VANCOUVER, British Columbia, April 17, 2019 (GLOBE NEWSWIRE) -- Affinor Growers Inc. (“AFI” or the “Company”) (CSE:AFI, OTC:RSSFF, Frankfurt:1AF) is very pleased to announce that it has entered into a letter of intent to acquire manufacturing assets that make up the Cobotix Manufacturing Inc.’s (“Cobotix”) business, undertakings and goodwill in Port Coquitlam (the “Acquisition”). The Company and Cobotix will have thirty (30) days to complete the due diligence process and determine a closing date for the Acquisition. In consideration for the assets, the Company will pay to Cobotix up to $2,900,000, subject to a valuation of the assets (the “Consideration”). The Consideration will be satisfied by certain cash payments and the issuance of up to 38,000,000 common shares (the “Common Shares”) in the capital of the Company at a deemed price of $0.05 per Common Share. Upon completion of the Acquisition, it is anticipated that Ron Adolf will be appointed to the board of directors and become an officer of the Company. No additional changes will be made to the Company’s board of directors or management based on the Acquisition.
Cobotix is the current manufacturer of the Company’s Patented Vertical Farming Technology. As a result of the Acquisition, the Company will be able to consolidate the intellectual property associated with the manufacturing and design aspects of the Vertical Farming Towers, and will be able to extend its reach, diversification and stability, which are fundamental to the growth and profitability of the Company going forward. Cobotix is currently developing multiple cell manufacturing opportunities throughout North America, building on the success of current operations. The Company and Cobotix act at arm’s length.
Cobotix brings over 30 years of expertise to the design and manufacturing of the Vertical Farming Towers. Over the past six months, Cobotix has been working directly with the Company to develop and test the new designs that were unveiled at the 2019 BC Tech Summit.
Randy Minhas commented, “This is a great opportunity for the Company to move to the next level with its Vertical Farming Towers and to be involved directly with design and manufacturing going forward. We will now be in a position to capitalize on the extremely talented team at Cobotix, who have been instrumental in our new tower designs.”
Ron Adolf commented, “We’re excited to be joining AFI and collectively working to commercialize the new Vertical Farming Towers while continuing to work on new designs and technologies in the vertical farming industry. Over the past six months, we have been very pleased with the great strides AFI has made in advancing their technology. Our business model of collocated manufacturing cells is a great fit in the evolution of Cobotix and AFI.”
President and CEO
About Affinor Growers
Affinor Growers is a publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on developing vertical farming technologies and using those technologies to grow fruits and vegetables in a sustainable manner.
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
AFFINOR GROWERS INC.
For More Information, please contact: Randy Minhas, CEO firstname.lastname@example.org