Aug 15, 2023
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TrustBIX Inc. Announces Signing of Definitive Agreement to Acquire 100% of Alberta Food Security Inc.
August 31, 2023 5:30 PM EDT | Source: TrustBIX Inc.
Edmonton, Alberta--(Newsfile Corp. - August 31, 2023) - TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIXF) ("TrustBIX" or the "Company") is very pleased to announce that, further to its press release dated August 14, 2023, the Company, on August 31, 2023, entered into a definitive agreement to acquire Alberta Food Security Inc. ("AFS"), a company which holds the exclusive Alberta territory license, along with the opportunity to acquire additional North American and international territories, from AgriPlay (AgriPlay.com) an innovative solution championing Controlled Environment Agriculture vertical indoor farming.
Under the terms of the definitive agreement, TrustBIX will acquire 100% of the issued and outstanding shares of AFS for consideration of 25,000,000 common shares of the Company to be issued on closing, subject to applicable escrow and resale restrictions (the "Acquisition"). There are no finder's fees payable in connection with the Acquisition. No "Control Person" will be created as a result of the Acquisition, and the Acquisition will be an "Arm's Length Transaction" as defined in Policy 1.1. of the TSX Venture Exchange. The Acquisition is expected to be completed subject to regulatory and TSX Venture Exchange approval and once all remaining customary closing conditions have been satisfied.
The joint integration team formed by TrustBIX and AFS will steer the integration process, ensuring the constructive collaboration between technology and agriculture is harnessed to its fullest potential.
Hubert Lau, CEO of TrustBIX, stated, "We are thrilled to welcome AFS to the TrustBIX family. We believe this acquisition will address food security and under-utilized real estate while leveraging the power of TrustBIX's Gate to Plate® solutions."
Adam Morand, President of AFS, stated, "Our team is excited to embark on this journey with TrustBIX. This strategic alignment not only strengthens our commitment to ensuring a secure and sustainable food supply but also creates the potential to reshape the agriculture landscape by integrating TrustBIX's innovative technology and expertise."
About Alberta Food Security Inc.
AFS is dedicated to advancing food security and agricultural sustainability within the province of Alberta. As the exclusive territory licensee for AgriPlay with the opportunity to expand into other territories and regions in North America and internationally, AFS aims to harness innovative solutions to ensure a resilient and sustainable food supply chain for the benefit of all Albertans.
albertafoodsecurity.com
About TrustBIX
The vision is to create a world where we trust more and waste less by leveraging BIX and its technology solutions. TrustBIX delivers independent validation of provenance and sustainable practices within multiple supply chains and industries.
BIX Location Services offer solutions to supply chains that bring situational awareness for high-value assets.
ViewTrak Technologies Inc., a wholly owned subsidiary, provides a suite of hardware and software solutions to the livestock industry in North America and China.
trustbix.com
Forward-Looking Information
This press release contains certain forward-looking information and reflects the Company's present assumptions regarding future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
Certain statements contained in this document constitute forward-looking statements and information within the meaning of the applicable Canadian securities legislation. When used in this document, the words "may", "would", "could", "should", "will", "intend", "plan", "propose", "anticipate", "believe", "forecast", "estimate", "expect" and similar expressions used by any of the Company's management, are intended to identify forward-looking statements. Such statements reflect the Company's internal projections, expectations, future growth, performance and business prospects and opportunities and are based on information currently available to the Company. Since they relate to the Company's current views with respect to future events, they are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except as required by applicable securities legislation, regulations or policies.
FOR MORE INFORMATION CONTACT:
Mr. Hubert Lau
President and CEO
Telephone: (780) 456-2207
Email: info@trustbix.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179289