TrustBIX Advances Development of Its BIX Platform with Co-Investment from Protein Industries Canada
Edmonton, Alberta--(Newsfile Corp. - April 16, 2021) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") is pleased to announce that on March 31,2021 it signed an Agreement with Protein Industries Canada, Farmers Edge, and OPIsystems (collectively with TrustBIX, the "partners" or "parties") to create a platform for Canada's plant-based food, feed and ingredient sector.
This Agreement is the second phase of a partnership previously announced between Protein Industries Canada, Farmers Edge, and OPIsystems in September 2020. In this current phase, a $17.1 million co-investment will be made by the parties, with Protein Industries Canada providing 50 per cent and Farmers Edge, OPIsystems and TrustBIX funding the remaining half, of which the Company's portion is $668,114. TrustBIX will invest $334,057 and this will be matched by co-investment of the same amount from Protein Industries Canada.
For TrustBIX, this investment positions its BIX platform to handle traceability of plant-based proteins. The global market for plant-based proteins was recently assessed at $180 billion by 2035. Canadian farmers are well positioned to secure a stake in this global market, but will need technology platforms to market their products and provide transparency on practices and sourcing to meet client or trade requirements.
In this project, the platform's marketing element will build on traceability work with the Standards Council of Canada, focusing on matching buyers to producers, executing contracts, and searching out or monitoring regulatory and other standards. The transparency of this process presents the potential for new market opportunities while also providing buyers and consumers with assurance that their food was produced in a way that meets regulatory standards and best aligns with their values. The fully digitized, streamlined process makes it easy for producers to participate in the program and access higher-value global markets, which leads to increased farm income here in Canada.
The partners will leverage the power of connected field sensors, artificial intelligence and big data analytics to create a high-tech solution to enhance predictive modeling, digital traceability, and connectivity within the agri-food supply chain.
"TrustBIX is very pleased to bring the BIX platform along with our experience in managing chain-of-custody and supply chain traceability solutions for major Canadian agri-food processors and retailers to this collaboration," said Hubert Lau, CEO of TrustBIX. "With Farmers Edge, OPIsystems and Protein Industries Canada, we see a collaborative innovation process that will help us accelerate our diversification into the plant-based protein sector and contribute real value to our partners and the ecosystem."
The Agreement will end by March 31, 2023 or sooner if the project is completed earlier.
For more information, see the related News Release from Protein Industries Canada here: https://www.proteinindustriescanada.ca/news
About Farmers Edge (TSX: FDGE)
Farmers Edge is leading the next agricultural revolution with the industry's broadest portfolio of proprietary technological innovations, spanning hardware, software and services. Powered by a unique combination of connected field sensors, artificial intelligence, big data analytics and agronomic expertise, the company's digital platform turns data into actions and intelligent insights, delivering value to all stakeholders of the agricultural ecosystem. Farmers Edge disruptive technologies accelerate digital transformation on the farm and beyond, protecting our global resources and ensuring sustainable food production for a rapidly growing population.
For more information, please visit www.farmersedge.ca
For more than 36 years, OPI has provided leading-edge grain management solutions to the worldwide marketplace. OPI has empowered more than 25,000 farm and commercial customers in more than 71 countries to effectively manage their grain in storage and prevent losses.
OPI is proud of the contribution it has made to the agricultural industry in Canada and around the world. Its ongoing commitment to advancing grain storage management has yielded numerous innovations to help farmers and agri-businesses protect and optimize the value of their stored grain assets. As a result, OPI has become the recognized world-leading supplier of grain storage management solutions-helping to secure the planet's essential grain supply in an environmentally-friendly way through reduced energy consumption and spoilage losses. By integrating products and systems at OPI, OPIsystems hopes to expand the partner ecosystem across agriculture strengthening future partnerships through technology.
To learn more about OPIsystems, visit www.advancedgrainmanagement.com
About Protein Industries Canada
Protein Industries Canada (PIC) is an industry-led, not-for-profit organization created to position Canada as a global source of high-quality plant protein and plant-based co-products. We are one of Canada's five innovation Superclusters. PIC will work with private sector industry partners to create co-investment projects that have the potential to transform the agriculture and food production sector, allowing Canada to secure our position as a global leader in the production of plant-based products and co-products. For more information, visit us at: https://www.proteinindustriescanada.ca/.
About TrustBIX (TSXV: TBIX)
As an innovative leader, TrustBIX provides agri-food traceability. By addressing consumer and agri-food business demands, the Company has a goal to become the most trusted and largest source of third-party food traceability and sustainability information globally - Gate to Plate®. TrustBIX Inc.'s focus is to create a world where we trust more, waste less and reward sustainable behaviour. The Company's proprietary platform, BIX (Business infoXchange System), is designed to create trust without compromising privacy through innovative use of data and technology. Extensive R&D has allowed TrustBIX to create a new blockchain-derived technology to complement its mature and proven traceability systems. By leveraging BIX and its unique use of incentive solutions, the Company can deliver independent validation of food provenance and sustainable production practices within the supply chain. ViewTrak Technologies Inc., a wholly owned subsidiary, provides a suite of hardware and software solutions to the livestock industry in Canada, United States, Mexico and China, such as Auction Master Pro, Market Master, Feedlot Solutions and pork grading probes. For more information, visit www.trustbix.com, or follow us on Twitter twitter.com/@TrustBIX_Inc, Facebook at www.facebook.com/BIXSco, or LinkedIn: https://www.linkedin.com/company/bixsco-inc-/.
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
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 or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80582