VANCOUVER, British Columbia, Aug. 02, 2019 (GLOBE NEWSWIRE) -- Affinor Growers Inc. (“AFI” or the “Company”) (CSE:AFI, OTC:RSSFF, Frankfurt:1AF) reports that it has been served with a notice of civil claim (the “Claim”) filed on July 11, 2019 with the Supreme Court of British Columbia by Michael Tietz and Duane Lowen under the Class Proceedings Act, RSBC 1996, c 50, naming AFI as a defendant along with 86 additional defendants. The Claim relates to those matters previously disclosed by the Company in its news release dated January 17, 2019, regarding allegations of inappropriate use of the exemption from prospectus requirements contained in Section 2.24 of National Instrument 45-106 Prospectus Exemptions, and the disclosure record of the Company in respect of distributions of securities to consultants using such exemption.
Randy Minhas commented, “It is unfortunate we have been included in this Claim. We intend to work with our legal counsel to vigorously defend these unsubstantiated allegations. This Claim has no impact on our plans to commercialize our vertical farming technology or to further advance our acquisition of Cobotix Manufacturing Inc.’s (“Cobotix”) assets (the “Transaction”). We will continue to complete our due diligence with Cobotix and will be moving forward with the financial planning for the Transaction as well as reviewing different tax structures for the Transaction.”
Ron Adolf, CEO of Cobotix Manufacturing Inc. commented, “We are in agreement with Mr. Minhas’ comments regarding the Claim and will be moving forward to ensure we complete our due diligence for the Transaction.”
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.
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 email@example.com