RE:AMENDMENT AGREEMENT WITH FRESHBAYLMAO !!!!
The ONLY CATCH with this ""AGREEMENT"" is
WHERE or HOW
Will FreshBay EVER GET Funding for the $33.5 MILLION Mentioned AFFINOR GROWERS ENTERS AMENDMENT AGREEMENT WITH FRESHBAY
VANCOUVER, British Columbia, May 14, 2024 (GLOBE NEWSWIRE) -- Affinor Growers Inc.
(“Affinor” or the “Company”) (CSE: AFI; OTCQB: RSSFF) is pleased to announce that, further to its
news releases dated February 10, 2023 and June 20, 2023, it has entered into an Amending Agreement (the
“Amendment”) with Freshbay Inc. (“Freshbay”) dated May 10, 2024, to amend the terms of its previously
announced Agricultural Technology Agreement with Freshbay, a copy of which is available under the
Company’s profile at www.sedarplus.ca. The Company and Freshbay entered into the Amendment to
capture their mutual intentions for Company to grant to Freshbay, and Freshbay to accept from the
Company, the exclusive right and license to use and exploit a certain patent, know-how associated
therewith, and certain industrial designs held by the Company (collectively, the “Licensed IP”) in
accordance with the terms and conditions of the Amendment (the “Transaction”).
Pursuant to the terms and conditions of the Amendment and as consideration for grant of the license,
Freshbay has agreed to pay the Company CAD $33,500,000 as follows:
i. CAD $21,000,000 (the “Funding Instalment”) on such date that Freshbay receives any funding
from an institutional investor in connection with the Project Solution (as defined in the Agricultural
Technology Agreement). Notwithstanding the foregoing, full Funding Instalment is due and
payable on a date that is six (6) months from the effective date of the Amendment; and
ii. CAD $12,500,000 on such date that is the earliest of (i) six (6) months from the date of the first
shipment of any strawberries produced in connection with the Licensed IP, or (ii) June 16, 2025.
Nick Brusatore, the Company’s Chief Executive Officer, stated as follows: “I am eagerly anticipating the
exclusive collaboration with Freshbay in Canada, utilizing our safeguarded intellectual property. This
strategic partnership will not only strengthen the ties between Capital Groups and Freshbay but also
facilitate extensive distribution networks. This IP sale marks the inception of a precedent that will pave the
way for Affinor’s IP to expand its global reach and sell more patents worldwide”.