
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