RE:halted AFFINOR GROWERS SIGNS LOI TO ACQUIRE VERTICAL DESIGNS LTD (VDL)
Affinor Growers Inc. is thrilled to reach an agreement to acquire Vertical Designs Ltd. This acquisition will give Affinor Growers a unique, technological advantage into the multi-billion dollar agricultural markets. VDL's automated, software-driven technology is unique for it's ability to grow grade A1, non-GMO crops year-round without chemicals or pesticides.
VDL offers proven technology specifically designed to help solve global food security and food shortage issues. VDL designs and builds innovative, fully sustainable and complete growing solutions which are the result of over 12 years of R&D based on predecessor systems, prototypes, and significant third party validation. Vertical Designs has developed one of the most scalable and profitable vertical farming systems available.
Affinor Growers will integrate VDL's enhanced farming methods to grow various crops year-round. These proprietary technologies control the precise combinations of light, temperature, water, and nutrients to create specific growing conditions that result in optimum crop production of leafy greens vegetables like lettuce, spinach and herbs as well as plants that require pollination such as strawberries and marijuana. VDL has pioneered a proprietary mechanical pollination system that allows food to be grown indoors, year round regardless of seasonality with near zero water waste.
Under the LOI terms, Affinor is acquiring 100% of VDL shares for an aggregate purchase price of $15 million payable by issuance of 17,857,143 common shares of Affinor Growers at a deemed price of $0.84 per share, subject to due diligence and regularity approval.
Sebastien Plouffe, President & CEO, comments: "This acquisition will position Affinor Growers as one of the worlds most profitable vertical farming companies. On closing of the transaction and after construction of the first production facility, Affinor Growers will gain additional income streams from equipment sales, royalties on licence agreements, consulting and profits from selling crops. We intend to become the worlds solution for food security".