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 multibillion-dollar agricultural markets. VDL’s automated, software-driven technology is unique for its ability to grow grade A1, non-genetically modified organism 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 research and development 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 green 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 letter of intent terms, Affinor is acquiring 100 per cent of VDL shares for an aggregate purchase price of $15-million, payable by the issuance of 17,857,143 common shares of Affinor Growers at a deemed price of 84 cents per share, subject to due diligence and regularity approval.
Sebastien Plouffe, president and chief executive officer, comments: “This acquisition will position Affinor Growers as one of the world’s 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 world’s solution for food security.”