TrustBIX has signed a non-binding Letter of Intent to acquire Alberta Food Security Inc.
AFS holds the exclusive Alberta territory license, along with the option to acquire additional North American and international territories from AgriPlay (AgriPlay.com), an innovative Controlled Environment Agriculture (CEA) vertical indoor farming company. This acquisition allows TrustBIX to harness the potential of the AgriPlay technology and amplifies the Company's efforts in promoting sustainable agriculture practices with complete traceability from Gate to Plate®.
TrustBIX will acquire 100% of the issued and outstanding shares of AFS (the "Transaction"). The purchase consideration will be by the issuance of 25,000,000 common shares of the Company (subject to applicable escrow and resale restrictions and TSX Venture Exchange acceptance).
Hubert Lau, CEO of TrustBIX, stated, "The deep-rooted commitment of AFS to enhance food security and sustainability aligns with our mission to transform the agri-food industry. The combination of our technological prowess and AgriPlay's innovative CEA solution holds tremendous potential to revolutionize, initially in Alberta, the agricultural landscape, fostering transparency, efficiency, and resilience."
Adam Morand, President of AFS, stated, "Collaborating with a company that shares our vision and values is a remarkable opportunity. Together, we can leverage technology to address some of the most pressing challenges in agriculture, ensuring a secure and sustainable food supply for Albertans."
TrustBIX and AFS have agreed to do their best to negotiate and prepare the Definitive Agreement on or before August 31, 2023. The Transaction is subject to, among other matters, standard due diligence review by TrustBIX, board approvals for the Transaction by each party, execution of assignments and consents to all key agreements, regulatory and exchange approval, and signing of a binding definitive agreement (the "Definitive Agreement"). TrustBIX will issue a news release updating this information and providing more detail on the parties and finalized terms once the Definitive Agreement has been concluded.
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