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WINNIPEG, MB, June 14, 2021 /CNW/ - Ag Growth International Inc. ("AGI" or the "Company") (TSX: AFN) is pleased to announce the signing of a conditional letter-of-intent with MyLand Company LLC ("Myland"), based in Phoenix, AZ. Upon closing, AGI will acquire a minority equity stake in MyLand along with a board seat.
Through their unique "Soil-as-a-Service" model, MyLand extracts live, native microorganisms directly from the grower's soil and rapidly reproduces those organisms in mass quantities on-site using specialized technology systems. MyLand's equipment ties directly into the farm's irrigation system and delivers the live, native microorganisms back into the soil on a continuous basis where they continue to propagate, building the foundation for healthy soil and optimal growing conditions.
In consideration for the equity stake in MyLand, AGI will collaborate to install at least five new MyLand systems at grain operations within North America. Following satisfactory technical and commercial validation of these initial installations, AGI intends to enter definitive manufacturing, distribution, engineering, and software service support agreements with MyLand.
"Implementation of regenerative agriculture technology is critical from a sustainability perspective," stated Tim Close, President & CEO of AGI. "MyLand has a very innovative solution that AGI can bring to grain operations, leading to a marked improvement in soil health, productivity, product quality, and operating costs for growers. Over time, we believe AGI SureTrack will be able to capture the advanced information on soil health and irrigation system activity to create a new layer of standardized data that can be used to support a variety of sustainability-related objectives. We look forward to working with the MyLand team and helping advance the commercialization and deployment of their innovative technology."
"AGI is an ideal partner for MyLand at this stage of our growth," commented Peter Williams, CEO of MyLand. "Our cutting-edge regenerative agriculture solution has been highly successful in rapidly improving soil health and providing significant economic benefits to growers. The potential to provide solutions for large-scale row crops, with significant dedicated acreage, is a core opportunity for MyLand. AGI's deep roots and expertise in this area, in addition to the resources and capabilities of a multi-national firm, make them a perfect partner for us to rapidly expand our platform and reach new customers globally. We are excited to take the next step of our journey with AGI as a partner and look forward to accelerating our impact on the sustainability of the overall agricultural system."
Financial terms of the transaction were not disclosed.
MyLand Company Profile
MyLand is a soil health company. By focusing on soil health, MyLand is helping to tackle two of the world's biggest challenges: food security and climate disruption. MyLand's innovative process allows farmers to easily and rapidly implement regenerative agriculture practices and improve their soil health by harnessing the land's own natural ecosystem. MyLand partners with farmers to infuse life into the soil, helping to return farms to their most fertile state, achieving greater productivity and enhanced profitability. For more information, please visit www.myland.ag.
AGI Company Profile
AGI is a provider of the physical equipment and digital technology solutions required to support global food infrastructure including seed, fertilizer, grain, feed, and food processing systems. AGI has manufacturing facilities in Canada, the United States, the United Kingdom, Brazil, India, France, and Italy and distributes its product globally.
SOURCE Ag Growth International Inc. (AGI)
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